I forgot to mention, this is in South America. As far as I know, cross-gen households used to be the norm here, and mortgaging your home isn’t common, because there’s simply less social pressure to leave your parents’ home if you can’t afford a house.
And historically, that was expected and normal, and having your own place was unusual. The oldest usually took care of the parents and the rest moved out. That’s SL still very much a thing in Korea, a very developed country where people could probably afford to live separately.
2 doesn’t work in aggregate, because your parents will functionally sell off their house to generate funds to pay for an assisted living facility, or all the medical debts they incur in old age.
You may technically still inherit the house, but you’ll also inherit all the reverse mortgage payments.
Sure, there will be exceptions to this, but in general?
Poor millenials and zoomers are going to stay poor and get poorer.
They largely will not be getting a generational inheritance or wealth transfer.
Every article you read about a generational inheritance also neglects to mention that half of the wealth that is supposedly set to be inherited by millenials/zoomers, from boomers, is concentrated in the hands of about 1% of boomers.
Oh right, not to mention that by the time your parents are dead, it’ll be impossible to get homeowners insurance for something like 1/3 to 1/2 of most houses, as climate change intensifies, disasters become more and more common, and home insurers just give up, as they currently are in Florida and California.
Welcome to the shitty, less cool cyberpunk dystopia, aka, techno or neo-feudalism.
EDIT:
There may be some cool gadgets and tech, but only the hyper wealthy and/or criminal gangs will have access to them, the vast, vast majority of people are either destitute, or corpo wage slaves… or both.
‘Good’ news is that that will only last for about 20 years, after that its full on civilization collapse for the majority of humans, as we’ve expended so many easy to reach, non renewable resources, that its more costly to extract the harder to reach ones than they’re worth… but also, their continuing extraction is required to keep the lights on, keep industrial agriculture working, keep cars and trucks moving.
I think the only reason this is a thing is because houses are prohibitively expensive for about 60% of the population right now. So your options are
Most people are much better off with a house from their parents than paying some rich douches mortgage for them.
I forgot to mention, this is in South America. As far as I know, cross-gen households used to be the norm here, and mortgaging your home isn’t common, because there’s simply less social pressure to leave your parents’ home if you can’t afford a house.
And historically, that was expected and normal, and having your own place was unusual. The oldest usually took care of the parents and the rest moved out. That’s SL still very much a thing in Korea, a very developed country where people could probably afford to live separately.
2 doesn’t work in aggregate, because your parents will functionally sell off their house to generate funds to pay for an assisted living facility, or all the medical debts they incur in old age.
You may technically still inherit the house, but you’ll also inherit all the reverse mortgage payments.
Sure, there will be exceptions to this, but in general?
Poor millenials and zoomers are going to stay poor and get poorer.
They largely will not be getting a generational inheritance or wealth transfer.
Every article you read about a generational inheritance also neglects to mention that half of the wealth that is supposedly set to be inherited by millenials/zoomers, from boomers, is concentrated in the hands of about 1% of boomers.
Oh right, not to mention that by the time your parents are dead, it’ll be impossible to get homeowners insurance for something like 1/3 to 1/2 of most houses, as climate change intensifies, disasters become more and more common, and home insurers just give up, as they currently are in Florida and California.
Oh shit, never thought of it like that. So like basically everyone who doesn’t have rich parents is truly fucked
Welcome to the shitty, less cool cyberpunk dystopia, aka, techno or neo-feudalism.
EDIT:
There may be some cool gadgets and tech, but only the hyper wealthy and/or criminal gangs will have access to them, the vast, vast majority of people are either destitute, or corpo wage slaves… or both.
‘Good’ news is that that will only last for about 20 years, after that its full on civilization collapse for the majority of humans, as we’ve expended so many easy to reach, non renewable resources, that its more costly to extract the harder to reach ones than they’re worth… but also, their continuing extraction is required to keep the lights on, keep industrial agriculture working, keep cars and trucks moving.