I think part of what’s going on is a story of wealth, and how much richer we all are now.
When I was young I worked all kinds of crap jobs. I simply didn’t have a choice. You worked or starved.
And even though I grew up in a city of about 40,000 people, there were poor opportunities for careers in science or engineering. So a whole lot of us had to move away from home to other cities to find work - and we did. You simply did what you had to do, because living at home indefinitely or living off of government payments simply wasn’t an option.
As for living at home, the problem was that parents then weren’t as wealthy, we had smaller homes and larger families. So there was a lot of pressure on kids to move out as soon as they were independent. The standards for everyone I knew were lkke this: You could stay living at home so long as you are going to school. If you weren’t in school you were expected to get a job and move out. Nice parents might give you a year or two to save up or decide what you wanted to do, then it was out the door. Everyone I knew was living on their own within a year of finishing school, whether high school or college. My brother dropped out of school and moved out when he was 16.
I lived in a basement suite with a roommate until I was 26 years old. Rent was still expensive then. Our first basement suite was $575 per month, in the mid 1980’s, when the minimum wage was $3.80/hr. Today the same type of place is more like $1200, but minimum wage here is $15. So it took 151 hours of minimum wage employment to pay for rent in 1985, whereas today the same place only requires about 80 hours of minimum wage for rent.
Home prices are similar. Houses were much cheaper, but mortgages were still large. Our first house was $143,000. But we had a 13.5% mortgage.
Today with mortgages being around 2%, every $100,000 you borrow over 25 years results in a pay,ent of $423. At 13.5%, the same amount costs
$1138. So even though we put down a decent amount of money we had saved, we still wound up with a $1400/mo mortgage payment.
The same house today is worth about $350,000. But at 2%, the mortgage payment is almost identical to what it was then with the same percentage down payment, but wages have more than doubled since.
Putting together a full down payment today is definitely harder.
Education is crazy expensive if you plan to go out of state or to a premium school. But if you go to a 2-year college or a state school in your home state it’s not that bad. In Canada, at least. When I went to the U of A, it was around $1300 to $1500 per semester. For Alberta residents, it’s about $3000-$3500 now. In terms of minimum wage hours, university is actually cheaper now. But if you want to go out of province it gets expensive. UBC is about the same as U of A for residents of BC, but for non-residents it’s close to $35,000 per year. So you might have to settle for a local scholl. 2 year colleges are even cheaper.
Cars were also more expensive, especially if hou factor in quality and features, and the high cost of borrowing back then. Car loaans could carry 15% to 20% interest.
Some things are more expensive now, and some things are cheaper. If you live in a big expensive city, you may have to move. But it can be done, and people can still bootstrap their way into a good career.