Nearly half of adults under 30 live with their parents (Page 1 of 9)
Posted: Yesterday 8:42:13 AM EDT
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https://www.marketwatch.com/story/nearly-half-of-adults-under-30-live-with-their-parents-the-financial-fallout-could-last-for-decades-5d9f059d Opinion: Nearly half of adults under 30 live with their parents. The financial fallout could last for decades. Childhood homes are the new ‘first apartment Millennials came of age watching shows like “Friends” and “New Girl” that often featured 20- and 30-somethings living in their first apartments. The characters’ parents may have visited and participated in the story lines, but these young adults were living independently. Yet it doesn’t seem a coincidence to me that one newer show that caters to Generation Z, “Adults,” has a group of friends living rent-free in one of the character’s childhood home. |
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So,get an apartment? Or a mobile home. Are you too good for a mobile home? I wasn't. Its what I could afford. Granted I didn't have a childhood home I could live in. Lived there for 5 years before we made enough to start looking at homes, with two incomes. That was fifteen years ago. Wife stays home, we have a nice home we had built. We also had a domestic relocation in there as well so third home, each bigger and better than the last. Not hard. People just don't want to sacrifice and work your way up, from what I can see. |
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There will be fallout from this that can’t be seen today. This ties into my belief that when the time comes for social security to be means tested, this generation will willingly outvote you and not care at all you were cheated out of your social security. They have no stake in the current system and historically this has led to bad things. |
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Originally Posted By -Obsessed-: So,get an apartment? Or a mobile home. Are you too good for a mobile home? I wasn't. Its what I could afford. Granted I didn't have a childhood home I could live in. Lived there for 5 years before we made enough to start looking at homes, with two incomes. That was fifteen years ago. Wife stays home, we have a nice home we had built. We also had a domestic relocation in there as well so third home, each bigger and better than the last. Not hard. People just don't want to sacrifice and work your way up, from what I can see. You see a lot of nice trailers or cheap land? Nobody wants to buy a trailer and lose their ass on it either. Also you mention not having access to a childhood home to live in. I bet your opinion would be a little different had to had that benefit. It’s easier and makes more sense to wait until you have a husband or wife and then move out and let the gears of daily life grind you to dust. |
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Average one bedroom apart costs in Atlanta to range from 1500-2100 per month. Just saying it's expensive everywhere. I once shared an apartment with 7 people because we were barely making any money... |
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Originally Posted By CashOnlyLargeBills:
Location has a lot to do with this. You can get a decent 2br/1ba home in a lot of areas under $200k. But if you want to be in a non-crime riddled neighborhood or 65 miles from a major metropolitan area, you will not find those homes. |
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Originally Posted By Andrewh: every one of those shows had people with room mates to afford those apartments. I had a roommate for everyplace I lived but 1 till nearly 30. this isn't new that someone just out of college can't afford a place on their own. they just make it like it is. Thats the other half |
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Originally Posted By -Obsessed-:
So,get an apartment? Or a mobile home. Are you too good for a mobile home? I wasn't. Its what I could afford. Granted I didn't have a childhood home I could live in. Lived there for 5 years before we made enough to start looking at homes, with two incomes. That was fifteen years ago. Wife stays home, we have a nice home we had built. We also had a domestic relocation in there as well so third home, each bigger and better than the last. Not hard. People just don't want to sacrifice and work your way up, from what I can see. You should not have to have two incomes to buy even a small home in an okay place. |
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Originally Posted By runfrumu: You see a lot of nice trailers or cheap land? Nobody wants to buy a trailer and lose their ass on it either. Also you mention not having access to a childhood home to live in. I bet your opinion would be a little different had to had that benefit. It’s easier and makes more sense to wait until you have a husband or wife and then move out and let the gears of daily life grind you to dust. Arent you a fuckin ray of sunshine 
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Originally Posted By Boognish: Pretty sure we did this last month Sure did  On the other hand, the amount of seniors moving in with their kids has doubled the last 30 years (7 up to 14%), so as average birth age increases it will be indistinguishable whether its kids living with parents, or parents living with kids. |
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Originally Posted By RolandofGilead: GD has the weirdest blinders on to the fact that the housing market is complete trash, and has been for some time, with no indication that it's going to let up. Lefties sabotaged the future increases to available housing and subsequent decrease in prices during the OBB, the right ate up their propaganda and ran with it like retards. |
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If I was young and stuck in my childhood bedroom with no prospects I would be looking to relocate somewhere remote but close enough to a town or city where I could still access modern amenities. I would build a small log cabin with hand tools like Dick Proenneke somewhere where I could be left alone. If the man came around and told me to leave I would go somewhere else and try again. It would beat living in the shitholes called American cities. |
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Originally Posted By jim02: Maybe this will help with generational care coming back to the family. It would allow for a higher standard of living for all involved. I left home at 17 and never looked back in the 90s. I wont mind if my kids stays home after college for a bit as long as they are working and bettering themselves. |
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Originally Posted By Andrewh: every one of those shows had people with room mates to afford those apartments. I had a roommate for everyplace I lived but 1 till nearly 30. this isn't new that someone just out of college can't afford a place on their own. they just make it like it is. Those shows also take place in LA and NYC though. It would be cooler if having to have 2 roommates wasn't a requirements to move out of your parents house. I made 38k after college in 2012 and lived in a 1br apt in a nicer part of a city. That same apt is almost double the rent now. Wages haven't doubled since 2012. |
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The blinders the boomers are wearing is going to come back to fuck us all. Im gen X and in a good spot financially (3% interest rate on a home half paid off that is worth double what I paid, 3 cars of which 2 are paid off, and well funded 401ks for wife and I). The next generation is going to see very few people like my wife and I in our 40s. They are generally fucked unless extremely motivated or lucky. That all starts with housing. Republicans can really make headway with the millennials if they enact some building code and general housing reforms. I have said this in numerous threads. "Starter" homes have disappeared in suburbia. 3 bed, 2 bath, builder grade on a 1/5 acre lot don't exist. That is a modern Starter home that can be built in many areas for under 300k. That gets a plumber and a teacher in the door in home ownership in their mid to late 20s. 2 car garage, basic appliances, cabinets, bathrooms, etc. Boomers make the claim that the above isn't good enough for the millennials. It is. But all the exists is mcmansions starting at 450 to 500k and around 3000k square foot. And since they haven't been building them around here for 20 years, the older homes are all too big or expensive unless you m9ve to the inner ring suburbs or city, and then have to deal with crime and shit schools. There used to be townhouses in the 90s and 2000s, but they stopped doing those towards younger families, and now have super expensive fancy ones with all the possible upgrades for the retired boomers who dont want to do maintenance anymore. |
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| I'll be the first to say that housing, as in buying a house is off the charts expensive. However, I just checked and you can still rent a 3/2 in Scottsdale, AZ (which will be the most desirable area to live in the Phoenix metro area) for under $1500 a month, and not a run-down place either. The surrounding areas of Tempe and west Mesa are very similarly priced. Three people can live in a very nice house with a yard for around $500-650 each per month, in a place where people want to live. Unless you're purposely unemployed or underemployed there is no reason to be squatting in your parent's house. |
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Lazy bums dont know what hard word is and are just leaching off the success of their parents. They have no idea how hard the generation before them had to sacrifice for everything they earned. They just want everything right now without working for it. They dont deserve anything at 30yrs old they need to stop buying $95 coffee and get rid of their cell phone. . . . . . . . I didnt read enough of this thread before posting. I thought some sarcasm would be needed. Nope, there are enough ridiculous posts in this thread. |
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Originally Posted By Glocked: Lefties sabotaged the future increases to available housing and subsequent decrease in prices during the OBB, the right ate up their propaganda and ran with it like retards. Originally Posted By Glocked: Originally Posted By RolandofGilead: GD has the weirdest blinders on to the fact that the housing market is complete trash, and has been for some time, with no indication that it's going to let up. Lefties sabotaged the future increases to available housing and subsequent decrease in prices during the OBB, the right ate up their propaganda and ran with it like retards. Also, everyone in GD has thousands of acres of land, five houses and manage several apartment complexes in addition to their regular full time jobs. So to them an overinflated housing market is just money in the bank, a lot of it. |
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My wife and I rented a loft before buying our house. 8 years ago the rent was $710, now it’s $1,500. It looks exactly the same as it did when we lived there. I don’t expect any of my kids to move out at 18. If it’s financially feasible, sure, they can make their own choices but I won’t be kicking them out. I expect to expand my current home or build an ADU eventually. |
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Originally Posted By CashOnlyLargeBills: Location has a lot to do with this. You can get a decent 2br/1ba home in a lot of areas under $200k. But if you want to be in a non-crime riddled neighborhood or 65 miles from a major metropolitan area, you will not find those homes. Older starter homes in my neighborhood are under 200k. I paid 110k, 8 years ago. Had newer 5 year old hvac, rewired and new elec box, newer windows, newer roof, original hardwood floors redone. Just needed some cosmetic stuff done. Original kitchen, but functional. Edit: not in a bad neighborhood. Typical suburb. Caveat 2/1 and 900 sq feet. |
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How many 18-22 are in college so they still use a parent's home address? How many are living at home and paying market rent for a room? How many are unemployed/coasting and living in the basement? |
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Originally Posted By LV1976: I'll be the first to say that housing, as in buying a house is off the charts expensive. However, I just checked and you can still rent a 3/2 in Scottsdale, AZ (which will be the most desirable area to live in the Phoenix metro area) for under $1500 a month, and not a run-down place either. Where are you seeing that? I just did a quick Zillow search in Scottsdale for 3/2 and under $1500. There are no such units in Scottsdale, a few in Tempe (which appear to be some sort of subsidized housing), and some in Glendale. |
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Originally Posted By Andrewh: every one of those shows had people with room mates to afford those apartments. I had a roommate for everyplace I lived but 1 till nearly 30. this isn't new that someone just out of college can't afford a place on their own. they just make it like it is. No it’s significantly worse. We’re talking rent of 2000-2400 a month here in the suburbs not the city. You’re delusional if you think there’s any type of affordability in housing right now. Unless you move out to bumble fuck Iowa shits ridiculous |
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Originally Posted By Bubbles: How many 18-22 are in college so they still use a parent's home address? How many are living at home and paying market rent for a room? How many are unemployed/coasting and living in the basement? How many under 30 have their own house but their parent(s) end up living with them due to their decades of poor financial decisions, divorces, drug use, or want to see their grandkids grow up? One or all of those categories sum up most of the <30 year olds “living with their parents” that I personally know. 
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Originally Posted By PeoplesRepublicOfIL: There will be fallout from this that can’t be seen today. This ties into my belief that when the time comes for social security to be means tested, this generation will willingly outvote you and not care at all you were cheated out of your social security. They have no stake in the current system and historically this has led to bad things. They are going to look at a 40t+ debt, and their lowering standards of living with insane housing and medical costs and think "I need to pay more to keep money going to these old fuckers?" when so much of their taxes are going to service a debt that was ran up by older generations. Unfortunately by the time it really comes home I'll be an old fucker. Of course they will probably make a lot of bad decisions on how to deal with this, but yeah I don't think a lot of them are going to care about keeping the current system going all that much. So we are in fact. Doomed. 
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Originally Posted By wakeboarder: Maybe if millennials got real degrees they wouldn’t be making manual labor wages and have nice things before they get to live off the success and death of their parents Real enough to sign up for 50-100K of student loans |
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Lot of construction trades guys in our area that I know. Young ones seem to be able to do a lot of labor trading in order to build homes. Plumbers,electricians,excavators,HVAC guys,carpentors (framers and finish) even the bigger home builders offer deals to their own workers on first homes...(great perk to retain loyal workers) Lots of rich people in our area too and they love to remodel and throw out nice stuff in perfect condition... |
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Originally Posted By wakeboarder: Maybe if millennials got real degrees they wouldn’t be making manual labor wages and have nice things before they get to live off the success and death of their parents The problem is these millennials are too lazy to get the required doctorates and medical degrees to pull themselves out of poverty. |
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At least you n my sons case. I've encouraged him to stay until he is done with school, gets a job, pays off his student loans, and has enough saved for the down payment on a house and an emevergency fund. I'd much rather be do that, than struggle for years like I did. I was out of the house at 17. Had a I moved out with no debt other than a mortgage and a good job, I could retire 10 - 15 years earlier. As it was I joined the military and then worked my way up on construction. It took a long time to get from living in a van to home ownership. It used to not be unusual for kids to stay home, and build a house on family property, or take over the family business or home at some point. I think that is a way better concept then get out a build your self up from nothing every generation. A lot of the blue collar folks I know who are pretty well off on an average wage, got some family help along the way. Parents helping with a down payment, a place to live while the kid saved, a piece of ground to put a trailer on and then build, inheritance, pay for college, etc.. The best way to help set your kid up for success is instill a work ethic and help them stay out of debt when they are getting started. Just because a lot of us did the roommate thing, doesn’t mean it is the right/best way to start off. On the flip side, if the kid is t working to better themselves, kick them out. Some folks the only way they learn is the hard way |
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Originally Posted By PeoplesRepublicOfIL: There will be fallout from this that can’t be seen today. This ties into my belief that when the time comes for social security to be means tested, this generation will willingly outvote you and not care at all you were cheated out of your social security. They have no stake in the current system and historically this has led to bad things. I'm confused as to your position. You seem to understand the problem, but still you say cheating as if there are any ties to the system to justify honoring part of it? |
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Originally Posted By PeoplesRepublicOfIL: If I was young and stuck in my childhood bedroom with no prospects I would be looking to relocate somewhere remote but close enough to a town or city where I could still access modern amenities. I would build a small log cabin with hand tools like Dick Proenneke somewhere where I could be left alone. If the man came around and told me to leave I would go somewhere else and try again. It would beat living in the shitholes called American cities. Put wheels on it. It's 2026 cabins are out, run down campers are the future. |
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Originally Posted By Andrewh: every one of those shows had people with room mates to afford those apartments. I had a roommate for everyplace I lived but 1 till nearly 30. this isn't new that someone just out of college can't afford a place on their own. they just make it like it is. And those shows avoided topics like having to pay more to live in an area away from certain groups. I remember when people could buy a house and live there for decades, and 85% of the city was safe to live in. Now its a game of, can I be financially stable enough and have enough equity built up to move to a new location in a few years before this side of town gets bad. |
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Originally Posted By runfrumu: You see a lot of nice trailers or cheap land? Nobody wants to buy a trailer and lose their ass on it either. Also you mention not having access to a childhood home to live in. I bet your opinion would be a little different had to had that benefit. It’s easier and makes more sense to wait until you have a husband or wife and then move out and let the gears of daily life grind you to dust. Youre a young adult, 18-22 or whatever. Why does it need to be a nice trailer on land? Mine was $6000. Think it was nice? We spent $5k to largely gut it and make it liveable, so still $11k all in. I learned DIY out of necessity back then but it too has paid dividends that I still enjoy today. You are just starting out. You don't need nice things. You don't need a new, nice car. You need a ten to fifteen year old Honda Civic that will get you to your job and back. And I'd never change my circumstance. I learned a shit ton being forced to make my own way. Responsibility and personal accountability go a long way in life and learning those skills and discipline young is perhaps an advantage worth far more than free rent. |