alt Hacker NewsThose younger generation are in a really dark place right now. In many cities they will never be able to afford a house; and on top of that AI labs are now saying they will never have a job.
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And on top of that they'll have to deal with crumbling infrastructure, aging population and global warming. They've already had COVID. I hope they don't have a catastrophic AI bubble pop.
Poor kids.
Effectively, they will never have a true life. They will just meander around here and there, making money whatever ways they can, surviving, and ultimately pass away from something they can’t afford to fix.
> In many cities
In like five cities in the USA. I live in a top 10 city by population in the USA (so it's not "flyover"), and the median home price is 288–319, while median HHI is 89. That's easily in the recommended home loan range of 3*HHI.
Look, I'm sorry you can only be happy living in SV, but there's plenty of jobs in the boring parts of America, and the homes are affordable.
All that being said, homeownership is largely a scam, financially. Use your downpayment as a market investment and rent. You'll end up with more money when you retire, and as a bonus, you aren't tied to one geographic location if you lose your job.
The only reason apartments can even exist is because of economies of scale. If you have one rental property, it's virtually impossible to make money (certainly not in a way that outpaces index funds) because you don't have the economies of scale at your disposal.
And the guys outside the AI labs are saying they won't even reach adulthood.