It's been annoying that I've listened to some older relatives talking about younger generations being lazy and lacking ambition at the wedding of my nephew. Basically began with another nephew saying that he didn't think he'd ever be able to buy a house. In a nutshell the two old turds began preaching about the fact that by the time they'd retired they both owned more than one house and other assets to boot while people starting out today don't have the drive to do the same. Basically telling myself and four of my nephew's that it was laziness to not aspire to even own one house. Before I could help myself I blurted that it was bullshit and that they had it easier back then. I got told I am a disrespectful little shit in those exact words. Rather than bite back rudely again I looked for facts to support my point. I've looked into it before so while not being certain of figures I do know that housing was more affordable in the past.
Fact of the matter is that in the past, the disparity between housing costs plus cost of living and wages wasn't what it is these days.
Median wage in 1970 was close to $10k a year, average house price was $30k. Basically possible to pay off a house in 6 years if you can throw half your wage on repayments.
Median wage in Sydney is about $45k a year, average house price is $840k in Sydney. Basically would take 20 years under the same scenario, but over that time the interest paid has a much greater impact. So 20 years is not a realistic expectation.
Sydney is the most expensive example really. But it's a good indication of the disparity between median wage and house prices. Those figures don't even take into account that the price of rent and utilities etc are exponentially higher these days.
I googled a few of these stats and showed them the disparity. Basically bit my tongue and politely told them that the ladder has been pulled up for younger generations. It's harder for people to get off the ground now with regards to home ownership. Got told in a very disrespectful manner that I was a smart ass again and wanted the world handed to me on a platter. I told them that the platter they had would be nice. I was told to piss off. At this point I was pissed off and said they should be ashamed of themselves for leaving their grandkids a world where owning a home meant they were virtually slaves to the bank for the majority of their young lives. And that they should get their heads around the truth rather than insulting others and calling them lazy. At this time the grand uncles went and dobbed on me to my dad rather than persist in arguing a point where they knew they were wrong.
