Quote:
Originally Posted by pylon
My dad was a draftsman making about $850/mth, out of school in the late 60's, which was good entry level money then, and my folks scraped together every penny they could, drove a $150 1959 Beetle for 2 years, lived in a basement suite where my dad did building maintenance for $50/mth, and considered spam good cuts of meat for cripes sake, so they could scratch together a $5000 down payment, for a $20,000 home in Canyon Meadows. That sacrifice no longer exists. People just ask mommy and daddy for their down payment now. Even I am guilty of that one myself on my first home.
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850 per month is $10,200 per year, or 50% of the purchase price of that house in Canyon Meadows. The average house price in Calgary is $453,000. I don't think you're hearing complaints from any Millenials making 225k (or half the cost of a house per year). Mainly because there are very, very few.
I'm a millenial with everything on the "yuppy list" above except the kid, (which is scheduled for 5 months from now) and I absolutely had to work and sacrifice for those things. And that's after I got excellent grades in a competitive post secondary program. If I was starting out as a draftsman now saving a 25% downpayment on the average house might be mathematically impossible in two years.
Hard to save 100k+ in two years if your take home pay doesn't add up to that amount.