He caught my eye right away. Not the flat, black-line cartoon character of my youth, Mr. Monopoly stared back at me with 3D-rendered detail, a pair of sky blue, rainbow-reflective wayfarers shading his eyes, a white earbud cord dangling from his ear, and a Starbucks-style disposable cup in his hand. The other arm was outstretched, cut off from the frame as though he was taking a selfie, and on his chest was a bright red ribbon, with "PARTICIPATION" stamped on the medallion. To his left, the title: "Monopoly for Millennials" in a neon rainbow. Below? "Forget real estate. You can't afford it anyway."
Yes, this is a true story. Monopoly for Millennials*, released by Hasbro Gaming in 2018, tosses aside the traditional property-hoarding scheme of the original game for a new goal: experience points. Boardwalk and Park Place are sooo last-century. Try visiting a Week-Long Meditation Retreat or Three-Day Music Festival instead! And if you get there first, you can post it on social media, gathering additional experience points when your friends join in too. Strapped for cash? Of course you are! Try visiting the Farmer's Market for some organic, locally grown produce, or maybe crash at your Parents' Basement. Along the way you'll also encounter the familiar Community Chest and Chance cards, which include a "Go to Jail" for not paying your student loans and a "Get Out of Jail Free" when your mom posts bail (your dad apparently isn't around).
Reviews of the game appear to be mixed-- Amazon has an overall rating of 4 1/2 stars in which top reviews to take it as stereotypical but funny. A writer for Inc. played it with some Millennials to more bittersweet response-- many felt it was #toosoon as they struggled to find good-paying jobs, pay off loans, or make rent. At any rate, it's not the flippant rendering of real-life woes that bothers me with Monopoly for Millennials. It's the attitude that real estate is not available, or necessary, as an investment for an entire generation.
SIDE BY SIDE
Let's compare the tagline of Monopoly for Millennials with this article by Bloomberg investing: "Forget real estate. You can't afford it anyway" vs. "America should become a nation of renters." Published June 17, 2021, columnist Karl W. Smith argues that houses are indeed too expensive and inhibit mobility because they don't sell quickly enough. Smith says,
"A nation of renters could lead to a world where location decisions are driven far more by personal preferences and life-cycle demands. [...] To see the U.S. as a nation of renters requires a revision of the American dream of homeownership. This country was always more about new frontiers than comfortable settlements, anyway."
Aside from the contradictions and blatant misrepresentation of the United States' historical colonization, this article's most harmful premise is that home ownership is just an outdated, inconvenient concept-- something akin to vacuum tube radios or horse-drawn carriages. Add in the recently uncovered hijinks of BlackRock and other investment firms which are "depleting the inventory of the precise houses that might otherwise be obtainable for younger, working- and middle-class households, in the cities where those workers can easily find good-paying jobs", and you have a recipe for disaster in Millennial homeownership.
So why is owning a home important?
THE HOMETOWN ADVANTAGE
Turns out, it's more than just an address and a monetary transaction in the form of monthly mortgage payments. According to the National Association of Realtors, home ownership provides long-term wealth (45x more than a renter), creates jobs in the community (furniture, maintenance, remodeling construction/supply), and yields social benefits (community engagement, childhood achievement, reduced crime and better health). Additionally, it's part of the American Dream, and is a personal goal that drives achievement for workers who hope to own.
Contrast that with a lifetime of renting. Even Slate says "While renting might make sense for some people, especially people who move a lot, it often sucks, particularly in the United States, where we don’t have especially strong protections for tenants" and that Invitation Homes, another real estate investment firm, has plans to keep "high barriers to entry, and high rent growth potential." Looks like renting isn't more affordable or desirable than owning once these groups get involved.
THE PROPERTY BOTHERS
But home ownership is problematic, because it involves sensitive values of individuality, finances, and property rights. Economic and political systems such as communism and socialism downplay personal property rights, because for those systems to work (in theory, as practicality is unproven), individual desires must defer to the desires of the government. As we see the rise in advocacy of those systems, a belittling of personal property naturally follows.
From its earliest history, the United States of America has taken personal property rights very seriously. The quartering of British soldiers in the Revolutionary War led to the creation of the Third Amendment. The oppressive practice of general warrants by the British monarchy led to the Fourth Amendment. The attempt to balance the necessity of government land use and the rights of individual property owners led to the Fifth Amendment. Individual freedoms and strong property rights are historically and inextricably linked, because without them there is tyranny, lawlessness, inequality, and opression. Those who seek to oppress will naturally despise these rights in favor of the state.
FALLOUT SHELTERS
Finally, consider the opportunities that home ownership offers: It's a place to grow food or grow a family. You can start a business in the backyard or start a band in the garage. You can house a friend in need or rent a room to make some cash. You can use it as collateral if you need a loan or sell it at a profit to create generational wealth. Home ownership is a big financial hedge against the turbulent world, and now is a more turbulent time than ever.
My message to Millennials is this: don't fall for the watered-down "participation trophy" of lifetime renting, and don't fall for the lie that less responsibility equals more freedom. Freedom is risky, expensive, and worthwhile. It's only the choices you make that you get the most benefit from.
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*The Amazon links in this post are for informative use and are non-commissioned. As a Christian, I do not advocate purchasing Monopoly for Millennials because it promotes attending a Tarot reading as one of the "experiences" (see 1 Samuel 28, Leviticus 19:26-31). I purchased my copy at a thrift store before I realized this, and it will be going in the trash.