$400K is now middle class
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Is he basing this on a national average? Or a place where COL is extremely high, like a coastal city?
He's basing it on something someone told him. There's no source, no research, no confirmation.
Millennials and zoomers are half fucked because they won't fucking try anything. They won't look up housing incentives offered by various states and cities to cover a down payment. They bitch about debt, without understanding the difference between good debt and bad debt and refuse to be educated on the subject.
Did the boomers fuck us? Sure, but these people won't even try to unfuck themselves. They demand the government do it for them.
Explain to me how me owing money to someone else is a good thing.
Bad debt is taking a vacation in Paris on a credit card.
Good debt is getting a bank loan to buy a work truck that you will use in a construction business to generate all the income you need to live and pay off the loan.
Not just interest -- if I take out a loan to start or expand a business and the money I make from that business/investment pays off more than the interest I'm paying, it's good debt.
Taking out a $5000 loan to get a commuting vehicle so that I can get myself to work is arguably good debt.
Taking out $300k worth of loans so I can party for 5 years at college and "earn" a bullshit studies degree is bad debt. Taking out a $35000 loan so that I can buy a brand new car is bad debt. Racking up credit card debt to buy a big TV or the latest iPhone or some other disposable electronics device is bad debt.
I figured it was something like that, but even then I'd rather just pay in full and own the asset. Having debt hang over my head, even if it's more cost effective, just doesn't sit well with me.
You've never looked any first time home buyer incentives. This one incredibly generous, and the requirements are super loose
See? This is what I mean. You're just like most of my other millennial and zoomer friends, you guys are all doom and gloom without actually trying anything. Do you think going to your bank and talking to a loan officer costs you money? That if you get rejected they won't try to coach you on how to become eligible quickly? Why would they do that, so they don't make any money?
This is the kind of shit that has our generation tied down. We all think we know so much without knowing anything at all.
This is hustlers university level of financial literacy, just in the opposite direction.