Dear Boomers, Here’s Why Millennials Actually Can’t Afford Houses

It has nothing to do with avocado toast, fancy coffee, or living below your means

Dear Boomers (and yes I know — #notallboomers),

Yeah, I’m talking to you. The self-righteous boomer who just left an angry comment on social media reprimanding young people for buying fancy coffee rather than saving for a house.

You are the center of this story. Enjoy it! I know you like butting in uninvited and giving unsolicited advice. For once, this is actually all about you.

So listen.

Where I live, house prices have risen by 10% over the last year. Guess what hasn’t kept up with house prices?

Local wages.

They have been stagnating since 2008, struggling to keep up with inflation and forcing us to spend more of our income on essentials than ever before.

“Welcome to the 21st century where living below your means is a privilege, not a badge of honor.”

I’m lucky. My partner is lucky. Between us, we have an above-average household income, no children, and no real debt. That’s made things slightly easier for us. We actually have a mortgage — that coveted debt that millennials have wet dreams about in between smashed avocado toast and goose-feathered pillow naps.

Boomers, not everyone is lucky enough to live below their means and save. People have families that depend on them. They have crippling debts to pay off. They have sorry wages and a cost of living crisis to deal with.

Welcome to the 21st century where living below your means is a privilege, not a badge of honor.

Still, you tell us that if we made sacrifices we’d soon own our own home just like you did.

You tell us to just move to a cheaper area

We live in a cheap area. We moved here because:

a) we could actually afford a home here, and

b) my partner is originally from the area and has always wanted to move back

So, there you go. We moved from the super expensive South East of England to the North of England, an area that is relatively affordable but also doesn’t have the same job opportunities.

We love it, whatever. We have reason to love the place.

But that’s not the case for everyone else.

See the thing is — people don’t want to move halfway across the country just so they can buy a house. There aren’t always jobs in the new area, that’s the first practical consideration.

But also, have you ever considered that people might want to stay close to their families? That they don’t want their whole lives uprooted just so they can afford shelter?

And fine, for argument’s sake, let’s say people are all fine with moving to a less expensive area and buying property there with their savings from their fancy job in the city.

Now, this area becomes expensive. Now, young people who have lived here all their lives suddenly can’t afford to buy property and need to move elsewhere.

And yes, it has happened before. It happened to many people last year.

Young people, on decent wages, living in their local area where house prices were affordable, had the rug pulled under them. Why? Because better-off people moved there to take advantage of cheaper housing.

So please tell me how your ‘move to a cheaper area’ idea solves everything.

Where should the young people from the cheap areas move when housing becomes too expensive for them to afford to stay near their families?

You tell us inflation goes both ways

Sure, you tell us, house prices are going up. But so are wages!

“Why, back in my day, I made £1200 per year and I could still buy a house! The average wages now are £26,000, young people just don’t know how to go without…”

I’ve got news for you, boomers. That’s absolute bulls*it.

Because homes cost nine times the average yearly salary now. Back in your day, they cost four times the average yearly salary. You know what else, boomers? Banks don’t like lending out mortgages to the tune of nine times your total income.

Most mortgage advisors will tell you the same thing — you need a 10% deposit, and then lenders might be willing to lend you a sum equating to about four times your annual income. Maybe a little more, if your credit is really stellar.

“All we have going for us is the occasional avocado toast. So back the f*ck off, boomers.”

How exactly do we afford houses then?

You tell us to save and invest prudently

Save more, you say. Invest prudently.

With what money?!

The average household in the UK spends more than £30,000 a year on their household bills. And most of that is housing, utility bills, and transport. All essential expenses.

By the time we’ve put a little away towards retirement — that empty hope that we will get to retire lives on — we’ve run out of money for the month!

Private renters spent the most money on housing on average. They’re paying £871 a month on rent. Homeowners with mortgages spend an average of £768 per month on their mortgage, repairs, and maintenance.

We are being robbed blind with extortionate rents. It’s no wonder many of us will never own a home.

You tell us to give up ‘luxuries’ like avocado

A third of us will never own a home. A third of us won’t be able to retire because rents are extortionate, pensions are dwindling, and the cost of housing is going up.

All we have going for us is the occasional avocado toast. So back the f*ck off, boomers.

Let us enjoy our smashed avocado and $5 coffees in peace.

You tell us you managed it and so should we

That’s called survivorship bias, boomers. Just because you managed it doesn’t mean others can. It’s not the same playing field. And if you opened your eyes, you would realize it.

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