Baby Boomer Says Younger Generations Can’t Afford To Buy Homes Because 'They Don't Make Sacrifices' — ‘I Never Did Brunches’
She claimed that young people should be prioritizing saving their money instead of spending it on frivolous things.
fizkes | Shutterstock There are many things that older generations were able to afford without a struggle, like purchasing a home and comfortably having children without worrying about how that would impact their finances. However, in recent years, many younger generations are finding it hard to even move out of their parents' homes, much less afford many of the things that equate to being an adult.
In a TikTok video, a baby boomer was interviewed by Coposit Street, an Australian real estate platform that helps individuals purchase property. She was asked her opinion on the current global housing crisis and received mixed reactions about her stance on the lack of initiative that younger generations have when it comes to buying a home.
A boomer made the assertion that younger generations can't afford to buy homes because 'they don't make sacrifices.'
During the interview, the unnamed boomer was asked how she found the experience of buying her home; she answered that while it was quite a while ago, which is telling in and of itself, it was difficult for her because of her single status. "I had a prejudice against me, so my father had to [be a] guarantor and was able to help me."
While older generations had to battle their own unique financial struggles, the current market looks a lot different.
The 'sacrifices' that boomers made to buy homes wouldn't help younger people save any money in today's market.
When asked what she needed to do to ensure that she had enough money in her savings to afford a home, she recalled having to work two jobs. At one point, she wanted to move overseas but canceled those plans to save money.
"I was renting, and I was trying to look for a place by myself. I thought, well, maybe if I've saved a bit of money and worked hard, I [could] put a deposit down by myself," she continued.
Here's the thing: Most young people are already working multiple jobs and living paycheck to paycheck. The "sacrifice" of being overworked is not the same when everyone today is also underpaid and without affordable housing.
The woman interviewing her questioned, "How do you feel people of the younger generation now, maybe in their 20s, are going to go if wanted to buy?"
She claimed that younger generations "don't make sacrifices."
While she acknowledged that it's a lot harder for young people these days to find financial independence and buy a home, she insisted that there are things they can do to ensure they have a healthy amount of money in their savings accounts.
She claimed that young people should stop going to 'brunches' and 'parties.'
"I never did brunches and partied. I think it's harder for them now because things are so expensive, but they can start off small," she suggested. "A lot of people buy places that are too big, but you've got to make sacrifices."
It's not just young people who are struggling to afford housing. While she's mostly referring to Australia's young adults and the housing market, the same can be said here in the United States.
A study found that 63% of Americans can't afford to buy a home this year, with 87% of Gen Z unable to and 62% of millennials unable to.
Asked about the housing market, 1 in 4 surveyed no longer believe that homeownership is a good investment in the long run, and 1 in 3 don't believe it should still be the American dream.
To combat the lack of affordability that young people face, she encouraged them to spend less of their money. For example, she pointed out that she'll make lunch at home to bring with her to work, and she won't go out as much if she knows she can't afford it.
"I feel sorry for the younger generation now because they're thinking, 'Why bother? It's too expensive. I'm just gonna party and have a good time,' which you can still do," she concluded.
Instead of telling young people to 'budget better,' we should be urging lawmakers and politicians to utilize resources to help.
Just because young people don't spend $8 on a coffee or $20 on a salad for lunch doesn't mean they'll suddenly be able to save thousands of dollars for a down payment on a house. It's much more complicated and nuanced than refusing to go out and party or go on vacations.
At the same time, people shouldn't have to sacrifice their happiness and well-being for the sake of being able to buy a home in an economy that clearly needs improving.
Although budgeting is a necessary skill, we need to focus our energy on demanding an improved economy instead of telling young people how to spend their money.
Nia Tipton is a staff writer with a bachelor’s degree in creative writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.