1y ago

From skipping meals to working more to moving in with mom and dad—that's how Americans are trying to afford housing

fortune.com

politics @lemmy.world

return2ozma @lemmy.world

1y ago

From skipping meals to working more to moving in with mom and dad—that's how Americans are trying to afford housing

fortune.com /2024/04/05/how-americans-are-affording-housing/

33 comments

Why won’t you celebrate the booming economy!
- I lost 20 pounds the last year or two by not eating thanks to the booming economy.
  
  I'm down 40ish in a year. I mean, it's weight I've been trying desperately without success to lose for years, but eventually I'm going to run out. And then when it's 3am on a Tuesday and I'm lying awake mentally working through my budget for the 11th time that week I go "I've been stressed and skipped meals before and never lost weight, do I have cancer? Because I really can't afford that."
  
  Wow, lucky! /s
- When the economy is bad, prices go up, wages stay low and we get fucked. When the economy is good, prices go up, wages stay low and we get fucked.
  Seriously fuck the economy, it only benefits the 1% so why should I care? That's why you do the minimum the your job requires, don't ever give extra, don't be a "team player", cause come pay time there is no team
  
  That's why you do the minimum the your job requires, don't ever give extra, don't be a "team player", cause come pay time there is no team
  I learnt that the hard way.
  
  Well, many conflate the economy with the stock market. To me, If wages are flat and people are hurting, the economy is not good. The stock market may look good, but if the middle class isn’t growing from the bottom the economy sucks. Like right now.
  
  But you can donate sick pay to a coworker who got attacked in a home invasion, or hurt in a car accident or needed a life saving surgery! You can even donate to a fundraiser for a coworker run by an employer announcing double the profits of 33 years ago and paying for fewer benefits than ever.
  
  The average American can afford more now, not just the top 1% https://home.treasury.gov/news/featured-stories/the-purchasing-power-of-american-households
Pretty much nails it on the head. It feels dystopian, and social media makes it so much worse. How is everyone I know buying houses and going on vacations and going out all the time, when my yearly raises haven't kept up with inflation for 8 years now?
- I believe it's related to how credit card debt is at the highest level it's ever been
- It is dystopian. And in some ways it’s a return to feudalism. For a brief time — since the Industrial Revolution — people found ways to build wealth without acquiring a ton of land. Now in the past few decades we’re seeing people go back, heavily, into land as an investment. This trend started before Airbnb existed but now it’s accelerating like crazy.
  Everyone knows that housing is scarce and that construction has slowed down dramatically. So everyone who can afford to is buying up all the housing because they know it’ll only skyrocket in value over time. This is bad not only because it makes housing unaffordable but because it locks up so much capital in a non-productive form.
- The capacity to buy doesn’t mean you can afford it.
  The economy is built on debt and inflated valuations.
- How is everyone I know buying houses and going on vacations and going out all the time,
  Two things. First, it's not the dystopian nightmare you think it is. As you note, social media is making it worse.
  Second is a lot of people live beyond their means, or are getting help from family to buy these things.
  when my yearly raises haven’t kept up with inflation for 8 years now?
  Should have started looking for a job 5 years ago. If you did and couldn't find anything, that explains why they feel comfortable not giving you an actual raise. If you haven't, best time to start is right now.
  
  I've changed companies 4 times in those 8 years. I've changed industries twice. Food -> banking -> medicine. Trust me, my lack of funds is not from a lack of motivation and effort
Yep, had to buy a house with my dad to achieve the American dream. I'll probably have to sell once he passes. I can afford the mortgage, but not the upkeep.
Uniquely American
I mean. You can always do what the third world does and jump the hoops to live in a good country. Then you'll be able to have a safer, cleaner, healthier life where you can afford the basic necessities of life.
Hopefully people won't get mad and start passing lawes to harass the new people with the heavy american accent just trying to work, pay taxes and live a decent life.
Man, the irony is palpable.
- The people who can barely afford housing can almost assuredly not afford moving to another country.
But I thought higher wages were supposed to solve this problem?
Don't tell me landlords just raised rent to compensate...

33 comments