Boomers Had It Easier Than Millennials 🤯

Summary

This video script argues that the financial challenges faced by baby boomers in the '80s were not as severe as they claim. It contrasts their $222,000 annual income against a $47,000 home price, allowing for an affordable 20% down payment, with today's scenario where a $8,000 salary struggles to afford a $419,000 home, even with a 1% interest rate. The video calls for viewers to share their thoughts on the housing crisis.

Takeaways

• 📊 Boomers reportedly earned $222,000 per year in the '80s compared to an average salary of $8,000 per year in 2024.
• 🏠 The average home price in the '80s was $47,000, significantly lower than the $419,000 average in 2024.
• 💰 A 20% down payment on a home in the '80s would have been $11,100, contrasting with $100,000 required in 2024 for the average home.
• 📉 Despite 1% interest rates in the '80s, the monthly payments are still higher today due to increased housing prices.
• 👴 The script suggests that boomers may be overstating the difficulty of buying homes in their era compared to current challenges.
• 🔢 The affordability of homes in the '80s is highlighted by the lower down payment and overall cost relative to income.
• 🏦 The interest rate, while lower in the '80s, does not seem to have a significant impact on the affordability of homes today.
• 🌐 The housing crisis is mentioned as a contributing factor to the higher monthly payments despite lower interest rates.
• 💬 The script invites viewers to share their opinions on the comparison between housing affordability in the '80s and today.
• 🔎 The comparison is made to challenge the notion that boomers had a harder time buying homes despite higher interest rates.

Q & A

What is the claim made by the speaker about the financial situation of baby boomers in the 1980s?

The speaker claims that baby boomers are lying when they say they had it harder with 1% interest rates back in the 1980s.

What was the average annual income of baby boomers according to the script?

The average annual income of baby boomers was $222,000.

What was the average home price during the time baby boomers were buying homes, as mentioned in the script?

The average home price was $47,000.

How much money would baby boomers need to buy a home with a 20% down payment and closing costs, according to the script?

Baby boomers would need $111,000 to buy a home with a 20% down payment and closing costs.

What is the average annual salary in 2024 as per the script?

The average annual salary in 2024 is $8,000.

What is the average home price in 2024 according to the script?

The average home price in 2024 is $419,000.

How much money is required to buy the average home in 2024 with a 20% down payment, as stated in the script?

To buy the average home in 2024 with a 20% down payment, one would need to spend $100,000.

What is the comparison of interest rates between the 1980s and 2024 as mentioned in the script?

The script states that the interest rate is twice as low as 7% in the 1980s compared to 2024.

Why is the monthly payment still higher today despite lower interest rates, according to the script?

The monthly payment is still higher today because of the housing crisis.

What does the speaker encourage viewers to do after presenting their argument?

The speaker encourages viewers to share their opinions in the comments.

What is the main point the speaker is trying to make about the financial challenges faced by different generations?

The main point the speaker is making is that despite lower interest rates, the financial challenges faced by different generations are not directly comparable due to changes in average salaries and home prices over time.