From the Politico (8th March 2021):
If there aren’t enough homes to meet that demand, though, the largest generation in the country won’t be able to start building equity, which will in turn delay other financial decisions. Despite making up over a third of the workforce, millennials own less than 6 percent of all U.S. wealth, according to Federal Reserve data.
The delays will have long-term societal impacts. Even before the pandemic struck, more than 1 in 5 millennials — 21.9 percent in 2019 — lived with their parents, up from 11.7 percent in 2001, according to a Zillow analysis of census data. Partially as a result, millennials are significantly behind previous generations in forming families. [Link]
I was reminded of an article I read months ago. It turns out, it was published on my 57th birthday in unherd.com
young people are not becoming more conservative as they reach middle age, or at least are doing so very slowly, countering a historic trend which had much to do with social patterns that no longer exist.
Conservatism is heavily contingent on lifestyle. Among Americans, for example, marriage (and motherhood) is the single biggest factor determining how white women vote, the country’s marriage gap being far larger than its gender gap (although Donald Trump, being utterly repulsive to a lot of women, did narrow this).
Liberalism, with its focus on the individual and the individual’s limitless potential, has always been associated with singledom. Most of its founding philosophical fathers were childless men, including Locke, Mill, Spinoza, Bentham, Hume and Adam Smith. (Jean-Jacques Rousseau had five children but abandoned them all to the death sentence of orphanages.)
Marriage rates are affected by a number of cultural factors, especially religion, but the simple cost of having children is also an obvious problem. Children have become more expensive, and the biggest component is runaway housing costs; in the US there is a clear correlation between high house prices and support for the Democrats.
In Britain, Conservative economic policy was for many years to encourage rising house prices as a nest egg, but each increase in value, aided by our strict planning laws, was decreasing the number of future Tories. Now, highly-expensive London is a sea of red and it’s only a matter of time before that starts to spread into the Home Counties.
Left-wing parties win where land is expensive, and cities comprise the most expensive real estate of all, and they are everywhere more liberal than rural areas. [Link]