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Percentage of Young Americans Living with Parents Rises to 75-Year High

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Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#41

Post by morgante »

rokhayakebe wrote: post #26
_RPM wrote: post #2

I am 26 and just graduated college 3 years behind my high school class. I have accepted a software engineering job, but will be living at home commuting 3 hours per day until I can save up enough for an emergency fund to be able to move out and afford a 12 month lease in case I get fired. I'm planning on getting my own place in the beginning of Q2, 2017. Unfortunately, I'm a little behind salary wise.

Keep this up as long as you can if it does not affect your social life (girlfriend/boyfriend). There is nothing like money in the bank.

3 hours a day is a huge amount of time and commute time is one of the biggest, easily changeable factors of happiness.

Nobody in a software engineering job should have to live with parents for financial reasons. I appreciate OP's dedication, but they should be able to save up an emergency fund pretty quickly and move into their own (small) apartment.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#42

Post by closeparen »

white-flame wrote: post #21
dikdik wrote: post #18

Earlier quoted context omitted.

I sort of agree with you, but I don't think you completely understand the problem. Yes, it doesn't really "matter" if people are living with their parents or on their own. The problem is what this shift signals. People are not much different than they were 50 years ago. If it took just as much resources to live on your own 50 years ago as today, there would "not be the same urgency to leave home." Of course no one wa…

Or is this a signal that the broad and rapid American growth in the middle of the 20th century was anomalous, not a baseline? It might not be a "dearth of resources" but a return to the true long-term norm.

Given a large enough time horizon, the only "baseline" lifestyle is subsistence agriculture.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#44

Post by gruez »

kayman wrote: post #40

Moved out to college after highschool, never lived home since. Not everyone who lives at home with their parents are the same and in some cases it does make sense, but from my observations of people who live at home: - No skills on managing self: relies on parents to manage - No financial management skills: using all your money for play money and not contributing to the household. - Can't take a date home: unless you…

>- ManChild Syndrome: grown kids playing video games and watching tv.

As opposed to playing golf and watching football games?

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#46

Post by closeparen »

_RPM wrote: post #5
weisser wrote: post #4

Earlier quoted context omitted.

No judgment either way but >50% of the people I know cannot afford a full year's lease out of their savings.

That's fine. I just think it's a good idea to have that fund in case I get fired, company closes (startup, series B), etc.

If your parents are willing to let you live with them, why not just save the cost of exiting your lease (mine is 1 month's rent) and U-Hauling your stuff back home?

Or would you not be able to go back once you left?

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#47

Post by _RPM »

morgante wrote: post #41
rokhayakebe wrote: post #26

Earlier quoted context omitted.

Keep this up as long as you can if it does not affect your social life (girlfriend/boyfriend). There is nothing like money in the bank.

3 hours a day is a huge amount of time and commute time is one of the biggest, easily changeable factors of happiness. Nobody in a software engineering job should have to live with parents for financial reasons. I appreciate OP's dedication, but they should be able to save up an emergency fund pretty quickly and move into their own (small) apartment.

3 hours per day is going to kill me. I did it over the summer for an internship, and just plan to save for 3 months until I have a solid base to add to my savings account. I'm targeting a solid 9-10 months of emergency fund. If I moved out right now, I could afford the first and last month of rent, but would not have that much left in my bank account. And for the record, a reason I want to move out is so I can start to build my own life with a woman in my life. I can't do this at my parents place. I love my parents, but at 26 it is time for me to be on my own.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#48

Post by morgante »

_RPM wrote: post #47
morgante wrote: post #41

Earlier quoted context omitted.

3 hours a day is a huge amount of time and commute time is one of the biggest, easily changeable factors of happiness. Nobody in a software engineering job should have to live with parents for financial reasons. I appreciate OP's dedication, but they should be able to save up an emergency fund pretty quickly and move into their own (small) apartment.

3 hours per day is going to kill me. I did it over the summer for an internship, and just plan to save for 3 months until I have a solid base to add to my savings account. I'm targeting a solid 9-10 months of emergency fund. If I moved out right now, I could afford the first and last month of rent, but would not have that much left in my bank account. And for the record, a reason I want to move out is so I can start…

It's a great plan and good luck.

If you're interested in saving for the longer term, I recommend checking out r/financialindependence.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#49

Post by PebblesHD »

Not sure if Australia's current housing situation is analogous to America's one, but one of the primary motivators on our side of the pond is financial. Rents within 60km/35mi of the main Sydney CBD have crossed well over 50% of the average persons wage, at around $700/week. I currently live 45km from Sydney and pay $800/wk for a detached house primarily because I don't want to live in a 1 bedroom box in the city. Unfortunately, for that $800, I get next to no public transport and a local government that doesn't actually do anything useful. If I had the option I would gladly have stayed at home for a few years to start saving for a deposit on a house, which is no easy feat since the national average price is creeping closer to the $1m mark, and the average around major cities is already well over that mark.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#50

Post by _RPM »

closeparen wrote: post #46
_RPM wrote: post #5

Earlier quoted context omitted.

That's fine. I just think it's a good idea to have that fund in case I get fired, company closes (startup, series B), etc.

If your parents are willing to let you live with them, why not just save the cost of exiting your lease (mine is 1 month's rent) and U-Hauling your stuff back home? Or would you not be able to go back once you left?

My parents tell me I can stay at home forever. I'm not sure about this type of contract. Is it common to have a clause that allows you to "exit the lease"? If so, how would I go forward with asking the people about this without seeming high risk?
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