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Smart Money Happy Hour with Rachel Cruze and George Kamel
Do We Have It Harder Financially Than Our Parents?
Oct 24, 2024
The hosts dive into the financial realities of the ’80s versus today, examining generational struggles with home buying and education costs. They highlight how fashion has evolved in travel and the significance of access to financial tools now available. A fun guessing game on housing prices ensues, revealing dramatic increases over the decades. The duo also shares personal anecdotes and discusses the implications of current mortgage rates and social media on home ownership. Lastly, they lighten the mood with fast food confessions and a pumpkin spice espresso martini tasting!
46:53
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Quick takeaways
- Home buying has become significantly more challenging today due to soaring prices and changing consumer expectations compared to the 1980s.
- Access to vast online resources has transformed financial literacy, albeit requiring individuals to critically evaluate the reliability of information.
Deep dives
The Ease of Home Buying in the 1980s
Home buying in the 1980s was perceived as significantly easier compared to today, with the median home price in 1980 being around $47,200. This starkly contrasts with today's median price of approximately $412,300, highlighting the drastic increase in housing costs over four decades. The discussion also touches on the simplicity of life in the past, implying that the financial burdens of previous generations seemed much lighter. While there are complaints about current high prices, it is emphasized that many luxuries and conveniences we enjoy today were unavailable in the past.
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