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The majority of 18- to 29-year-olds in the US are now living with their parents

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Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#51

Post by save_ferris »

Aeolun wrote: post #41
wonderwonder wrote: post #11

Millennials face a very real risk of being a lost generation financially. They have endured 2 major, years long recessions, and now the Covid pandemic coupled with social isolation and massive unemployment that does not appear to have an end date in sight. Housing is more expensive for them than prior generations, wages are stagnant, school is expensive and social conflict is also currently on deck. WW2 was of course…

Anecdotally at least, all of my friends around my age (32) have by now managed to buy homes at very reasonable rates ( Meanwhile my parents are stuck with their much higher 10% boom years interest rate, even though the absolute amount was much lower initially. Of course this is in Europe, not the states.

It’s also important to compare the purchasing power of those two groups.

Sure, interest rates may be lower, but the purchasing power (a.k.a how much does a dollar/euro get me?) has also declined dramatically over the last several years. If your parents are retired and on a fixed income, tax increases and insurance premium hikes are a major factor to consider as well.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#52

Post by rjkennedy98 »

wonderwonder wrote: post #11

Millennials face a very real risk of being a lost generation financially. They have endured 2 major, years long recessions, and now the Covid pandemic coupled with social isolation and massive unemployment that does not appear to have an end date in sight. Housing is more expensive for them than prior generations, wages are stagnant, school is expensive and social conflict is also currently on deck. WW2 was of course…

> Millennials face a very real risk of being a lost generation financially

I think it's already a done deal. Millennials aren't as young as they seem (over 30) and as the own a minuscule percentage of US household wealth. The numbers are incredible.

"Indeed, at a median age of 35, Gen Xers owned just 9% of the nation’s wealth in 2008 — less than half what boomers had at that age. And millennials will have to triple their net worth in the next four years to catch up to Generation X at 35, and increase their wealth sevenfold to catch up to boomers at that age." https://www.marketwatch.com/story/this-depressing-chart-show...

The funny thing is that across that millennials seem to love politicians that HATE them.

Obama's big thing was Obamacare which was basically a tax on the young (force them to buy insurance to subsidize capped insurance rates on older people). Bernie's big thing is expanding Medicare and Social Security.

So, I don't see things changing any time soon.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#53

Post by square_usual »

Chiming in with the rest here. Moved in with my parents, and honestly I think this is great. I've traded in a bit of freedom for much healthier meals and people to talk with. I'm also saving a ton on rent, to the point where I'm throwing in nearly 70% of my paycheck into savings. I'm not thinking of keeping this up in the long term, but I'm glad I did this for now.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#54

Post by [deleted] »

wonderwonder wrote: post #11

Millennials face a very real risk of being a lost generation financially. They have endured 2 major, years long recessions, and now the Covid pandemic coupled with social isolation and massive unemployment that does not appear to have an end date in sight. Housing is more expensive for them than prior generations, wages are stagnant, school is expensive and social conflict is also currently on deck. WW2 was of course…

[deleted]

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#56

Post by save_ferris »

paul_f wrote: post #49
wonderwonder wrote: post #11

Millennials face a very real risk of being a lost generation financially. They have endured 2 major, years long recessions, and now the Covid pandemic coupled with social isolation and massive unemployment that does not appear to have an end date in sight. Housing is more expensive for them than prior generations, wages are stagnant, school is expensive and social conflict is also currently on deck. WW2 was of course…

"Major, years-long recessions"? In the lives of anyone 25 and under, there have been three recessions, the current 7-month recession, the 2008 recession which lasted 18-months, and the 2001 recession which lasted 8-months. Recessions in the US almost never last more than a year. https://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit...

That may be true academically, but it’s important to point out that everything doesn’t just go back to normal when the textbook definition has ended. The wealth transfer from working class to the rich in 2008 was staggering, and so many people feel that we never really recovered from that crisis.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#57

Post by guggle »

smeeth wrote: post #47
Aeolun wrote: post #41

Earlier quoted context omitted.

Anecdotally at least, all of my friends around my age (32) have by now managed to buy homes at very reasonable rates ( Meanwhile my parents are stuck with their much higher 10% boom years interest rate, even though the absolute amount was much lower initially. Of course this is in Europe, not the states.

Is refinancing not a thing in Europe?

It is definitely a thing (saved a lot myself). But amazingly, not everyone knows about it.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#58

Post by a2tech »

My wife has a staff of 20 and most of them are young-ish. Like a few years out of college, first real professional job. About half of them have packed up their apartments and gone home to their parents. They're still paying their rent but they're living with their parents so they can have a little social interaction and have more room than their apartments. Its caused a little concern with the higher ups because they didn't realize people were leaving the local area. Lots of internal arguments over it.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#59

Post by Macha »

paul_f wrote: post #43

A majority? That's astounding. Unless unemployed, why don't millennials do what we did in our twenties, find two or three roommates and split the rent?

Many of them already are, except in many cities, it's 5-6 housemates, including 1 actual roommate (as in sharing the same room). This is the case I would say for the majority of my mid-20s friends, except those in the software industry. In the software industry there's more people managing with just their partner or 1 housemate. Living alone is the least common. Is it that unreasonable that many would choose to go back to their parents when there's now no actual reason for them to be in that situation if they're working from home indefinitely?

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#60

Post by augustt »

zpeti wrote: post #37

I think people need to start realising just how incredibly much the government is now stepping in at each of these crises to make them as smooth as possible. But there is a downside to this. You are not allowing the normal economic effects to happen because you are wanting to keep everything as it is, but then guess what, the status quo stays, and anyone joining the ladder is finding it increasingly difficult. What's…

> Let things fail, so that the waste can get burned off

I guess the waste here is people who simply can not pay for food or housing? What a naive take.

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