The unlucky (and sad) millennial housing story may be getting tedious and repetitive, but maybe millennials have reason to be upset. Just consider this, they’re constantly getting crushed in the housing market, and boomers keep coming out on top. Even one of the biggest investment banks on Wall Street thinks so.
There’s been a “massive wealth transfer from the public to the private sector,” Bank of America Research strategists led by Ohsung Kwon wrote in a new note, resulting from two things: Government debt has risen from 31% of the gross domestic product to 120%, from 1980 to today, and 10-year treasury yields had gone from 12% to 4.6% at the time of writing (the 10-year treasury was sitting at 4.9% as of press time). Add it all up and household wealth increased from $17 trillion to $150 trillion, a record high.
