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Real estate broker breaks down why middle class millennials and Gen Z can't afford housing

"It's fine...we just have to stop getting our fancy coffees and we can afford it."

Photo credit: Canva

Real estate broker explains why Millennials can't buy houses

There's a housing crisis in America. It's not that there aren't houses available. Thousands of houses and apartments sit empty across the country, but the price for housing has reached levels that seem unsustainable for the middle class and those classified as working poor. Some might argue that middle class is now the working poor, though their yearly salary says they should be able to fair just fine.

Unfortunately, what used to be considered a decent salary for a middle class family to live comfortably is now barely enough to scrape by given the cost of housing. But some people from the boomer generation still struggle to understand why millennials and Gen Z can't afford housing.

Freddie Smith, a real estate broker, took to social media to explain why younger generations are struggling to purchase a home when their parents didn't. The real estate finance lesson was prompted when a baby boomer pointed out, "Don't forget we had 13% interest rates in the 80s."

A 13% interest rate seems like insanity upon first glance, but after Smith breaks it down, it doesn't look so bad. "I wish we had 13% interest rates if we had your home prices," the broker says before breaking things down.

Smith quickly starts speaking in numbers, revealing that in 1980 even with their yearly salary being only $22K with the 13% interest rate, their monthly payment only equaled to 26% of their monthly income. If millennials had the same circumstances, their median yearly salary would be $80k, their median price of a home $170K, and with a 13% interest rate the monthly payment would be $1,790–only 26% of their monthly income.

But that's not the reality that Millennials and Gen Z live in. While the median salary is $80k, the median price of a home is $419K, and while the interest rate in 2024 is 7%, with the housing price so high it would make the monthly payment 42% of their monthly income.

Smith wraps up the video saying, "And here's the kicker. Someone making $80K in most cases can't even qualify for this."


@fmsmith319 1980 vs 2024 home prices and interest rates
♬ original sound - Freddie Smith


That certainly put things in perspective for people. The video was flooded with comments from exhausted and frustrated millennials.

"Oh and the wives got to stay home and care for the kids now we pay another $1600 a month for daycare for us both to work," one person laments.

"Imagine if we had 140K homes with 13% rates. The gaslighting from them is WILD. I’d take 14% rates if the average home was only 140K," another says.

"It’s fine.. we just have to stop getting our fancy coffees and we can afford it," someone writes.

"We’re facing a 5K payment with 10% down on the average home. Same house cost 3K a month in rent. So we’re renting indefinitely at the moment," a commenter shares.

But this isn't just an issue in America. There were people outside of the U.S. sharing their astronomical cost of an average family home.

"Same here in Oslo, Norway. By dad bought his house for $22,500 in 1972. He’s selling it now for $1.75 million. And of course he says just this. 'You just have to spend less and work more.' Lol," someone shares.

"It’s worse in Australia. Average salary $80k average house price $1m," another writes.

While Smith doesn't offer a solution, his breakdown may help older generations understand why their children and grandchildren aren't buying homes. One can only hope housing prices go down or wages significantly increase so the middle class can afford a little more than their basic needs on top of being able to buy a home.

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12 books that people say are life-changing reads

Some books have the power to change how we see ourselves, the world, and each other.

Photo by Ben White on Unsplash

Books are powerful.

As a participant in the Amazon Associates affiliate program, Upworthy may earn proceeds from items purchased that are linked to this article, at no additional cost to you.


Out of all human inventions, books might just be the greatest. That may be a bold statement in the face of computers, the internet and the international space station, but none of those things would be possible without books. The written recording of human knowledge has allowed our advancements in learning to be passed on through generations, not to mention the capturing of human creativity in the form of longform storytelling.

Books have the power to change our lives on a fundamental level, shift our thinking, influence our beliefs, put us in touch with our feelings and help us understand ourselves and one another better.

That's why we asked Upworthy's audience to share a book that changed their life. Thousands of responses later, we have a list of inspiring reads that rose to the top.

Unsurprisingly, the most common responses were religious scriptures—the Bible, the Quran, the Book of Mormon, etc. Beyond those, here are the most common books, both fiction and non-fiction, that people considered life-changing.

1. "The Alchemist" by Paulo Coelho

The Alchemist book cover

The Alchemist by Paulo Coelho

Amazon

"From the very first page, Coelho's storytelling prowess weaves a tapestry of adventure, wisdom, and self-discovery that is unparalleled. The protagonist's quest for his personal legend resonated deeply with me, prompting introspection into my own aspirations and purpose. The narrative, while seemingly a simple tale, unravels layers of universal truths and timeless wisdom that are applicable to every reader's journey." – Matt Brown

"Such greatness. Coelho tells the story with simplicity and elegance, and it is beautiful. The Alchemist is rhetorical kind of book that stays with you, and demands some time to unfold in your mind. Loved it!" – J. Green

Find "The Alchemist" on Amazon.

2. "The Four Agreements" by Don Miguel Ruiz

The Four Agreements book cover

The Four Agreements by Don Miguel Ruiz

Amazon

"This book literally changed my outlook on so many things. I’ve read it at least three times completely through. It helps deal with anxiety and helps you reframe and analyze your thoughts which may be troubling you. The writing style is great and I’ve already read other books by the same author. Would highly recommend purchasing this if you want to rethink your assumptions about yourself or other people." – Freddy

"By far the best book I’ve read. The simplicity in composition and detail is amazing. Would recommend everyone have a read. This book is truly a masterpiece." – Joshua

Find "The Four Agreements" on Amazon.

3. "To Kill a Mockingbird" by Harper Lee

To Kill a Mockingbird book cover

To Kill a Mockingbird by Harper Lee

Amazon

"I remember reading the book many years ago and being moved by it especially being from the North and not as familiar with racism. I wondered why some schools were banning it so decided to revisit. I had forgotten the details but it is still an important book and reminds us that the fight against all prejudice is never finished and its current resurgence is cause for concern. This book should be required reading at a pretty young age. We can’t change what we don’t understand. If you have children read it with them and teach them well." – Maria

"I can’t imagine, for the life of me, why this book has been banned. It is the most moral and righteous book I’ve ever read. It represents a time in our history when racism was endemic to the white population except for one compassionate lawyer. Told from his children’s point of view with an unforgettable narrator, the story of a small southern town comes alive." – Peggy

Find "To Kill a Mockingbird" on Amazon.

4. "The Power of Now" by Eckhart Tolle

The Power of Now book cover

The Power of Now by Eckhart Tolle

Amazon

"This has become a true icon in the book of books on understanding how the mind works and how we become trapped in it. A must read." – Bill C.

"This book helped me through the toughest time in my life. It was an easy read, but ultimately, it helped me open my mind to many things and see things from multiple perspectives. My life coach recommended this book, and I'm happy that she did. It truly did save my life." – Coach J.

Find "The Power of Now" on Amazon.

5. "The Midnight Library" by Matt Haig

The Midnight Library book cover

The Midnight Library by Matt Haig

Amazon

"I did not expect to enjoy this book so much. I very much admire the writer's prowess in creating a beautiful and inspiring story out of a depressing premise and what I admire even more is the perspective he has given me about life." – Ashish S.

"'The Midnight Library' by Matt Haig is nothing short of a literary masterpiece that effortlessly weaves together the threads of life, regret, and the boundless possibilities that lie in our choices. This No.1 Sunday Times bestseller and worldwide phenomenon is a soul-stirring exploration of the human experience that lingers in the reader's mind long after the final page." – George L.

Find "The Midnight Library" on Amazon.

6. "Atomic Habits" by James Clear

Atomic Habits book cover

Atomic Habits by James Clear

Amazon

"Atomic Habits by James Clear isn't just a book; it's a roadmap to personal excellence. Deserving a resounding 5 out of 5 stars, this masterpiece has profoundly impacted my approach to habit formation and personal development." – Ahamed

"Whether you're looking to break free from destructive habits, achieve ambitious goals, or simply lead a more fulfilling life, this book is a must-read. Clear's insights have the power to ignite change and propel you towards the best version of yourself." – SC

Find "Atomic Habits" on Amazon.

7. "Tuesdays with Morrie" by Mitch Albom

Tuesdays with Morrie book cover

Tuesdays with Morrie by Mitch Albom

Amazon

"I wish I had read this book earlier. It teaches to love those in your life with everything you have. We never know when life will take them away. Our parents will continue to age. Our friends will drift away. We will end up driving away the ones we say 'I love you' to. It’s not too late to tell them how much you love them. It’s not too late to show them how much you love them. If you share your love before it’s too late, you won’t live your life with regret." – P.M.

"Mitch Albom is my favorite author. Tuesdays with Morrie did not disappoint. Please please read this book. It is heartwarming, inspirational and will make you do an introspection that will change your priorities. I promise." – A.C.

Find "Tuesdays with Morrie" on Amazon.

8. "Untamed" by Glennon Doyle

Untamed book cover

Untamed by Glennon Doyle

Amazon

"By page 16, I’d already sobbed, laughed, sobbed, reconsidered who I am, how I live my life, and what I’m doing next, and cried again. So much fire lit. This is a masterpiece. Thank the universe (and Glennon) it published now. Lord knows we need this now. It is already one of my top favorite books ever, and I read a lot. Like, a LOT." – Anna S.

""Untamed" is a powerful and empowering memoir that delves deep into themes of self-discovery, authenticity, and breaking free from societal expectations. Doyle's writing is raw, honest, and deeply relatable. From the moment I started reading, I felt a connection to her journey and the struggles she navigates. One of the standout qualities of this book is Doyle's ability to articulate complex emotions and thoughts in a way that resonates with readers. Her insights into the expectations placed on women, the constraints of traditional roles, and the journey to reclaiming one's true self are both enlightening and inspiring." – Frank C.

Find "Untamed" on Amazon.

9. "Man's Search for Meaning" by Viktor Frankl

Man's Search for Meaning book cover

Man's Search for Meaning by Victor Frankl

Amazon

"Man's Search for Meaning" by Viktor E. Frankl is a poignant exploration of resilience under the most testing conditions. As a Holocaust survivor and psychiatrist, Frankl intertwines his concentration camp experiences with his psychological expertise. Central to the book is the idea of logotherapy, which posits that finding meaning in life is the primary human drive. Frankl's narrative transcends its historical context, offering timeless insights into human endurance and the quest for purpose. The book is especially impactful for those facing personal adversities, as it highlights the power of choice and perspective in shaping one's destiny." – Neal W.

"This little one hundred page book is perhaps the most meaningful and profound that you can ever read. Disturbing, yet full of 'tragic optimism,' this book will change the way you think about life, happiness, and meaning." – Paige T.

Find "Man's Search for Meaning" on Amazon.

10. "The Untethered Soul" by Michael Singer

The Untethered Soul book cover

The Untethered Soul by Michael A. Singer

Amazon

"Michael A. Singer's "The Untethered Soul" is a literary masterpiece that has left an indelible mark on my journey of self-discovery. I stumbled upon this gem through a TikTok video recommendation, and I am profoundly grateful that I did." – Matt B.

"This book encapsulates every spiritual book I’ve read into a concise oneness! Everyone would benefit in some way by reading this book. Period." – Joe S.

Find "The Untethered Soul" on Amazon.

11. "The Giver" by Lois Lowry

The Giver book cover

The Giver by Lois Lowry

Amazon

"Brought this book since my daughter had to read it for school and I always like to know what are they are teaching her. I am going to be honest very surprise that they are giving this kind of story to a 8th grader since the story is very intense, surprising, sad but at the same time beautiful and teach the real meaning of love and sacrifice. That live in an idealistic world does not work and it's never better than having love in your live." – Marla

"The way Lois slowly introduces us into her idyllic and yet cruel world is simply amazing. The end of the book has left me completely moved and flabbergasted." – Nathan S.

Find "The Giver" on Amazon.

12. "The Last Lecture" by Randy Pausch

The Last Lecture book cover

The Last Lecture by Randy Pausch

Amazon

"I’ve read this book twice now. Once at 18 and now again at 33! Both time it hits deep. Fantastic read!" – A.C.

"Professor Randy Pausch was diagnosed with terminal cancer. In response, Pausch wrote and delivered one last lecture--a self-help guide on living life with purpose and meaning. But his lecture wasn't really for his students or for the world, although it's been a massive bestseller. It was for his children.

One of my favorite books of all-time, with one of my favorite lines of all time. 'If I could only give three words of advice, they'd be, 'Tell the truth.' If I got three more, they'd be, 'All the time.' --Randy Pausch" – Phil W.

Find "The Last Lecture" on Amazon.

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Popular life hack has people putting their toilet paper in the refrigerator

No, we're not joking.

via Andrea Piacquadio/Pexels and SmartFoxLifeHacks/TikTok

Have you heard the new toilet paper hack?

Before the COVID-19 pandemic, people took toilet paper—especially its availability—for granted. Everyone who experienced those hectic days probably has a new appreciation when they roll down the aisle of their local supermarket and see fully stocked shelves of TP.

A new trend shows that people aren’t only appreciating their toilet paper but finding new ways to use it that go beyond its traditional use: keeping toilet paper in their refrigerators. The most common reason is that it is an effective and affordable way to keep them smelling fresh and clean. It seems that TP’s absorbent qualities go far beyond the bathroom.

The new practice has been popularized on TikTok, where most new life hack trends seem to be springing up these days.

In late September, TikTok user @Ezenwanyibackup shared a toilet-paper-in-the-fridge hack, and it received over 1400 views. The hack involves creating a paste out of baking soda and applying it to the top of the roll. "Now, just stick it in your fridge," the TikTokker said. "This simple hack is going to neutralize all the smell and moisture that messes up your fridge, keeping your food fresh and tasty for way longer."

@ezenwanyibackup

Just put a roll of toilet paper in your fridge, and you won't have that problem anymore! #ezenwanyibackup #foryoupage #homemaderemedies #healthy #homemaderecipes #foryou #diy #naturalrecipes #recipe #fypシ゚viral @ezenwanyibackup @ezenwanyibackup @ezenwanyibackup @This Recipe @Queen ezenwanyi1

Smartfoxlifehacks has also helped promote the new trend in kitchen cleanliness with his video, where he shares how he keeps toilet paper in his fridge. He recommends that people change their rolls every 3 to 4 weeks. He claims the "trick" comes from the hotel industry because the toilet paper “absorbs odors."

@smartfoxlifehacks

This is a secret Trick from Hotels… 😱🦊 #lifehack #tipsandtricks #cleaningtricks #cleaninghacks

Another TikTokker, @Drewfrom63rd1, has a unique use for the toilet paper in his fridge. He chills it and then uses it as an ice pack to keep his food cold. “You can use this as an ice pack,” he says, putting a roll out of his fridge. “It does really work. It lasts about 8 hours.”

@drewfrom63rd1

Replying to @wgez

House Digest explains why toilet paper is so effective at keeping your fridge smelling fresh.

“For obvious reasons, toilet paper is designed to be extremely absorbent,” Brooke Younger writes at House Digest. “However, it doesn't just absorb liquids on contact; it can also pull them from the surrounding air. If you've ever touched your bathroom's toilet paper roll after a steamy shower, you might notice that it feels a bit damp. Placing a clean toilet paper roll in your fridge will absorb some of the internal humidity and, with it, those stinky particles.”

The site adds that toilet paper can also help keep dark, damp parts of your house, such as a closet or basement, stay fresh, too.

The toilet paper hack is effective, and it’s also a great way to save money. The average roll of TP costs about $1, which is much cheaper than a refrigerator deodorizer that can set you back about $10.

Now, for the sake of all the people who love this hack, let’s hope that word spreads so that no one gets any side-eye for having stacks of TP in their fridge. But we should also hope it doesn’t become so popular that people start hoarding toilet paper again. That wasn’t fun the first time.


This article originally appeared on 11.20.23

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A story about two pairs of boots illustrates how rich people get richer in ways poor people can't

It’s got nothing to do with bootstraps.

Photo by Maxim Hopman on Unsplash

The Sam Vimes "Boots" Theory of Socioeconomic Unfairness explains one way the rich get richer.

Any time conversations about wealth and poverty come up, people inevitably start talking about boots.

The standard phrase that comes up is "pull yourself up by your bootstraps," which is usually shorthand for "work harder and don't ask for or expect help." (The fact that the phrase was originally used sarcastically because pulling oneself up by one's bootstraps is literally, physically impossible is rarely acknowledged, but c'est la vie.) The idea that people who build wealth do so because they individually work harder than poor people is baked into the American consciousness and wrapped up in the ideal of the American dream.

A different take on boots and building wealth, however, paints a more accurate picture of what it takes to get out of poverty.


Author Terry Pratchett is no longer with us, but his writing lives on and is occasionally shared on his official social media accounts. Recently, his Twitter page shared the "Sam Vimes 'Boots' Theory of Socioeconomic Unfairness" from Pratchett's 1993 book "Men At Arms." This boots theory explains that one reason the rich are able to get richer is because they are able to spend less money.

If that sounds confusing, read on:

Pratchett wrote:

"The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money.

Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles.

But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that’d still be keeping his feet dry in ten years’ time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet."

In other words, people who have the money to spend a little more upfront often end up spending less in the long run. A $50 pair of boots that last five years essentially cost you $10 a year. But if you can only afford $10 upfront for a pair of boots that last six months, that's what you buy—and you end up paying twice as much over a five-year period.

There are so many areas in which this principle applies when you're poor. Buying in bulk saves you money over the long run, but you have to be able to afford the bulk cost up front. A reliable car that doesn't require regular repairs will cost more than a beater, but if the beater is all you can afford, that's what you're stuck with. You'll likely spend the same or more over time than if you'd bought a newer/higher quality car, but without the capital (or the credit rating) to begin with, you don't have much choice.

People who can afford larger down payments pay lower interest rates, saving them money both immediately and in the long run. People who can afford to buy more can spend more with credit cards, pay off the balances, build up good credit and qualify for lower interest rate loans.

There are lots of good financial decisions and strategies one can utilize if one has the ability to build up some cash. But if you are living paycheck to paycheck, you can't.

Climbing the financial ladder requires getting to the bottom rung first. Those who started off anywhere on the ladder can make all kinds of pronouncements about how to climb it—good, sound advice that really does work if you're already on the ladder. But for people living in poverty, the bottom rung is just out of reach, and the walls you have to climb to get to it are slippery. It's expensive to be poor.

When people talk about how hard it is to climb out of poverty, this is a big part of what they mean. Ladder-climbing advice is useless if you can't actually get to the ladder. And yet, far too many people decry offering people assistance that might help them reach the ladder so they can start taking advantage of all that great financial advice. Why? Perhaps because they were born somewhere on the ladder—even if it was the bottom rung—and aren't aware that there are people for whom the ladder is out of reach. Or perhaps they're unaware of how expensive it is to be poor and how the costs of poverty keep people stuck in the pit. Hopefully, this theory will help more people understand and sympathize with the reality of being poor.

Money makes money, but having money also saves you money. The more money you have, the more wealth you're able to build not only because you have extra money to save, but also because you buy higher quality things that last, therefore spending less in the long run. (There's also the reality that the uber-wealthy will pay $5,000 for shoes they'll only wear a few times, but that's a whole other kind of boots story.)

Thanks, Terry Pratchett, for the simple explanation.


This story originally appeared on 01.28.22

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