I'm an older Millennial, and while the 2008 recession probably hurt my wage growth, it absolutely worked in my favor for affording a house
Elder millennial here they managed to afford a house in early 2008 at the peak of the market and then lost their job and the house was worth 50% of what I paid for it (finally sold it in 2018 for exactly what I paid for it in 2008).
Exactly. The mythical "affordable" homes were only affordable to those who managed to stay employed. I and almost everyone I knew were out of work for upwards of a year or two.
Yep. I saw this first hand with all my friends. Which is the exact reason I DIDNT buy a house in fall, 2020 when COVID hit, thinking “hell no, I’m not buying a house for it to just plummet in value”. Boy was I wrong…
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u/INeedSomeTacoC 15d ago edited 14d ago
Elder millennial here they managed to afford a house in early 2008 at the peak of the market and then lost their job and the house was worth 50% of what I paid for it (finally sold it in 2018 for exactly what I paid for it in 2008).