Millennials as a generation are notoriously broke. Most of them graduated into the crash of 2009, when jobs and opportunities were taking a downturn. Now, here we are, aging every day, and COVID-19 is decimating jobs as prices for housing skyrocket. It’s rough out here and a lot of millennials are skeptical they’ll ever get to do stuff older generations took for granted, like buying a home. And if you read the thread started by writer Josh Kruger, you would be freaked out for them, too.
Kruger started quite a thread when he tweeted, “If you are a Millennial or younger homeowner talking about homeownership, you have an ethical duty to disclose the source of your down payment and closing costs.”
He shared his own story, saying he was able to buy a home because of his dad’s secret life insurance policies he found at his death. His point was that just saving $10-$30k over a number of years while living a normal life and paying your bills is pretty difficult, if not impossible:
In an interview with Bored Panda, Kruger said he wasn’t surprised by the answers from the honest people in the thread.
“My primary goal was to confirm my suspicion that, anecdotally, I’d see a bunch of middle and upper-class white people and few people of color and even fewer people who saved up for their downpayment and closing costs while working,” he said. “Sure enough, the vast majority of responses were from middle and upper-class white people who got a bailout from their parents, either by way of a loan, gift, or inheritance.”
He added, “Personally, I blame Republican policies hostile to public programs and supply-side economics that have been debunked as junk economics repeatedly for 40 solid years. The Department of Housing and Urban Development’s budget is, adjusted for inflation, about 25% what it was in 1978. What happened? Ronald Reagan.””
Well, Ronald, look at what you have wrought below: