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UK: Millennials spend three times on housing
  • Vitaliy_KiselevVitaliy_Kiselev

    Millennials are spending three times more of their income on housing than their grandparents yet are often living in worse accommodation, says a study launched by former Conservative minister David Willetts that warns of a “housing catastrophe”.

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    The generation currently aged 18-36 are typically spending over a third of their post-tax income on rent or about 12% on mortgages, compared with 5%-10% of income spent by their grandparents in the 1960s and 1970s. Despite spending more, young people today are more likely to live in overcrowded and smaller spaces, and face longer journeys to work – commuting for the equivalent of three days a year more than their parents.

    A young family today has to save for 19 years on average to afford a typical deposit compared with three years for the previous generation, the report states.

    http://www.resolutionfoundation.org/publications/home-affront-housing-across-the-generations/

  • 6 Replies sorted by
  • firstbasefirstbase

    This supports the contention that wages have stagnated over the three or more decades. Prices rise, including real estate, but wages remain flat. That's a recipe for disaster for young people today.

  • Vitaliy_KiselevVitaliy_Kiselev

    This supports the contention that wages have stagnated over the three or more decades.

    No such thing as abstract wages exist, it is always different for different classes.

    We have big topic https://www.personal-view.com/talks/discussion/6770/the-servant-economy-where-americas-elite-is-sending-the-middle-class-

  • firstbasefirstbase

    No such thing as abstract wages exist...

    True. However, people are able (and do) to move from class to class in free economies.

  • Vitaliy_KiselevVitaliy_Kiselev

    However, people are able (and do) to move from class to class in free economies.

    Can you please provide me documented statistics on such movement?

    What is probability for child in average proletariat family to become capitalist?

  • firstbasefirstbase

    @Vitaliy I'm referring to mobility within the mutually exclusive free economies, not from communist nations to capitalist scenarios. The US has many, many examples of people born in poverty only to become successful in the free market economy.

  • Vitaliy_KiselevVitaliy_Kiselev

    @firstbase

    I think you did not understand questions, they had been specific.

    Show me research link or official statistics documents about amount of proletariat members (or their children) who became capitalists.

    I'd love to chat about dreams, but on PV we rely on data.

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