Quote:
Originally Posted by laniroj
To quantify how much the world has changed since then, and to point out the naivety of older generations as to the struggles of younger generations (particularly housing), I will point out the following:
You can no longer move to Aspen after you graduate from college. You couldn't even buy a trailer and park it to camp within 20 miles of Aspen. You couldn't even afford to rent a room in Aspen unless you and 6 of your friends built a bunk in a studio apartment/condo. If you're lucky, you might win a housing lottery (which is so vast you might as well buy a lottery ticket) in Basalt, or Carbondale, or Glenwood Springs, but chances are you're commuting to Aspen from Dotsero or Rifle. If you're really lucky you'd have a prosperous restaurant or the ski company with some housing for you in Glenwood. This is what older folks don't understand - young people do not have the same opportunity that old folks did. If you suggested to a college student that they move to Aspen, unless their folks are 0.5%'ers, that's completely laughable. It's the first time in 500 years that the previous generation of Americans didn't leave the next generation a more prosperous life - I'm a die hard libertarian, and federal nannyism on this topic would ABSOLUTELY promote smaller government and result in the government (as a concept in totality) having much less involvement and say with local matters because local government currently has way too much say. Just an opinion, but federal intervention would absolutely help in this case.
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I’m going to chime in on this one if you don’t mind. I was born in 1978 so I’m on the tail end of generation X just so you know where I’m coming from. Your best opportunity is not going to be Aspen anymore. The younger generation can’t follow in the previous generations footsteps and have the same opportunities. You will need to create your own opportunities and generate your own incomes in new ways. I’m sure you already know this as well. I am concerned about anyone spending much more then 50% of their income on housing, unless it’s part of their investments. The key for the younger crown is living below your means, maybe further out or in the bad parts of town. There are also smaller towns that are plenty affordable compared to the Denver’s and Austin’s of the country. I’m not up to speed on current affordability in the smaller cities but Boise, Ogden, and other like sized cities are good bets to save on housing. Young folks also need multiple streams of income as they mature into the work force. 1-2 side incomes is a great goal that will come with time and I think is really key for the average person who didn’t get lucky in life or really have their shit together when they were young.
The biggest head wind to the younger group is the number of investors driving up costs, both locally and internationally. I would also recommend getting some experience in the trades. That’s such a great way to supplement your income on the side. Money makes money.