The debate between Boomers and Millennials on property ownership has been heating up for years. While Boomers had the advantage of buying homes when prices were far lower, Millennials are now struggling to enter a property market that seems out of reach. Let’s break down the key differences between these two generations and the real reasons why buying a home is so much harder today.
1. Myth: Millennials Are Lazy and Entitled
Boomers love to say that Millennials are too lazy to buy a home and expect everything to be handed to them. But here’s the truth: Millennials are working hard, but they’re up against a very different set of financial hurdles. Lower wages, higher inflation, and skyrocketing living costs are major obstacles that Boomers didn’t have to face in the same way.
2. Myth: Millennials Spend Too Much on Avocado Toast
Boomers love to joke that Millennials could buy a home if they just stopped spending money on avocado toast. But that’s not the real issue. The cost of a house today is simply much higher compared to what Boomers paid. In 1970, Boomers could buy a home in Sydney for $18,700. Today, the median house price is over $1 million. No amount of skipped brunches will close that gap!
3. The Boomer Advantage: Affordable Homes in the Past
Back when Boomers were buying homes, the median price was just $18,700, and the average annual wage was $4,100. That means Boomers were paying about $78 a week for a home—a price that was far more manageable compared to today’s wages and costs. Housing was much more affordable for Boomers, giving them a head start in building wealth through property.
4. The Millennial Struggle: Saving for a Deposit
Today’s property market tells a different story. The median house price in Sydney now sits at over $1 million. Even if Millennials save 30% of their income (which is a huge chunk), it would still take around 10 years just to save up for a 20% deposit. That’s a long time to wait, and for many young people, it seems impossible.
5. Wages Haven’t Kept Up
The economic reality is that wages haven’t kept pace with the cost of living or the housing market. Millennials are not avoiding property ownership out of laziness or entitlement. They’re simply priced out of the market due to the soaring cost of homes and stagnant wages.
6. Looking for Help in Today’s Market?
If you’re a Millennial struggling to figure out how to buy your first home, you’re not alone. At TMAP, we have the tools and strategies to help you beat the current property market. Don’t let the rising prices scare you off—reach out to us, and we’ll guide you through the process of securing your first property.
