Talkin’ bout my generation
“…this is a generation that is paying more tax (on average) than its predecessors, is working longer hours, operating in a user-pays economy, and funding not only its own retirement but those of previous generations as well.”
From ABC News. The article discusses the possibility that lavish spending on consumer goods by this generation is forcing house prices to rise. I estimate that if house prices stayed constant it would take myself and my Fiancee – both in full-time, professional employment – 4 years to save a 10% deposit for an average house in a very average area in London. And of course house prices are generally on the rise, so you can very easily add a few more years to that figure.
Fortunately right now we can save a little more as we have both moved in to her parents’ house, saving us on rent.
But does this generation only have itself to blame for not being able to afford property? I don’t know the answer, but as far as the individual is concerned, even when not “spending lavishly” you are still practically incapable of being able to afford a place to live.