In this economy, I think not.
As seniors, young adults are supposed to grow up and next year we are supposed to get jobs, go to college, and make money to sustain lifestyle necessities. It’s no wonder that more people are still living with their parents or many roommates. People cannot afford to live with the prices of this economy.
While everything is expensive, houses (and gas) take the cake. Most are expected to in the next few years find a house and a career that can provide for them and a possible family with enough money to live off of.
If one were to look at the prices of houses from only a few decades ago compared to now, it might make more sense as to why people can no longer afford a house. The average house in California today is a little over $745,000. That compared to the average California income of $73,000 makes it evident that many are struggling to buy houses due to the lack of income and increasing inflation.
In 1970, the average house was $24,000 and the average income was $4,810. This is more reasonable considering that more people were able to afford houses on such a small income. This compared to today means that houses are more than the average income could ever wish to afford.
By 1990, the average price for a house was $194,300 which was much higher compared to 1970. Then again, the average income was just under $60,000. The ratio between income and house prices was much more reasonable before than now with the house prices skyrocketing.
With the California average income only increasing by $13,000, one may think that the housing price would not have increased as much as it has. If the price of houses was more to scale such as in the 1970s or 1990s, people may be able to afford more than renting or apartments which is what many California residents have resorted to.
As senior and soon-to-be adult Boston Page said, “I think that inflation recently is insane and the way our government is trying to help is ineffective and they should look back in history on how they proceeded with the Great Depression which kind of worked. What they are doing now, is not.”
That means, for 18-year-olds who have just entered the adult world, it is impossible for anyone to enter a new chapter in life affording a house or even an apartment on one’s own. Most have roommates or have to stay with their parents to save money. Even then, with inflation still increasing, it is expected people will not be able to afford anything near the average housing prices.
