As an aside, these “Millennials” by and large have to be the most coddled generation in history. The stuff I’ve read about and seen in person makes me wonder if they will ever grow up.
I really get tired of the baby boomers criticizing any generation. You are likely the most selfish generation in America, and yet we’re the problem? This despite my generation doing more charity work than yours at the same age. Not to mention less drugs and partying as well. I’m going to be inheriting the debt, SS and medicare bills that your generation caused.
I don’t know about savings, but all the parents I know from the boomer generation have lived paycheck to paycheck their whole lives. My parents only recently started to save, my wife’s only parents recently started to save I have two aunts and uncles that are pushing 60 and have zero saved. I know lots of boomers who took out massive HELOCs to fund their fancy toys today and were depending on my generation buying their overpriced homes to fund their retirement.
On buying a house, I graduated from college in 2004 which was close to the bubble. I had given up on ever buying a house in San Diego at that time, because I knew I’d never afford a home at those prices. I was thinking I’d need to make 4 times my income to even get into a condo, so I put it out of my mind. Now that housing prices are dropping and are looking to become affordable when this all shakes out, my wife and I started saving up at the beginning of this year.
