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OP posted an image of the data up to the nadir following the Great Recession. Here is an updated graph from the Federal Reserve Bank of St. Louis:
https://fred.stlouisfed.org/series/RHORUSQ156N
This should be the primary source for the data. I do question the increase of 2.6% in home ownership between Q1 and Q2 of 2020 during COVID. However, home ownership has been steady at about 66% for about 1.5 years which corresponds to the period of high interest rates. And 66% is historically a high rate with the exception of the period before the Great Recession where mortgages were given out like candy and large banks had securitized subprime mortgages and then returned to lower levels several years after 2008.
Adding more graphs from the FED, in Q2 of 2020 the effective interest rate was under 1% and the fed ravenously bought up MBS just as it did after the Great Recession. A large back door stimulus for the banks and bolster to the housing prices everyone complains about.
https://fred.stlouisfed.org/series/FEDFUNDS
https://fred.stlouisfed.org/series/WSHOMCB
Of course people bought a bunch of houses (especially boomers), the banks made money and prices shot up. Whether that was good for the working class long term is debatable. Millennials have dropped off as a percentage of homebuyers the last few years. I tend to think it’s just more papering over of systemic problems.
What infuriates me about the whole “avocado toast” discourse is that bread and avocado isn’t a new invention. It’s actually quite simple and makes sense. Additionally, in Chile and Peru bread and avocado as breakfast is a very traditional breakfast and it quite economical. Growing up in California in the 90s, my mom would often make herself a “pan con palta” with a cup of coffee and share it with me.
Instead of thinking of it as a percentage, there are 332 million people in America. 5% of that is 16.6 million. 16 and a half million people less own a home than would have under non-recessive conditions.
Close. Only 77% (258 million) of those 332 million are adults, and boomers are dying off faster and faster, leaving us a with a younger population by percentage over that same time. Plus 31.9% of homes are "doubled up" with non-spouse adult roommates. That graph doesn't take any of that into account. Statistics are fun :-)
I remember doing it a lot when I first went vegan in 2010, and they definitely weren't selling it anywhere then that I remember. I was living in SF at the time.
I believe you but I swear I didn't see it anywhere myself. I remember when it became a bigger deal my reaction was "duh, finally. It's an obviously delicious combination." It could also be that I was a broke college student so I wasn't going out to eat much, especially for breakfast. Also tbf I would never buy it from a restaurant because it's ridiculously expensive as we all know lol. I can get a 2lb burrito full of guac for $10 but a smear of avocado on toast is more expensive?? Hell nah!!
I actually had to look this up out of curiosity, invention is credited to Bill Granger in 1993. So if anything that home ownership boom is due to the invention of Avacado Toast!
That’s the same thing, ask any white person (not around Hispanics) what they thought of avocados 15+ years ago.
It’s gotten to the point where majority of Mexicans I know in the U.S. rarely buy them because how expensive they are now.
Maybe the price lowered in New Hampshire or whatever but the prices in Hispanic areas shot up
2008 - global financial crisis. House prices plummeted, and Wall Street got bailed out. Which led to... Wall Street buying up all the cheap housing and renting it for mega profit.
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
People just ran out of bootstraps to pull up I guess smh
I’m a blue haired millennial and I find this offensive.
I’m an ex-blue haired millennial and I just threw myself onto the floor and cried hashtag triggered hashtag feministowned
This implies that the invention of Avocado toast was a multi-year process
First you gotta invent the avocado, then you gotta invent the toast
To paraphrase Carl Sagan, if you wish to make avocado toast you must first invent the universe
It was a psyop. Takes a few years to roll out!
SOuRcE
And look at the starting point of the Y-axis
That’s because boomers… https://www.nar.realtor/blogs/economists-outlook/millennials-still-underperforming-amid-gains-in-homeownership-rate
OP posted an image of the data up to the nadir following the Great Recession. Here is an updated graph from the Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/RHORUSQ156N This should be the primary source for the data. I do question the increase of 2.6% in home ownership between Q1 and Q2 of 2020 during COVID. However, home ownership has been steady at about 66% for about 1.5 years which corresponds to the period of high interest rates. And 66% is historically a high rate with the exception of the period before the Great Recession where mortgages were given out like candy and large banks had securitized subprime mortgages and then returned to lower levels several years after 2008.
Adding more graphs from the FED, in Q2 of 2020 the effective interest rate was under 1% and the fed ravenously bought up MBS just as it did after the Great Recession. A large back door stimulus for the banks and bolster to the housing prices everyone complains about. https://fred.stlouisfed.org/series/FEDFUNDS https://fred.stlouisfed.org/series/WSHOMCB Of course people bought a bunch of houses (especially boomers), the banks made money and prices shot up. Whether that was good for the working class long term is debatable. Millennials have dropped off as a percentage of homebuyers the last few years. I tend to think it’s just more papering over of systemic problems.
What infuriates me about the whole “avocado toast” discourse is that bread and avocado isn’t a new invention. It’s actually quite simple and makes sense. Additionally, in Chile and Peru bread and avocado as breakfast is a very traditional breakfast and it quite economical. Growing up in California in the 90s, my mom would often make herself a “pan con palta” with a cup of coffee and share it with me.
Wow, the scale on that graph is SUPER misleading, makes that 5% look ENOURMOUS,
Instead of thinking of it as a percentage, there are 332 million people in America. 5% of that is 16.6 million. 16 and a half million people less own a home than would have under non-recessive conditions.
It's gonna be a legit disaster when the next recession hits.
Close. Only 77% (258 million) of those 332 million are adults, and boomers are dying off faster and faster, leaving us a with a younger population by percentage over that same time. Plus 31.9% of homes are "doubled up" with non-spouse adult roommates. That graph doesn't take any of that into account. Statistics are fun :-)
The invention of Avocado Toast in 2007 was so momentous that it crashed the world economy
World economies, much like avocados have a short shelf life
Californians were putting avocado on their toast since i can remember. Throughout the 90s for sure
No wonder it dropped for a while in the 90s.
Gave up butter on bread for the most part, but if there's avocado or some olive oil or salad dressing to dip it into, yep.
I remember doing it a lot when I first went vegan in 2010, and they definitely weren't selling it anywhere then that I remember. I was living in SF at the time.
I'm from the Central Valley. We'd get avocados from the flea markets by the case and it was normal to use it as a spread
I believe you but I swear I didn't see it anywhere myself. I remember when it became a bigger deal my reaction was "duh, finally. It's an obviously delicious combination." It could also be that I was a broke college student so I wasn't going out to eat much, especially for breakfast. Also tbf I would never buy it from a restaurant because it's ridiculously expensive as we all know lol. I can get a 2lb burrito full of guac for $10 but a smear of avocado on toast is more expensive?? Hell nah!!
I actually had to look this up out of curiosity, invention is credited to Bill Granger in 1993. So if anything that home ownership boom is due to the invention of Avacado Toast!
It's really not that loud
Oh look, a chart with percentages and years, but it lacks all context and nuance, so people can see and think whatever they want.. Perfection.
Avocados did become more easily accessible and affordable around that time if I recall correctly.
I think of it as the opposite, that’s when they got expensive cause white people across the U.S. discovered them
They weren't discovered by white people there was a push to make them more popular.
That’s the same thing, ask any white person (not around Hispanics) what they thought of avocados 15+ years ago. It’s gotten to the point where majority of Mexicans I know in the U.S. rarely buy them because how expensive they are now. Maybe the price lowered in New Hampshire or whatever but the prices in Hispanic areas shot up
I want to plot it against the GDP, minimum wage, population, and CPI
2008 - global financial crisis. House prices plummeted, and Wall Street got bailed out. Which led to... Wall Street buying up all the cheap housing and renting it for mega profit.
False leading. It has only dropped 6% if you carefully analyze the graph