Ah, millennials... everyone's favorite scapegoat. Remember that time someone said that we couldn't afford houses because we were buying too much Avocado Toast? No? Well, then perhaps you remember the litany of articles accusing us of killing everything from soap to the beer industry. We've also apparently killed department stores, golf, lunch, college football, fabric softener and light yogurt, among other things.
Well, now people are once again fixated on the fact that millennials just aren't buying houses. Could it be that costs have skyrocketed while wages have stagnated? Could it be that millennials are the least likely to be able to find work upon graduating college? Could it be an economy that was trashed by the baby boomers who have left behind almost no social safety net for the younger generation? Absolutely not. The culprit is obviously... bachelor parties. At least according to this article from Today.
In it, they state...
"Dropping a thousand bucks on a bachelorette party trip here and there might not sound like a lot in the heat of the moment. But it can definitely hurt when you realize all that spending can seriously impact your ability to afford a down payment on a house."
Of course this is assuming that someone is spending thousands on a bachelor party, which most don't, in lieu of plunging themselves into debt by buying a 30-year mortgage.
Needless to say, people called out the fact that no one wants to acknowledge the real reason millennials aren't buying houses...
What's next? $12 a month for Netflix prevents them from buying houses? Anything but addressing the elephant in the room: overpriced housing— Bat Bunny (@BatiBunny) July 26, 2018
Don't forget the second elephant: student loans with monstrous interest rates!— short skirt made of murder (@murderskirt) July 27, 2018
Don’t forget the zeroth elephant: stagnant wages for decades, loss of skilled labor jobs, and a wealth divide resembling the 1890s.— tweed and monster trucks (@athauglas) July 27, 2018
And senior aged people doing everything possible to gild their coffins & rape the planet long enough to die without disrupting their gross culture
They also called out the fact that the number of bachelor and bachelorette parties that the article was referencing people going to every year was nine...
I third that! I was wondering if I needed to find new friends— Andrea Koshiol (@A_Kosh00) July 27, 2018
People who only have 9 yachts because the 10th went missing.— Mollie Lane (@LaneMollie) July 27, 2018
And of course, people approached this with a good amount of humor...
Who can afford a down payment when we got $30 worth of bud light and hot dogs to pay for?— AJohn (@Ajohn1311) July 27, 2018
That $30 could’ve been invested into a growth stock mutual fund at 12% annual ROR. After 50 years it would’ve been worth $8,670 which is enough for a 20% down payment on a $43,350 home. So think of that next time you go to a bachelor party.— Joel Barndt (@JBarndt21) July 27, 2018
Have you seen the cost of avacado toast for the average bachelor party? It’s a wonder we can afford anything at all, to be honest.— Doom Net (@NetDoom) July 27, 2018
But one person boiled it all down to a simple truth...
Y'all are just looking for any explanation that isn't capitalism aren't you?— Doki Doki DSA Caucus (@Lord_Unseen) July 27, 2018