In this YouTube video Ramit Sethi poses the question, "why is it that Boomers were able to buy houses on a single income, but for young people, even saving for a down payment feels impossible?”
He says that Boomers built wealth in a system that no longer exists and claims that the worst part is, after they benefited from it, they changed the rules to make sure that other people couldn't do the same thing.
Ramit says as soon as they bought houses, they rigged local city councils and local governments to make it literally impossible to build more houses, which limited supply. And we know that limited supply plus higher demand equals higher prices.
I’ve often thought for years there weren’t enough affordable starter homes for people with limited income. I don’t think Boomers rigged the system though as I know plenty of that generation who were not wealthy. I did find the video interesting to watch though and thought you might enjoy it too.
Belinda
Homemaker at Heart
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