alt Hacker NewsI’m in my fourties’ unable to afford a three bedroom apartment in my city with an income in the top two or three percentile. I’ve had boomers tell me with a straight face that “they did it” so it can’t be that hard despite a 5x increase in housing costs relative to income.
I’d have to spend every single post tax dollar for two decades to afford an actual house. Not counting interest and other taxes and council rates. I’d have to work for 70+ years to afford a nice house in a nice suburb!
“Have more children!”
“Make housing affordable!”
“My retirement fund is all in property and banks!”
There’s your problem.
Replies
A different perspective from Poland: house affordability is equally as bad, so the argument could have been "young people don't have babies because they can't afford three bedroom apartments". But the country had a major baby boom in the 80s, during a (relatively mild) civil war and in the middle of a major economic crisis, when getting anything other than vinegar was a huge problem. And I clearly remember ppl living with 3 kids in studio apartments, playing with a lot of kids while waiting in mile long-lines for totally mundane rationed foodstuffs, school classes starting at 2 pm and ending at 8pm (too many kids), and my parents reaching out via their network to a director of orthopedic shoe factory because even money couldn't get you that kind of stuff. And in the 40 years since we had sustained growth rates comparable only to China or South Korea, and similar problems with childbirths. I don't buy any economic arguments.
Meanwhile, I grew up in an 800 sq ft apartment that housed my parents, my father's parents, me, and my sibling.
Objectively, you don't need a house with a lawn and a back yard to have children, and have them grow up healthy and successful.
> nice house in a nice suburb!
There's your problem. Everyone wants to live in the same set of well established well resourced neighbourhoods. But there's too many of us. Go out in the 'burbs and accept that owning a house implies a commute you will dislike (among a host of other compromises).