Generation *&*^%**'ed
So, my ranting continues. I got an email the other day from a friend of mine in Montreal, bemoaning the fact that houses in Ottawa, where they were thinking of moving, were vastly overpriced and out of their league. And then, she mentioned something I'd been thinking for some time: "Our generation has been screwed all the way round, non?"
Mais oui, mon amie. We are the cusp generation, wedged between the megalith generation of the Baby Boomers and the angst-ridden Gen X'ers. Sometimes I feel like a Late Boomer; other times like an Early X'er. But I don't feel I belong to either one. Apparently we even have a name of our own - Generation Jones (http://www.generationjones.com/index_old.htm) or Baby Busters. I prefer Generation Screwed.
Why do I feel screwed? Well, mainly economically. When I was growing up, jobs were always scarce. Why? Because the damn Boomers had them all. So minimum wage it was. Eight years at a major pharmacy chain that shall remain nameless. So I decided I had better outwit them by getting the very best education available to me. PhD at Cambridge, it was. By rights, there should have been a huge bleeding of the bulge of academics hired in the 1960's who should be nearing retirement. Still waiting. Had heard that the Boomers will be retiring early. Apparently not.
So I spent ten years renting with a plethora of people I knew, people I thought I knew, and people I didn't know from Adam. By 29, I'd had it and finally got my own place, which was heaven.
I sort of thought that by the ripe old age of 42 I'd own my own place. Nope. When places were affordable, I wasn't earning enough and now that I am, places aren't affordable. My parents bought their place for $53,000 and it's worth three+ times that now. If I buy now, at the height of a boom (maybe), I may end up with negative equity in an overpriced place if a bust comes (and I've lived through enough to know that yes, they do come).
So here I sit - with a $135/month rent increase just shoved ignominiously under my door after 11 1/2 loyal years in the same apartment. I want a carpet upgrade, and I want it now.
Boomers and X'ers be damned. The Jonesers/Busters are mad as hell and we aren't going to take it anymore. Now if we could just all get together and decide on a way forward, that would be good, eh? Anybody???
So, my ranting continues. I got an email the other day from a friend of mine in Montreal, bemoaning the fact that houses in Ottawa, where they were thinking of moving, were vastly overpriced and out of their league. And then, she mentioned something I'd been thinking for some time: "Our generation has been screwed all the way round, non?"
Mais oui, mon amie. We are the cusp generation, wedged between the megalith generation of the Baby Boomers and the angst-ridden Gen X'ers. Sometimes I feel like a Late Boomer; other times like an Early X'er. But I don't feel I belong to either one. Apparently we even have a name of our own - Generation Jones (http://www.generationjones.com/index_old.htm) or Baby Busters. I prefer Generation Screwed.
Why do I feel screwed? Well, mainly economically. When I was growing up, jobs were always scarce. Why? Because the damn Boomers had them all. So minimum wage it was. Eight years at a major pharmacy chain that shall remain nameless. So I decided I had better outwit them by getting the very best education available to me. PhD at Cambridge, it was. By rights, there should have been a huge bleeding of the bulge of academics hired in the 1960's who should be nearing retirement. Still waiting. Had heard that the Boomers will be retiring early. Apparently not.
So I spent ten years renting with a plethora of people I knew, people I thought I knew, and people I didn't know from Adam. By 29, I'd had it and finally got my own place, which was heaven.
I sort of thought that by the ripe old age of 42 I'd own my own place. Nope. When places were affordable, I wasn't earning enough and now that I am, places aren't affordable. My parents bought their place for $53,000 and it's worth three+ times that now. If I buy now, at the height of a boom (maybe), I may end up with negative equity in an overpriced place if a bust comes (and I've lived through enough to know that yes, they do come).
So here I sit - with a $135/month rent increase just shoved ignominiously under my door after 11 1/2 loyal years in the same apartment. I want a carpet upgrade, and I want it now.
Boomers and X'ers be damned. The Jonesers/Busters are mad as hell and we aren't going to take it anymore. Now if we could just all get together and decide on a way forward, that would be good, eh? Anybody???
Comments
I do hope you get your carpet... and really much more, a house that you CAN afford. The market the way it is makes it extremely hard to break in to. I wonder if at this point one might be best to hold out for the "crash" - especially if having a "primary residence" is the objective over an "appreciating asset". Regardless of economic conditions, I'd read that one should really not consider their primary to be an asset, but rather a liability.
What's the state of "assumables" these days? I'd heard they were relatively unheard of now... that banks don't do assumables much anymore...
It was a pleasure to meet you yesterday as well... I'm looking forward to many more rich conversations!
D
But I see where you are going... And yes, you keep wondering if you are going to get screwed, with no end in sight..
I was born in 1964 and managed to do okay. Mind you, I worked myself nearly to death climbing what ladder their was but it was there. I think the problem is/was the recession of the 80s hit us at a very bad time. AND the world was changing from industrially driven to technology driven. We came out between and betwixt as they say.
Anyway, this is the first I've heard of this Jones generation. I've always been told I was a boomer and that has been true for me. I know it's hard out there (and trust me when I say I do know) but it's not impossible.
Start with a condo for a first purchase. It's cheaper and gets you in on the big asset landscape. Sell it in a few years and with your equity you can then get into a house with property. Something to think about maybe? And if not, I'd definitely move into a better managed apartment if possible. Loyalty doesn't exist anymore in most buildings. Look out for yourself and your interests and needs first!