You forget the power of youthful credit. I have a 29 yr old neighbor I envy and I am on the downside of my 60s.
This neighbor has a respectable job for only a high school education. His home sold for $287,000. He has a new truck, a late model car, a 30 foot ski boat, a 36 ft fifth wheel travel trailer, TWO new full dress Harleys and a drop dead beautiful stay at home wife. I cannot have notes on all that at once but he does. He tells me they just buy on credit and then refinance as the balances pay down.
A baby is not afraid of falling while learning to walk. The same with youth. They buy whatever they want on credit without worrying about the future. Sometimes it works out and sometimes it does not.
I find that young do not care about the cost, only the amount of the monthly notes. My own 30 yr old single daughter is the same. Well educated, her own home and her third new car in the last five years. I was there at the home closing and the last two car purchases. Her concern was not the sticker price or the asking price but rather how much is the monthly payment. She buys to fit a monthly payment. If she wanted a new gun, she would likely take one of mine but if she bought one, the price would not matter to her but just put it on a credit card.
Years ago, I think I looked at prices differently than today. I bought what I could afford. Today I buy what I want but it took yrs to get to a point where I could afford what I want. Many of the youth of today buys what the plastic will allow.
The youth buy homes they cannot afford simply because recent laws say they can. They buy cars they cannot afford because they can. Tv ads are directed to younger buyers trying to entice them to buy. I am still waiting for one of the gun makers to begin advertising on the 6:00pm news. Youth of today are more bold than we were when we were young.
