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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

#91

Post by bostonpete »

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.

Where in Europe is this? We haven't seen 10% mortgage rates in the US since the 80s...

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

#92

Post by MrPowers »

dcdevthrowaway wrote: post #44
CalRobert wrote: post #23

Those parents often shout about "greedy developers" (or, if pressed, "parking and neighbourhood character") when, heaven forfend, someone tries to build new homes near them. Treating homes an investment was one of the worst mistakes of the 20th century.

You say mistake as if it were an intentional choice that turned out to be a bad one. I don't know my history of this subject very well, did policymakers really sit down and encourage homes to be treated as investment, leading them to become less affordable? Or were homes becoming less affordable just the natural consequence of having an expanding population and fixed supply of land? I'd always sort of assumed the lat…

Congress made mortgage interest payments tax deductible in 1913, which gave folks an incentive to think of houses as investments.

Increasing home ownership was an express goal of the Bush Administration: https://www.youtube.com/watch?v=GkAtUq0OJ68&ab_channel=vastg...

They wanted to promote an "ownership society": https://en.wikipedia.org/wiki/Ownership_society

Great questions.

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

#93

Post by tenaciousDaniel »

augustt wrote: post #60
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.

Hm, maybe that's how the statement should be interpreted, but I was interpreting it in light of the "too big to fail" mantra after the 2008 recession. Lots of banks and auto companies were bailed out to keep them afloat. So I interpret it as "let companies go bankrupt".

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

#94

Post by Philip-J-Fry »

I'm my early 20s and in the UK. I earn more than my Dad who is in his 50s. He managed to get a house, have money left over for an expensive hobby, decent car, the odd holiday etc.

I'm a 90th percentile earner. Will 95+ percentile earner in a few years time. Yet it feels like I am not as well off as I should be. I don't live in an expensive area either. Yet I need to save so much money to even have the opportunity to buy a house. Then I also need to save a tonne of money for a nice retirement as government pensions get absolutely gutted.

I'm not going to pretend I won't have a good amount of disposable income even after maxing my pension contributions and paying a mortgage. But it just annoys me that I'm a relatively high earner and yet the money won't go very far. The most expensive thing I'll ever buy would be a brick box, and one that's not even as good as my parents.

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

#95

Post by zpeti »

augustt wrote: post #60
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.

No, it's zombie companies kept alive by stimulus cheques, and management who get to stick around and failing companies that should have gone under 20 years ago.

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

#96

Post by kayodelycaon »

HorizonXP wrote: post #71
kayodelycaon wrote: post #55

A lot of my friends (and myself) have abusive parents. I seriously consider suicide to be a better option than going home.

I no longer feel like this about my parents now that I live independently and have my own child. They’re wonderful grandparents. But yeah, when I was living with them in my 20s for my Masters? I felt just like you did.

I'm 34 and bipolar. I'm stable on medication but my dad doesn't believe mental illness exists and attributes every symptom to a lack of moral character... or demon possession.

I don't see myself changing how I feel about him any time soon.

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

#97

Post by wonderwonder »

School-Cotton wrote: post #78
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…

Sorry to nitpick but the social isolation and massive unemployment are being caused by our response to the pandemic, not by the pandemic itself. Lockdowns are a choice, with tradeoffs.

Exactly and by not locking down properly we have managed to extend the pandemic in the US and its associated quasi lock down leading to our current situation. I agree with your response.

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

#98

Post by zpeti »

reflectiv wrote: post #84
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…

> But let's be clear, 30-40 years of interventions by governments did this, which is exactly what left leaning people want of government. You Unironically say this yet Trump (a very right candidate) is the one pumping money into the economy to save his election chances. The reality is each party wants to spend money where it feels it is important. Republicans/right wingers have given up fiscal responsibility a LOOOOO…

Let me be clearer then about my previous post, republicans are just as bad in practice.

But the most vocal people who want government intervention are left leaning.

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

#99

Post by thatcat »

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...

this recession isn’t over

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

#100

Post by selfhoster11 »

save_ferris wrote: post #56
paul_f wrote: post #49

Earlier quoted context omitted.

"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.

It really felt like the 2008 crisis never ended, it just trailed off into an exponential decay.
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