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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

#531

Post by smadge »

dheera wrote: post #498

It's worth noting that a huge number of universities and colleges have shut their doors and doing online learning, which accounts for probably a large number of the 18-22 year olds and many of the 23-25 years olds. Unemployment is a thing, but there are also many people who have gone home because they can't be social with friends during lockdown and for some, being social with parents is better than being alone. And…

It has been a mostly steady trend since 1960 at 29% to now where it is at 52%. All of your examples of young adults choosing to live with their parents are because of COVID-19, which can only account for the 5% increase since February 2020, not the other 18% increase since the 1960s.

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

#532

Post by JanisL »

vkou wrote: post #409
JanisL wrote: post #238

Earlier quoted context omitted.

House prices can fall in real terms even if they don't in nominal terms. I think the is exactly the situation we are likely to see in an environment where the solution to every problem is "stimulus" and "money printer go brrrrrr" in response to the housing market taking a dive.

If the money printer only gives money to asset holders, the inflation will only happen in the asset economy, as opposed to the Main street economy. This is what we saw with QE in 2008, and what we're seeing now. Asset prices are skyrocketing, while the price of bread is staying more or less stable.

You might find the Cantillon Effect to be of interest: https://www.austriancenter.com/cantillon-effect-populism/

The effects of inflation are somewhat localized at first and the movement of money in the economy matters significantly in terms of the purchasing power of that money for various groups over time.

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

#533

Post by abnry »

vertbhrtn wrote: post #396
gpapilion wrote: post #334

Earlier quoted context omitted.

I’ve thought about this a lot. My parents had 2 TVs in a house of five(and one was junk). We had stick on vinyl floors, and a cheap white appliances. Counter tops were linoleum, and we had 1.5 baths. I cut the lawn, and we went shopping in stores. We took two vacations requiring planes for the first 13 years of my life. Most vacations were camping. We rarely went out to eat. We didn’t have computers. We had 1 corded…

Your countertops or your landlord's countertops? Because all the rest - all those iphones & vacations - is cheap fluff, really.

That's the point. The cheap fluff today was expensive stuff yesteryear, if it existed at all.

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

#534

Post by mdoms »

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…

America is not the only country.

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

#535

Post by macmmajor »

irrational wrote: post #525
formerly_proven wrote: post #483

Earlier quoted context omitted.

Are they both NEET or is them being unemployed temporary/covid-related? FWIW there is obviously a big difference between people being employed and living under one roof versus having a bunch of NEETs in the basement.

What is NEET?

Not in education employed or training

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

#536

Post by refurb »

analog31 wrote: post #186
Xylakant wrote: post #103

Earlier quoted context omitted.

At least in Germany, it's common to have a fixed interest rate for up to 30 years (more common are 10 and 20, 30 is rare). You can refinance, but you have to basically pay a fee that covers the expected loss for the bank, so that may not be worth it. Other countries differ, for example AFAIR it was common in Poland to have housing credits pegged to the swiss franc. However, I'm fairly certain that the GP is exaggerat…

That's interesting. In the US, it's called a "pre-payment penalty," where you have to pay a fee if you want to pay off a loan early. It's not imposed by regulation, but is up to each lender, so you can choose a loan that does not have such a penalty. Often consumers with weak credit or low incomes end up with loans that have worse terms, such as these penalties. My family refinanced our home loan, and it was just a m…

Interestingly, the US has laws that limit pre-payment penalties to a certain set of mortgages.

If you get a standard 30-year fixed, the mortgage company can't impose a prepayment penalty.[1]

[1]https://www.nolo.com/legal-encyclopedia/when-are-prepayment-...

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

#537

Post by lordnacho »

PaulStatezny wrote: post #249
_qulr wrote: post #240

Earlier quoted context omitted.

Standard Netflix is $12.99 per month currently. So that's $155.88 per year. Over 4 years, $623.52. You didn't pay off $60k in student loan debt and buy a house by refraining from Netflix.

Correct. It was from being very frugal in _all_ areas of the budget. Eating out, entertainment, internet, not taking vacations that wouldn't be financially responsible. Frugal dates, frugal Christmas/holiday celebrations, living in an extremely inexpensive apartment in a not-wonderful area of town. We were pretty late adopters of smart phones because we had cheap flip phones. We gave to charity too. It's all about pr…

How are you ever going to be financially free from eating out less often? A meal at a restaurant costs what, $100? That's $5K a year. No holiday, another $5K maybe? Cheaper phone, ok, you don't buy the newest iPhone, so maybe you save most of a grand in relation to iPhone couples.

Even the car cost is not as big as the sticker price, because it has residual value. Granted it may be a big figure, but it is also spread over several years.

Seems to me you're literally one raise ($10K or so, and there's two of you?) away from making up such deficits, and you want to be near opportunity for that to happen.

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

#538

Post by irrational »

froasty wrote: post #528
irrational wrote: post #480

My 21 and 23 year old daughters have moved back in with us. They stay up until the wee hours of the morning watching streaming media, then wake up mid afternoon to get on social media, eat dinner with us and then repeat. I can't wait till they leave. At least when they are living on their own I don't have to know about their bad habits.

Do you think you're enabling them in their bad habits?

They are adults. They can make their own decisions. I'm not going to tell them what to do. I tried to teach them the right things to do when they were growing up. You can lead a horse to water, but you can't make it drink. They have their agency and have chosen the path they want to take.

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

#539

Post by johnfn »

laurent92 wrote: post #512
save_ferris wrote: post #8

I moved back into my parents house after my lease expired, primarily to have regular social interaction again. > "While moving back home during the pandemic makes sense and is seen as socially acceptable or even smart, it also means you are living with people who still see you as your 18-year-old self." One of the biggest things I’ve noticed among millennials is how many parents fail to understand the emotional and m…

> how many parents fail to understand the emotional and mental situation of what their children are currently experiencing. This is crucial to understanding: - The immediate distress of young males. They have no chance of seducing externally if they don’t have moral support at home. Explains the billion of 9Gag posts about young people who fall addicted to gaming and joke about virginity and lack of self confidence,…

This is really well put. Would love to read more if you have more resources in this vein.

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

#540

Post by Aunche »

egh wrote: post #380
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…

I'm not sure what you're arguing here. The simple fact is the amount people pay for housing is up since the 1990s. You can find this data on the BLS web site: https://www.bls.gov/cex/csxmulti.htm Here is the data adjusted for constant 2020 dollars: 1992 $9,799.06 1993 $9,543.99 1994 $9,760.55 1995 $9,924.05 1996 $9,825.29 1997 $10,106.90 1998 $10,473.38 1999 $10,712.59 2000 $10,506.40 2001 $11,055.55 2002 $11,121.33…

It looks like this is counting the average rather than median, so it's going to be skewed by the top earners. Here is per capita income during the same time period using 2019 dollars:

  2019 39,156
  2018 36,734
  2017 36,553
  2017 35,970
  2016 35,375
  2015 34,157
  2014 32,619
  2013 33,008
  2013 31,691
  2012 31,549
  2011 31,389
  2010 31,208
  2009 31,690
  2008 32,096
  2007 33,131
  2006 33,496
  2005 32,855
  2004 32,368
  2003 32,433
  2002 32,483
  2001 33,077
  2000 33,267
  1999 32,692
  1998 31,629
  1997 30,657
  1996 29,521
  1995 28,788
  1994 28,332
  1993 27,564
  1992 26,593
https://www.census.gov/data/tables/time-series/demo/income-p...

It has increased even faster than average housing costs. To be fair, that's is expected because rich people don't spend the same percentage their income on housing as most other people.

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