Raoul says the “median person has lost 90% of their purchasing power” when measured in property prices. This explains why I can barely afford a shack for a home here in Australia. The property prices didn’t rise a lot. My purchasing power as a millennial has decreased.
This hits hard, man. It's something that us millennials intuitively know, however, it's weirdly reassuring to hear it from someone who clearly knows a lot more about personal finance and property than I do.
It's hard not to take on guilt by comparing yourself against your parents or even elder siblings' generations, who were already homeowners by the time they were in their mid-30's.
Perversely, I feel like our generation is actually working harder than previous working generations (we're connected 24-7 to our jobs through technology). However, when 90% of your purchasing power is lost, as you say, you're kind of fighting a losing battle.