The American Dream deferred for young Americans: Living in rentals, inflated college tuition, and low wages await millions of young Americans.
The Americans Dream was largely built on a few simple ideals. One was the ability to purchase your own home without needing artificially low rates and dangerously low down payments. Another key aspect of the dream was allowing young Americans to receive a college education to pursue their future. While more Americans are going to college, many are taking on dangerously high levels of debt to embark on this journey. Another key component of the American Dream was having the ability to have a job that paid well enough to have a good standard of living. That standard of living is eroding as inflation is eating away purchasing power. It is hard to come to terms but the upcoming generation may not have it as good as that of the baby boomers. There is no fast and hard rule saying that each generation should be better. That is why the middle class rising in the US was a historical anomaly. Something worth aspiring and investing in. Yet if we look at history, you largely have one of a small wealthy elite and the rest. The fact that we are looking more like the Gilded Age is not a positive sign. For many, dreams are being deferred.
Building for cash strapped young
Since the Great Recession hit, many builders are realizing that the future for many Americans will be of renters. The flood of money and bailouts allowed big banks to shift properties from regular homeowners that over leveraged into the hands of investors and hedge funds. This has been going on for well over half a decade. At this point, the growth in rental demand is zooming up.
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