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Nearly half of Americans age 18 to 29 are living with their parents

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Re: Nearly half of Americans age 18 to 29 are living with their parents

#21

Post by dukeyukey »

WalterBright wrote: post #15
diogenescynic wrote: post #4

I'm in my mid 30s and have always had a decent job with relatively decent income, but the cost of living has always made it impossible to save enough fast enough to get a down payment on a home. Now I finally have one, but with interest rates it seems like a poor financial decision to buy a home when I can rent the same quality of home for half the price. I feel for kids starting out today, I can't see how they will…

You never actually own a home anyway. The property taxes rise relentlessly every year (the rent you pay the government). Then there's all the code and zoning laws to greatly restrict what you can do with it.

Ownership is a legal fiction. You "own" something as long as you can stop other people from using it. Property taxes are just what you pay the government to enforce your claim.

Re: Nearly half of Americans age 18 to 29 are living with their parents

#22

Post by peter422 »

WalterBright wrote: post #15
diogenescynic wrote: post #4

I'm in my mid 30s and have always had a decent job with relatively decent income, but the cost of living has always made it impossible to save enough fast enough to get a down payment on a home. Now I finally have one, but with interest rates it seems like a poor financial decision to buy a home when I can rent the same quality of home for half the price. I feel for kids starting out today, I can't see how they will…

You never actually own a home anyway. The property taxes rise relentlessly every year (the rent you pay the government). Then there's all the code and zoning laws to greatly restrict what you can do with it.

“Ownership” is a spectrum obviously but owning a home still gives you a hell of a lot more control than renting.

Source: used to rent, now own

Re: Nearly half of Americans age 18 to 29 are living with their parents

#23

Post by [deleted] »

gustavus wrote: post #7
pmg102 wrote: post #2

(2020)

That's a pretty important confounding factor. I wonder if there is anything that happened in 2020 that would've made acquiring new housing more difficult. Seriously any "social science" that was done during the pandemic should probably be thrown out, because of the massive unprecedented alterations to all of society. Even if you found something out not impacted by the pandemic how would you know? Relying on informati…

[deleted]

Re: Nearly half of Americans age 18 to 29 are living with their parents

#25

Post by wharvle »

tedunangst wrote: post #11

Why doesn't this article have a graph showing the percentage in the past?

Last time we had an article about this sort of thing (a few months back?) the difference wasn’t big between generations, at similar ages. Under 5% difference between current 20-somethings and the Boomers, IIRC. Up, but not that much. This could be a different dataset though, I dunno.

Re: Nearly half of Americans age 18 to 29 are living with their parents

#26

Post by Hammershaft »

WalterBright wrote: post #15
diogenescynic wrote: post #4

I'm in my mid 30s and have always had a decent job with relatively decent income, but the cost of living has always made it impossible to save enough fast enough to get a down payment on a home. Now I finally have one, but with interest rates it seems like a poor financial decision to buy a home when I can rent the same quality of home for half the price. I feel for kids starting out today, I can't see how they will…

You never actually own a home anyway. The property taxes rise relentlessly every year (the rent you pay the government). Then there's all the code and zoning laws to greatly restrict what you can do with it.

The relentless rise of property tax has to do with the unsustainable municipal financials of low density suburbs.

https://m.youtube.com/watch?v=7Nw6qyyrTeI

Re: Nearly half of Americans age 18 to 29 are living with their parents

#27

Post by LASR »

Might be an unpopular opinion, especially in North America, but I think families living together is a great thing.

I have a wife and child, and we all live with my parents in a largish 6-bedroom house. They are retired and I support them financially. While they bought this house before I entered the workforce, I now pay the mortgage on this house. A few years ago we did a total rebuild of the house, and it's now a great living experience - something that neither my parents nor myself could have individually made possible. In a few years, as their health declines and they need support, it's easier for everyone that they are right here. Right now, they help a lot with childcare.

My wife and I - we just bought a second house that is fully rented out. While that one does not breakeven with its mortgage, it does end up being affordable.

My wife's parents and their son (my wife's brother) also live together. He is a doctor and supports them.

When I mention this to my coworkers or friends, the initial reaction is almost never positive. I've never understood that perspective. I don't mention it any more.

Re: Nearly half of Americans age 18 to 29 are living with their parents

#28

Post by dharmab »

porridgeraisin wrote: post #19
jncfhnb wrote: post #6

Earlier quoted context omitted.

What culture would that be??

India is one country where that is the norm.

Not at 18. They're definitely expected to sense remittances when they have a stable job, but depending on the career that may start in the 20s.

Re: Nearly half of Americans age 18 to 29 are living with their parents

#29

Post by ejb999 »

LASR wrote: post #27

Might be an unpopular opinion, especially in North America, but I think families living together is a great thing. I have a wife and child, and we all live with my parents in a largish 6-bedroom house. They are retired and I support them financially. While they bought this house before I entered the workforce, I now pay the mortgage on this house. A few years ago we did a total rebuild of the house, and it's now a gr…

its a great thing if all parties want it for the right reasons - if it is done solely out of economic necessity, not-so-much.

Re: Nearly half of Americans age 18 to 29 are living with their parents

#30

Post by lostlogin »

jeffbee wrote: post #17
gustavus wrote: post #12

Earlier quoted context omitted.

This study was also done during 2020 which may have had some other confounding factors with it, of course I can't think of what that could be. Part of the squeeze is that we have the largest age demographic, the boomers, in a stage of life in which they are highly unlikely to move, whilst still living in their homes. This issue will sort itself out shortly. At the same time you had incredibly low interest rates which…

> the largest age demographic, the boomers Millenials are a larger generation than Boomers.

But in terms of wealth and power, the boomers dominate.
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