Buying a House Sucks for Millennials

Standard & Poor’s released the Case-Shiller Housing Index for August today, so that seemed like a good excuse to follow up Monday’s post about the feeble growth of millennial income. Here is income growth for 25-34-year-olds vs. housing prices since 1975:

The income of young adult families has gone up about 18 percent since 1975. Housing has gone up about 65 percent. So if you remember buying a house in the 70s, and how tough it was to make the payments, multiply that by two-thirds to see what young adults have to put up with today.

And if you’re thinking that mortgage rates are lower today than they were in the 70s, think again:

Real interest rates are lower than they were in the 80s, and a couple of points lower than they were in the 90s. But that’s it. Buying a first home just sucks these days unless you’re lucky enough to be in the top 20 percent or so.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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