It can be easy for older generations to look down on younger generations and assume they’re out of touch. But one man is defending the recent “quiet quitting” trend taken on by younger generations, and explains why “careers are dead.”
A TikToker who goes by Average Joe (@averagejoegam3) posted a viral video in which he describes the uphill housing battle he and his wife face.
Don't miss
-
Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead. Get in now for strong long-term tailwinds
-
Here's how much money the average middle-class American household makes — how do you stack up?
-
Owning real estate for passive income is one of the biggest myths in investing — but here is 1 simple way to really make it work
“My wife and I have been together for seven years,” he states in the TikTok video, which has since received a staggering 1.5 million likes. “We really struggled for a long time. And we just now after struggling and sacrificing we got to a point where we’re no longer paycheck to paycheck.”
He goes on to describe that after saving, the pair can likely come up with $40,000 for a downpayment on a house. Even after all that saving and credit build-up, he says the only home available in their budget was a tiny dilapidated shack — that looked straight out of a horror movie.
“Average Joe” then goes on to question what some older generations might recommend, like going back to go back to school or finding another trade.
“Has it always been like that?” he asks. “Did you have to be a doctor or a lawyer or an architect or an engineer to get a liveable house?”
What's the context?
To be sure, it isn't clear from the video which city Average Joe lives in. An income of $120,000 in Anniston, Alabama can get you something very different than in Los Angeles, California.
But even Average Joe's parents had it easier. He describes how his mother worked at Michaels and his father at a printing press and were able to afford a home that would now go for $600,000. These were minimum wage earnings that allowed them to afford a home at 23.
Is it really that difficult?
In short, yes. The average home cost about $121,500 in 1993 in the United States, according to GOBankingRates. Meanwhile, the median household income in 1993 was $31,241, according to the Census Bureau. That would mean putting down $24,300 for a 20% downpayment on a home back in 1993.
Fast forward 30 years, the average home in the United States costs about $375,700, according to the National Association of Realtors. Meanwhile, American households bring in about $71,000, according to the Census Bureau. This would mean putting down $75,140 for a downpayment — an amount greater than your annual household income, compared to just 78% of household income back in 1993.
Where quiet quitting comes in
As many commenters of the video argued, quiet quitting fights back at being paid the bare minimum and not able to afford the bare minimum. The reasoning goes like this: If young Americans work hard and still can’t afford a home, then something has to “give."
Read more: ‘Hold onto your money': Jeff Bezos says you might want to rethink buying a 'new automobile, refrigerator, or whatever' — here are 3 better recession-proof buys
What’s more, younger generations will likely continue to look for positions that offer more pay, more perks, and perhaps even more affordable locations.
The solution isn’t an easy one.
More affordable homes need to be built, and to do this there must be fewer regulatory barriers on a national, state, and local level, argues the Stanford Social Innovation Review.
For now, employers can help end the quiet-quitting spiral. To do this, creating a better work-life balance can lead to employees that are more passionate about their lives. Consider offering work-from-home alternatives. This alone can save hundreds in transportation costs from commuting for many Americans.
If you can’t afford a home on your salary or if you can’t make ends meet, talk to your employer about a bump in pay — or at least a plan to get you to higher levels of income. And if they’re not receptive, then maybe “quiet quitting” should turn to straight-up quitting.
By pushing employers to better employment standards, American companies might need to get on board quickly or be left behind.
What to read next
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
"Stop" - Google News
May 10, 2023 at 07:15PM
https://ift.tt/xhmNLgD
‘This has to stop’: A young man on TikTok says he and his wife make $120K/year — but can only afford this 1 run-down house. Why Gen Z, millennials are using 'quiet quitting' to cope - Yahoo Finance
"Stop" - Google News
https://ift.tt/MrtPW9f
https://ift.tt/fjOs10u
Bagikan Berita Ini
0 Response to "‘This has to stop’: A young man on TikTok says he and his wife make $120K/year — but can only afford this 1 run-down house. Why Gen Z, millennials are using 'quiet quitting' to cope - Yahoo Finance"
Post a Comment