Looking back, most of us about 35 and older had it relatively easy.
Sure, we had student-loan debts that had to be paid off, but they usually weren’t crushing debts. For the most part, they were of the five-figure varieties — $10,000, $20,000, or sometimes even higher for med students.
But today? Six-figure student-loan debts are not at all uncommon for grads — and in a lousy economy for young people to boot. No matter how you cut it, inflation simply doesn’t account for the generational difference in debt-to-income ratios. That value of that old college degree is as much a burden as it is a plus to young people
So what happens under these conditions? Many young people are not even thinking of buying homes, and they have a very hard time getting mortgages even if they’re so inclined to take the leap into homeownership. It’s not a good long-term trend.
File under: Thank goodness for Empty Nesters