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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

#291

Post by iso1631 »

dcolkitt wrote: post #246

> Housing is more expensive for them than prior generations I harp on this constantly. But housing is not more expensive in the majority of American metros. Adjusted for inflation the median cost per square foot of new housing is almost exactly the same as it was in 1990. (This doesn't even take into account that mortgage rates are drastically lower since then.) We get skewed on this for two reasons. One is because h…

https://www.longtermtrends.net/home-price-median-annual-inco...

Historically a house in the US cost around 3 times the median annual income. During the housing bubble of 2006 the ratio reached 4.5 - in other words, the median price for a single family home in the United States cost 4.5 times the US median annual household income

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

#292

Post by kayodelycaon »

JanisL wrote: post #255
HorizonXP wrote: post #71

Earlier quoted context omitted.

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 glad you have good experiences with your parents, but some people don't. I really clearly remember a guy I worked with at one point telling me about the murder trial his father was in, really brutal stuff. It's not like everyone is possible to live with, unfortunately some people are seriously fucked up in a way that doesn't improve with time.

If only it was this clear cut. Few abusers of children ever face any consequences. The blame is often placed on the victim.

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

#293

Post by iso1631 »

Philip-J-Fry wrote: post #254
throwawaygh wrote: post #203

Earlier quoted context omitted.

Comparing a salary with a pension to a salary without a pension is insanity. Wages are not stagnant. They've declined precipitously. take-home pay is stagnant and pensions are dead.

I'm confused. We both have pensions.

Is his a final salary or other defined benefits pension?

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

#294

Post by Gunax »

leetcrew wrote: post #248
wernercd wrote: post #173

Earlier quoted context omitted.

My problem with "life" is all the... nickle and dimes... $10 for Nextflix, $90 for Amazon, etc. On top of Gas, Electric, Phone, Internet, Car, Insurance, Gas, etc. It's easy to watch the money flow in... and right back out.

this is a variation of the "avocado toast" argument. if you go crazy and subscribe to amazon prime, a music streaming service, and several video streaming services, you're paying somewhere around $100/month. if instead you invested the $100 every month, you could expect to have an extra ~$200k (inflation adjusted) after forty years. that's not nothing, but it doesn't add a whole lot to your safe withdrawal rate in re…

We might be talking about different budget levels, but to normal people (people who don't have the word 'software' in their job title), 200k in retirement is a lot.

Actually the median 401k balance at retirement is only around 60k, so that alone would quadruple their retirement savings.

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

#295

Post by [deleted] »

dcolkitt wrote: post #246

> Housing is more expensive for them than prior generations I harp on this constantly. But housing is not more expensive in the majority of American metros. Adjusted for inflation the median cost per square foot of new housing is almost exactly the same as it was in 1990. (This doesn't even take into account that mortgage rates are drastically lower since then.) We get skewed on this for two reasons. One is because h…

[deleted]

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

#296

Post by mywittyname »

tidepod12 wrote: post #284
dcolkitt wrote: post #246

> Housing is more expensive for them than prior generations I harp on this constantly. But housing is not more expensive in the majority of American metros. Adjusted for inflation the median cost per square foot of new housing is almost exactly the same as it was in 1990. (This doesn't even take into account that mortgage rates are drastically lower since then.) We get skewed on this for two reasons. One is because h…

>One is because homes today are substantially larger and have more amenities than they did in previous generations. I have noticed that most of my fellow millennials seem to have completely forgotten the concept of "starter home" and assume that as soon as you turn 25 you should be entitled to a 4 bedroom house with a pool, huge yard, wonderful neighborhood, three-car garage, etc. Among my friends that have bought ho…

> I have noticed that most millenials seem to have completely forgotten the concept of "starter home" and assume that as soon as you turn 25 you should be entitled to a 4 bedroom house with a pool, huge yard, wonderful neighborhood, three-car garage, etc.

"Starter homes" for young people is the stuff that was built 30-40 years ago that hasn't been updated. So they are buying those mcmansions because that's what was built in the 80s-90s-00s. The really nice, older urban areas with housing built before that is way more expensive in absolute dollars.

Smaller is not cheaper in most cases. Smaller is "established" and everyone with money wants to live in those established neighborhoods, not the suburban sprawl 50m from the city center.

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

#297

Post by nostrademons »

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…

> WW2 was of course a much more trying time but it was followed by massive economic growth for most sectors of the population, I don't see that happening after the pandemic, wealth is just being silo'd and prosperity limited.

I could see it happening, but not in a good way. One (not all that unlikely) scenario is that the economic winners manage to place themselves out of harms way in the pandemic & social unrest that follows, and then everybody else just...dies off. That'd leave all the survivors extremely well off, and everybody else drops out of the population and ends up forgotten.

Globally, WW2 worked this way as well. There was a huge loss of life in Europe, in Russia, in China, in Japan, basically everywhere that the war was actively fought. 2/3 of Europe's Jewish population just died off, up to 20% of Poland and Russia, 8-10% in Southeast Asia, 4% in China. "Most sectors of the population" in the U.S. did well because the war wasn't fought here and we were the last developed nation left standing.

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

#298

Post by floor2 »

_mkef wrote: post #155
mathattack wrote: post #22

Earlier quoted context omitted.

This is very complex. Where does this end? I’m a renter. Do I need to prove I’ve lost my job to not pay? Do I get to skip out on paying for a luxury apartment if I have money in the bank? Does my landlord get to skip her mortgage? Or only the portion paid by my rent? What about the bank who holds the mortgage? Or the retired bond holder who ultimately gets the mortgage payments? Every step along the way requires some…

As of now there is an eviction moratorium in most of America, but when the moratorium ends do you have to catch up on 12 months of rent ? How is any family, which was already living paycheck to paycheck ever going to sort that out. What's going to happen is tons of Americans are simply not going to be able to pay, their credits will be ruined and the rent won't be paid anyway. It would be nice to present a goal, no o…

This didn't answer the question at all. People understand renters who lost their jobs can't pay their rent.

The problem is, you can't just say "so don't pay rent" and magically make that OK. That rent money in turn pays for maintenance/upkeep, mortgage payments, property taxes, wages for property managers and repairmen etc. You can't pretend like all land is owned by some king who can just afford to not get rental payments.

If the government doesn't collect property taxes, how do they pay for schools, roads and firefighting next year? If the bank doesn't collect their mortgage payments, they go insolvent and don't have the cash to give you when you try to withdraw from your checking account.

Flipping your final line around, how would the elderly widow relying on renting out her former family home handle receiving no income for a year?

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

#299

Post by pnutjam »

wonderwonder wrote: post #177
bryanlarsen wrote: post #169

Earlier quoted context omitted.

https://www.movetoamend.org/amendment thanks pnutjam

Is a genetically modified human, or a person created through purely scientific means a natural person?

yes, but that's for the court to decide.

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

#300

Post by Gunax »

onion2k wrote: post #197
feralimal wrote: post #175

Earlier quoted context omitted.

Give it a few months and I think house prices will fall!

House prices will never fall significantly. As soon as a house enters the market at anything below the going rate it's bought by a landlord or a rental company. This will keep house prices high forever.

I also don't think this is true... We saw house prices crash 10 years ago, with many owners being convinced that housing, a finite resource, can never go down significantly.
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