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Posted: 9/21/2023 12:32:07 PM EDT
[#1]
Alot of these kids aren’t like us, guys.
We got up 3am to milk the cows, walk to school and then a full time job so we could buy a house at 12. Why you think we’re millionaires? |
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Posted: 9/21/2023 12:33:05 PM EDT
[#2]
I lived at home through college. Saved a bunch of money and after graduation started out on my own with no debt.
It was a big step up being able to do so and I was lucky to have the opportunity. I get that not all families have the dynamics to do it but it worked for us and we did / are doing the same with our girls. |
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Posted: 9/21/2023 12:34:51 PM EDT
[#3]
Quote HistoryQuoted: Very common in other parts of the world - Asia, Latin America |
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Posted: 9/21/2023 12:35:27 PM EDT
[#4]
Quote HistoryQuoted: A 2BR/1.5 Bath 1200 sqft home in my neighborhood just sold for $405k. With the current 7.25% mortgage rate, that would cost you: ~$2,800 / mo If you use your VA loan to get a 0-down loan. |
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Posted: 9/21/2023 12:36:16 PM EDT
[#5]
Quote HistoryQuoted: Not a bad thing as long as they are contributing something to the household. If my daughter had to move back in with us I'd charge her a modest amount of rent, but secretly put that money into an account and give it back to her once she moved back out. |
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Posted: 9/21/2023 12:36:58 PM EDT
[#6]
Quote HistoryQuoted: I like that they compared it to 1940 to soften the blow. I will give them credit though that they explained why the numbers then were so high then which is unmarried women and farms. That damn sure isn't the reason today. |
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Posted: 9/21/2023 12:39:47 PM EDT
[#7]
Quoted: With the current cost of housing, I don't blame them. Quoted: Compared to market rent? Yeah, that's not even a question. Quoted: Economically it can make sense if you're carrying your share of the load and not freeloading off of them. Good way to build up a nest egg. |
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Posted: 9/21/2023 12:42:39 PM EDT
[#8]
Quote HistoryQuoted: Yeah, but that's just for the mortgage. Now factor in all of the other costs of living and it's probably closer to $4,000-$5,000 a month, and that's with a shoe string budget, not accounting for avocado toast, an I phone, or subscriptions to all of the flixes. Very few 20 year olds are going to bring in that kind of money, and "bro, just join the army" is not a viable strategy for an entire generation of adults. Quote HistoryQuoted: Quoted: A 2BR/1.5 Bath 1200 sqft home in my neighborhood just sold for $405k. With the current 7.25% mortgage rate, that would cost you: ~$2,800 / mo If you use your VA loan to get a 0-down loan. The vast majority rented first. Typical path was to share an apartment and work hard for a couple years to establish the career a little. Get married at 26 and live the apartment dwelling DINK life for a couple years. By the time the first kid comes along at 28 they are typically able to afford a down payment on a starter home in an affordable area. |
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Posted: 9/21/2023 12:51:03 PM EDT
[#9]
Daughter is 25.
Went away to college (900 miles), got a degree in biochemistry/biophysics. She's now working in a genetics lab at U of M. Lives at home with us. I'm good with it. She's already saved over $50k. $1500 a month goes into her Morgan Stanley account. In a few years she'll buy her first business to start generating passive income. And I also think it's best for my wife. She wasn't happy as an empty-nester. |
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Posted: 9/21/2023 12:53:32 PM EDT
[#10]
These days I get it as long as you are banking the money you are saving. Sure would be nice to stack up $100k+ in a few years before finally moving out at that age.
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Posted: 9/21/2023 12:57:49 PM EDT
[#11]
Quote HistoryQuoted: It's a bit of a canard to talk about a 20 year-old buying a starter home. As an X'er it was very uncommon to be in that boat. The vast majority rented first. Typical path was to share an apartment and work hard for a couple years to establish the career a little. Get married at 26 and live the apartment dwelling DINK life for a couple years. By the time the first kid comes along at 28 they are typically able to afford a down payment on a starter home in an affordable area. |
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Posted: 9/21/2023 1:02:03 PM EDT
[#12]
I'm going to build a house next year that includes a separate apartment. I'm building it for my mom and her husband to live in. They are more than financially stable but thier big place is too much to take care of.
My Son is also more than welcome to stay as long as he wants. I want to set him up for success as much as possible. He's driven, works hard and is a joy to be around. Having him save money just makes sense. |
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Posted: 9/21/2023 1:02:23 PM EDT
[#13]
Quote HistoryQuoted: Fuck no. This. Couldn't leave fast enough here... |
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Posted: 9/21/2023 1:03:39 PM EDT
[#14]
There's a difference between making a contribution to the household and sponging off someone. Kids who live at home and help with the chores and contribute financially would be welcome in my home as long as I have the room. Kids who expect mom to cook for them and do their laundry are not. Would you let a roommate get away with that shit? Of course not. At that age, your kid IS a roommate and should contribute as such. I also see a trend where more single parent households want the kids to stay home. I have a few single friends who would be crushed if their adult kids moved out. They'd be living alone otherwise, and they love the company. One even has two of his grandkids living there with their mom, he loves having them around all the time and helps take care of them. Where's dad? I don't know. So the absent baby-daddy situation is at play too. Some single moms need their parents to help them raise the kids and the parents are happy to do it.
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Posted: 9/21/2023 1:06:31 PM EDT
[#15]
Quote HistoryQuoted: Agreed . I believe this is a return to a historic norm. Agree. The years of almost wveryone gets a good paying job right out of HS or goes to college and lives on campus are ending rapidly. Housing costs up big time, school is stupid expensive, jobs are not even close to keeping pace with inflation, etc. The "new norm" is going to look an awful lot like the old norm during some of rhe rougher years of this country's existence. The other things that come along with that will become more prevalent shortly. Lean times will be awful to those who know better but seen as a feature for those pulling the strings as they will now have more control than ever. |
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Posted: 9/21/2023 1:08:58 PM EDT
[#16]
Quote HistoryQuoted: A 2BR/1.5 Bath 1200 sqft home in my neighborhood just sold for $405k. With the current 7.25% mortgage rate, that would cost you: ~$2,800 / mo If you use your VA loan to get a 0-down loan. Insanity. The housing market has to break soon. |
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Posted: 9/21/2023 1:11:20 PM EDT
[#17]
Quote HistoryQuoted: Nope. Told the wife they’re out at 21 and unless it’s a matter of life or death they aren’t moving back in. Now they’re welcome to visit, they’re welcome to drop by and hangout, hell they can even keep their key and raid the fridge, but I expect them to manage their affairs and support themselves. If you don't mind me asking, why kick them to the curb? Unless they already have a trust fund/savings, or property of their own, why not let them live rent free while they get established financially? |
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Posted: 9/21/2023 1:18:52 PM EDT
[#18]
Quote HistoryQuoted: Economically it can make sense if you're carrying your share of the load and not freeloading off of them. Good way to build up a nest egg. Does a nest egg include a 2024 pickup, side by side, Harley, trips to Vegas and tickets to every home football game? Seems to be the “nest egg” all the live at home kids at work are building. |
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Posted: 9/21/2023 1:21:47 PM EDT
[#19]
Alvarado said she was struggling to afford the kind of lifestyle she thought should be within reach. The 9-to-5 grind had her feeling overworked and underpaid, with her racking up $10,000 in credit card debt. So, without a job, and unsure about her career prospects, she’s moved back in with her parents.
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Posted: 9/21/2023 1:22:59 PM EDT
[#20]
Quote HistoryQuoted: Insanity. The housing market has to break soon. Quote HistoryQuoted: Quoted: A 2BR/1.5 Bath 1200 sqft home in my neighborhood just sold for $405k. With the current 7.25% mortgage rate, that would cost you: ~$2,800 / mo If you use your VA loan to get a 0-down loan. Insanity. The housing market has to break soon. Do you see the irony?? Even in a thread stating that half of our nation's young adults are still living at home, people still believe the housing market can come down. There are millions of people waiting for the opportunity to purchase a house. |
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Posted: 9/21/2023 1:28:08 PM EDT
[#21]
I went to living in my parents basement to owning my own home in two years. In six I was married, had a child and had a brand new house half paid off. I worked 40 hours a week and went to college.
If my kids work or go to school they are free to do the same. |
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Posted: 9/21/2023 1:30:01 PM EDT
[#22]
FPNI
Lots of cultures have adult children living at home until they get married. The problem is, most of those cultures also had the kid stashing away as much money as they could to buy their own house. Modern kids don’t do that. |
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Posted: 9/21/2023 1:30:41 PM EDT
[#23]
I lived at home till I got married at age 23, my wife was 21.
I had saved so we had 20% down for our house; no throwing away money on renting. Our boys are 18 & 19 we encourage them to live at home & save money, which is what they are doing while taking college courses. Hopefully when they move out they will have 20% or more down for a house and no debt. |
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Posted: 9/21/2023 1:31:52 PM EDT
[#24]
Honestly wouldn't mind having my kids stick around a bit. My oldest probably will, my youngest is the over achieving type so will be gone quickly.
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Posted: 9/21/2023 1:37:23 PM EDT
[#25]
Quote HistoryQuoted: There are two distinct groups of people doing this. Lazy ass porn and video game addicted losers, and the other group are financially wise and family oriented winners. I moved out pretty young but I'd rather my kids hang out as long as they are bettering themselves. I mean the biggest share of them just can't afford rents that are climbing at +10% a year, year over year. When I moved to my small city 10 years ago I could easily find a studio for $700/month. Now a studio can demand $2000/month or more. |
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Posted: 9/21/2023 1:43:51 PM EDT
[#26]
Quote HistoryQuoted: I remember being a 18 yr old and talking to my employer about moving out of the parents place. He told me that would be the stupidest thing I could do. Said to stay there as long as possible. Save. Have fun. Etc I did just that I saved and was able to purchase a nice starter home in my mid 20s Now married and coming into my mid 30s and I realize how golden that advice was I moved out after college thanks to the military, but was able to live at home when I wasn't in school. My parents would have been a lot less happy if I'd just been a couch slug. Recently gave that same advice to a recent college grad at my office that is still living with his parents. Trick is he's actually doing something, not being a sponge. Pretty sure he's helping out, and pretty sure he's saving. |
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Posted: 9/21/2023 1:45:46 PM EDT
[#27]
Quote HistoryQuoted: Insanity. The housing market has to break soon. It's not all that different now in the country overall than it was on the coasts 20-30 years ago. In the 90's there was no buying into the housing market for young people in the west coast metros either. People were splitting houses down to rooms or shacking up in 1 bdrm apartments until they got established, or just moving away. My first house was a single-wide I dropped on some raw land way out in the sticks that was underpriced vs. the timber on it. That changed when interest rates went negative about 1998 and stayed that way. I left home at 14, enlisted at 17. Worst thing that ever happened to me really. When my kids were 8 they were pulling their own weight, now they're teens they're too busy to keep up with chores on top of everything else. They're both planning to go to boarding schools at 16. I can only hope they'll come back. It's going to suck not having them around all the time. I don't think it's unreasonable for young people to expect society to have some kind of plan to provide opportunities for young people. If it wasn't for the online content market we'd be in a real crisis I think, and most of that isn't stuff we should be proud of as a culture. |
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Posted: 9/21/2023 1:46:23 PM EDT
[#28]
Both my wife and I were out around 18 years old. It was a good experience and, needless to say, we both admit that learned a lot from the experience. I wouldn't change a thing.
I told my wife, just the other day, that I won't kick my kids out at 18, assuming they stay as respectful, responsible, and as good mannered as they are now. They may want to leave because I won't be able to handle late nights and not knowing their schedules. That's just how I'm wired. I'm protective. I have a feeling that my daughter will leave quickly, as she has an adventurous soul. I was like that, in a way. My son loves his "home" and may stay a while. As it stands now, I'll be happy about that. He's a good boy. The teenage years tend to change all of that, though, so I'm really not dwelling on it too hard or having any expectations of what may happen. My only goal is to raise two children with the tools to handle the world. I've seen well adjusted kids that lived at home for years, and I've seen the same in those that left. By that time in their life, they're pretty well "formed" and staying at home vs moving out seems to have minimal impact on how they'll "turn out" in life. YMMV. |
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Posted: 9/21/2023 2:00:46 PM EDT
[#29]
Quoted: Warning: Long read. Link The share of people in the US ages 18 to 29 who are living with family is at roughly the same level as in the 1940s. I figured most 18 to 29 men were living with other soldiers in the 1940s, aka WW2. |
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Posted: 9/21/2023 3:00:38 PM EDT
[#30]
Quote HistoryQuoted: Both my wife and I were out around 18 years old. It was a good experience and, needless to say, we both admit that learned a lot from the experience. I wouldn't change a thing. I told my wife, just the other day, that I won't kick my kids out at 18, assuming they stay as respectful, responsible, and as good mannered as they are now. They may want to leave because I won't be able to handle late nights and not knowing their schedules. That's just how I'm wired. I'm protective. I have a feeling that my daughter will leave quickly, as she has an adventurous soul. I was like that, in a way. My son loves his "home" and may stay a while. As it stands now, I'll be happy about that. He's a good boy. The teenage years tend to change all of that, though, so I'm really not dwelling on it too hard or having any expectations of what may happen. My only goal is to raise two children with the tools to handle the world. I've seen well adjusted kids that lived at home for years, and I've seen the same in those that left. By that time in their life, they're pretty well "formed" and staying at home vs moving out seems to have minimal impact on how they'll "turn out" in life. YMMV. I agree with your attitude towards it. If I'm not able to set my kids up with a trust fund or help them get into their first house, then at the very least I'll always provide a bedroom and a warm meal. As long as they're not bums, they can live at home for free as long as they want. My goal in life is to make sure my kids have a better life than me... and I haven't had a bad life. |
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Posted: 9/21/2023 3:03:09 PM EDT
[#31]
I lived with my parents until into my 20s. When I got married I had a house and a paid off car. I saved a crapload of money.
I also paid rent to my parents in the form of weaponry and body armor and emergency food and manual labor. |
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Posted: 9/21/2023 3:04:04 PM EDT
[#32]
As long as you are doing it to save money and better your future I don’t see an issue. I would let my kid live with me well I to their 20s as long as they had a stable job and had their priorities straight. I won’t keep my doors open to dead beat kids who are living with me just because they are lazy.
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Posted: 9/21/2023 3:09:22 PM EDT
[#33]
Quote HistoryQuoted: Nope. Told the wife they’re out at 21 and unless it’s a matter of life or death they aren’t moving back in. Now they’re welcome to visit, they’re welcome to drop by and hangout, hell they can even keep their key and raid the fridge, but I expect them to manage their affairs and support themselves.  you sound like my FIL. Told my wife she could 1. go to college (they would foot the bill), 2. get a job. But in any event she had to move out.  She chose #1 where we met, dated and finally got married after I got out of the army. |
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Posted: 9/21/2023 3:09:41 PM EDT
[#34]
Quote HistoryQuoted: As long as you are doing it to save money and better your future I don’t see an issue. I would let my kid live with me well I to their 20s as long as they had a stable job and had their priorities straight. I won’t keep my doors open to dead beat kids who are living with me just because they are lazy. I truly believe the whole "kick your kids out at 18!" mentality was just propaganda pushed onto boomers by the elites, as a way to maintain cheap labor and lower wages. There's no other reason that an entire society would abandon the concept of generational wealth. |
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Posted: 9/21/2023 3:11:44 PM EDT
[#35]
Didnt families pretty much live together or stay close since the beginning of time until around the boomer age of "ouT wHeN yOUrE 18 oNlY cOME ArOUNd xMAS and THanksGIvING!!"
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Posted: 9/21/2023 3:19:19 PM EDT
[#36]
Quote HistoryQuoted: Didnt families pretty much live together or stay close since the beginning of time until around the boomer age of "ouT wHeN yOUrE 18 oNlY cOME ArOUNd xMAS and THanksGIvING!!" Yeah, it's a very new concept to financially abandon your children in their teenage years. Like I posted above, I think it's a way to keep wages down and shit jobs filled. |
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Posted: 9/21/2023 4:06:20 PM EDT
[#37]
Quote HistoryQuoted: Rents aren't much better. I agree they need to work hard, but at the same time, when you look at the numbers, the fact of the matter is that gen Z is going to have the most challenging time reaching the middle class out of any post war generation, assuming they weren't already born into favorable conditions. Inflation's outpaced wage growth, and housing and college costs have astronomically outpaced inflation. Quote HistoryQuoted: Quoted: It's a bit of a canard to talk about a 20 year-old buying a starter home. As an X'er it was very uncommon to be in that boat. The vast majority rented first. Typical path was to share an apartment and work hard for a couple years to establish the career a little. Get married at 26 and live the apartment dwelling DINK life for a couple years. By the time the first kid comes along at 28 they are typically able to afford a down payment on a starter home in an affordable area. I know how I lived and how the people around me lived. I wasn't middle class until I was 30. Not only that, my wife and I were single income and had our third child when I turned 30. We live in a midwestern small city locale, where you can still get quite a bit of starter house in a rural area for $150,000. No, it's not going to be new and trouble free, so welcome to real life. I suspect that quite of few Zoomers are going to do just fine, as long as they have reasonable expectations. Some Zoomers are going to be disappointed, like my step daughter who was asking if she could have a black Grand Wagoneer when she turned 16. |
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Posted: 9/21/2023 4:17:26 PM EDT
[#38]
So their boomer parents get to support them even longer? This is gonna really disrupt an entire category of memes.
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Posted: 9/21/2023 4:19:17 PM EDT
[#39]
Good. More rental properties available for me to buy.
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Posted: 9/21/2023 4:26:05 PM EDT
[#40]
Go watch some re-runs of The Waltons, Big Valley, Bonanza, just about any family oriented show set before WW1.
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Posted: 9/21/2023 4:30:13 PM EDT
[#41]
My folks let me stay with them as long as I was in school.
Graduated, got a real job, asked to rent from them. They agreed and set a price. Seemed fair. Worked well. No issues. Once I got my own place, my folks stroked me a check for the total I had paid in rent to them. I sure hope I can do the same for my kid(s). |
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Posted: 9/21/2023 4:33:15 PM EDT
[#42]
Quote HistoryQuoted: God the dudes with their studios and 1BRs will be slaying the vajeen It doesn’t matter with these “women”….err…”girls” now. My old boss has a 20 year old step son living in his basement. This 20 year old “man” can get a different “girl” to come over and “hang out” every night of the week. I don’t quite understand it. |
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Posted: 9/21/2023 4:39:39 PM EDT
[#43]
Meh.
I got married right out of college. We got a cheap apartment and cheap paid off cars. Dual income, no kids. We lived cheap and saved. Pretty easy to save for a down payment on a house in a couple years. At least it was 15 years ago. A lot of people’s expectations are out of whack with reality. Okay you make $100k right out of college, but signing up for a $3K apartment lease and a $800/mo car payment and “living your best life” will eat that income up with a quickness and leave you wondering why you can’t ever save any money. |
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Posted: 9/21/2023 4:41:23 PM EDT
[#44]
Quote HistoryQuoted: What surprises me is everyone of these kids blames "society"for giving them a false path to success. And yet I'll guarantee they continue to vote for the same liars, consume and repeat news from the same liars, and be ok that their younger brothers and cousins are taught by the same liars. Why isn't this experience breaking their ability to be brainwashed? Why are they still repeating and amplifying the current propaganda coming from the same old. sources that fooled them before? A form of Stockholm syndrome? |
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Posted: 9/21/2023 4:42:57 PM EDT
[#45]
If they aren't losers and are contributing to the household financially and support wise I have no problem with this. Get a big enough house and you can have Gramps and Granny live with you and save on having to send them to a home if the whole family can pitch in on their care.
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Posted: 9/21/2023 4:46:59 PM EDT
[#46]
"With more than $70,000 in student loans, the idea of taking a chance and moving to an expensive city without a secure, full-time job seemed daunting. So Seymour has since been playing catchup — she’s working two part-time jobs remotely from her childhood bedroom in Trumbull, Connecticut, while she attends grad school."
Interesting. |
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Posted: 9/21/2023 4:48:19 PM EDT
[#47]
Prob 90% of them don’t work, work just enough just for weed , or work full time and blow every dime living their best life with zero savings.
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Posted: 9/21/2023 4:50:44 PM EDT
[#48]
Make your home a hostile environment for 20-something slackers.
5 bean burritos from Taco Bell every day on the way home. Use their bathroom. Speedo around the house when their friends are over. Unwanted "advances" toward female visitors. Burritos and Speedo are a factor here. Collapse the HVAC vent going to their room. Pit Bull as the new house dog. This could turn out bad and should only be deployed for DEFCON 1. Polka/Tejano accordion music 24/7. |
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Posted: 9/21/2023 4:51:06 PM EDT
[#49]
Quote HistoryQuoted: There are two distinct groups of people doing this. Lazy ass porn and video game addicted losers, and the other group are financially wise and family oriented winners. I moved out pretty young but I'd rather my kids hang out as long as they are bettering themselves. My youngest had moved back in for a couple of months. He works seven days a week at a start-up which he has equity in and owns a small LLC outright. He is saving money hands over fist and why shouldn't he? My wife and I never went upstairs other than to make sure the roof isn't leaking and occasionally run some water to keep the sewer traps filled. |
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Posted: 9/21/2023 4:51:12 PM EDT
[#50]
Quote HistoryQuoted: Rents aren't much better. I agree they need to work hard, but at the same time, when you look at the numbers, the fact of the matter is that gen Z is going to have the most challenging time reaching the middle class out of any post war generation, assuming they weren't already born into favorable conditions. Inflation's outpaced wage growth, and housing and college costs have astronomically outpaced inflation. Quote HistoryQuoted: Quoted: It's a bit of a canard to talk about a 20 year-old buying a starter home. As an X'er it was very uncommon to be in that boat. The vast majority rented first. Typical path was to share an apartment and work hard for a couple years to establish the career a little. Get married at 26 and live the apartment dwelling DINK life for a couple years. By the time the first kid comes along at 28 they are typically able to afford a down payment on a starter home in an affordable area. We’ve imported about 6 million illegals just since Biden took office, they all have to live somewhere, huge increases in competition for housing / big drop in number of units available, thus higher prices. |
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