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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

#451

Post by nickpeterson »

srtjstjsj wrote: post #137
save_ferris wrote: post #42

Earlier quoted context omitted.

I think it’s cultural. American society absolutely looks down on those that live with their parents as failures. If I were to guess, some parents might see their children asking to return home as a reflection on their ability as a parent to prepare for the “real world”, but that’s just my guess.

Only a certain vocal rich segment of American society.

Honestly I hear this much more from those closer to poverty. I think they view it as children should be self sufficient so I no longer have to pay for them. I think a lot of what people consider “cold hearted” in the modern world is really just veiled economic uncertainty. People would rather be considered strict than poor.

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

#452

Post by segfaultbuserr »

Tarsul wrote: post #428

I'm sorry but the title is misleading. It's not that 30M young people (18-29) are living with their parents due to Corona but more that the number has grown from 24M to 26,6M in America [!] since February. Meaning the title should rather be: "The pandemic has pushed 2,6M young Americans to move in with their parents." see the linked source from the article: https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-…

Ironically, it's already the 3rd title on Hacker News. Two previous titles all received complaints for being misleading. let's hope this one is good enough.

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

#453

Post by xyzzyz »

vertbhrtn wrote: post #414
Gunax wrote: post #294

Earlier quoted context omitted.

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.

I'm not sure how one would survive on 60k for even 10 years. This isn't an "investable" amount and it's not enough for food, yet along housing expenses.

Clearly nobody is in that situation. If you have any money at all in 401k, you almost surely have paid significant amount into Social Security, which pays out retirement benefits independently of whatever you might or might not have in 401k account.

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

#454

Post by gonehome »

danans wrote: post #221
srtjstjsj wrote: post #137

Earlier quoted context omitted.

Only a certain vocal rich segment of American society.

I don't think it has much to do with wealth. In fact, in old societies primogeniture practiced by the wealthy meant that the eldest son was expected to stay at home. The second sons with limited inheritance often set out on their own. In the US context, it has historical connections to the glorification of pioneerism and expansion through the western frontier (along with the genocide that accompanied that). After tha…

I'm not sure how irrelevant it is (though Covid may change that).

If I wasn't engaged I would have gone home to WFH immediately during the pandemic, it would have been nice to spend time there and be with family (rare opportunity for easy ability to work remotely and spend time with family on the east coast).

That said, most of the successful people I know moved out to areas with more opportunity and those that stayed behind (particularly those that live at home) are more likely to have 'personal failings' of some sort.

Maybe this isn't true if you were lucky enough to grow up in an economic hub to start, but if you didn't there's still some truth to it.

Obviously during the pandemic this changes and no longer becomes relevant since remote opportunity and being able to save money by living home (since everything is locked down anyway) makes way more sense. Most people don't think independently from the cultural context though so it'd take a while for this to update.

Why live in Palo Alto and waste lots of money on rent because of stupid housing policy when you don't have to? When you can't go out and do stuff?

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

#455

Post by marcusverus »

throwawaygh wrote: post #203
Philip-J-Fry wrote: post #94

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…

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.

> Wages are not stagnant. They've declined precipitously.

Do you have any data that support this?

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

#456

Post by Havoc »

tonyedgecombe wrote: post #113
Philip-J-Fry wrote: post #94

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…

I’m in my mid fifties and I have never had a company pension, defined benefit or contribution. I saw my first house decline in value by 25%. We had interest rates peaking at 15%. I didn’t have student loans but only because I didn’t go to university, just like 90% of my peer group. Unemployment was much higher than it is now and schools were teaching subjects for obsolete careers. It wasn’t as rosey as it is often po…

I think you're missing how pervasive & broad the issues are these days.

You mentioned you had a house. I'm fast approach the top 1-2% by income and think I can maybe swing a 1 bed apartment. It'll be borderline. Not house...apartment.

...no idea what the other 98% of my peers are doing but they sure as hell aren't buying houses. Meanwhile all the landlords I've rented from thus far where a generation older and had entire portfolios of properties.

Pretty sure I'll come out on top of this because I'm doing well, but can certainly understand the disillusionment of the younger generation

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

#457

Post by munificent »

bradlys wrote: post #231
youredoneson wrote: post #188

Earlier quoted context omitted.

So here's the thing My parents suck and I want nothing to do with them really Everything in my life is better the less I deal with them Everything

I think we’re going to have to accept we’re the uncommon ones around here. I don’t know what the stats are but I’ve got a feeling that most people on HN (particularly those in expensive cities) get along with their parents quite well. I’ve noticed in my time in SV that I’ve never really heard anyone say their parents are/were abusive. Or that they even really hated their parents. On the contrary, I hear most people l…

> I’ve never really heard anyone say their parents are/were abusive.

There are probably many people in your social circle with abusive parents. Just because they don't talk about it doesn't mean it didn't happen. People tend to keep their skeletons in their closets.

Related: Many men would not believe how common sexual assault of women is. A lot of men are like, "I don't know any women who have been assaulted." Really, it's that you don't know any women who have told you that they have been. For many reasons, most women only bring that kind of stuff up around a select trusted set of people, if any.

I always try to be mindful when interacting with people that almost everyone has some trauma in their past or some cross to bear. Just because they aren't showing it doesn't mean it isn't there.

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

#458

Post by mcv »

doteka wrote: post #320
mcv wrote: post #202

Earlier quoted context omitted.

I'm no millennial, but gen-X. My brick box is okay. Not as big as the one my parents had, but it's in a bigger city, which really adds to the cost. But my wife and I are double earners, unlike my parents. And we both have really good jobs. We don't have it hard, but we don't drive new cars either; we've got a second hand Prius. The only sign that we've got it good is that our house in Amsterdam is not as tiny as most…

You live in Amsterdam... sorry to say, but that is privileged as hell. Housing prices are becoming insane even outside the Randstad (I’m a 95 percentile earner too) so if you own property in the Randstad and think ‘the only sign you have it good your house is not tiny’ - take off the horse blinders.

Like I said, that is the big difference, but it's also the only difference. And the fact that living in Amsterdam is so privileged is also not a good sign. It's not good if cities become ghettos for the rich.

And with Brexit, there's likely to be an influx of bankers driving house prices even further out of the reach of most people. Good for me I guess (at least if we ever decide to leave the city and sell; otherwise it just increases taxes), but I don't think that's good for the city.

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

#459

Post by Valgrim »

Tarsul wrote: post #428

I'm sorry but the title is misleading. It's not that 30M young people (18-29) are living with their parents due to Corona but more that the number has grown from 24M to 26,6M in America [!] since February. Meaning the title should rather be: "The pandemic has pushed 2,6M young Americans to move in with their parents." see the linked source from the article: https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-…

Question: How many americans have reached 18 since february?

Census says 4,021,726 americans were born in 2002, so 7 months since february: (7/12*4,021,726=2,346,006) + immigration...

I'm not so sure this is how we should read those numbers. It could also mean that the majority of young people reaching 18 chose to stay with their parents a bit longer because of the pandemic.

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

#460

Post by llarsson »

Tarsul wrote: post #428

I'm sorry but the title is misleading. It's not that 30M young people (18-29) are living with their parents due to Corona but more that the number has grown from 24M to 26,6M in America [!] since February. Meaning the title should rather be: "The pandemic has pushed 2,6M young Americans to move in with their parents." see the linked source from the article: https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-…

Thank you.

Also, given that colleges shut down and people had to leave dorm rooms, it very surprising that college-aged people needed a low-cost alternative housing situation? Especially one that could quickly be found?

I don't think so.

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