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42% of adults rely on their parents for financial support

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Re: 42% of adults rely on their parents for financial support

#151

Post by toomuchtodo »

antinomicus wrote: post #131
slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

I may or may not meet your definition as a nimby 28 year old. I am all for housing, just not the type being built in my area. Dozens of “luxury” units built cheaply, selling for 4,000$ for a 1 bedroom. They get subsidized by the local government for including maybe 5 units that are “low income” and probably still cost 2k - and those low income units go away as soon as the building gets sold to another corporation. I…

Please consider running for local office to be an advocate for non market social housing in a position of leverage.

Re: 42% of adults rely on their parents for financial support

#152

Post by gtrplyrjimi »

slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

It's not just about building more in existing areas. It's about making the construction of affordable housing PROFITABLE for developers; which in this world is nearly impossible. Every tax break you give for building anything just results in luxury developments and the builders keeping the breaks as profit.

Also, you can't just build more in these already built up areas. Many of these areas already have strains on public services and just building up without adjusting for electricity consumption, water, schools, roads, transportation, parking, etc is just creating an even larger more expensive headache.

You have to make building towns / hoas in undeveloped areas easier; and the includes high speed transportation to get to the nearest city hub.

We also have to be alot more flexible on what's allowed to be called housing. We should have more places for people to be able to live in their RV's, cars, etc safely.

All of this comes down to the economic reality of what it takes to actually build and maintain a home and piece of property in America. It's not a right to own a home because of that economic reality. The main ingredients are cheap land in an area that has access to electricity, water, streets, infrastructure and access to income. If you can maintain a job for long enough you can pay off the land and cost to build. That is the only viable way to own. Expecting those kind of prices in LA or NY near the beach or downtown is delusional.

We have to also, philosophically, be honest about the way time passes and an intelligent species propagates itself. An frankly we can just look in the wild and see the same dynamics. If a species is successful, then there will be lots of individuals. Those individuals will be drawn to the BEST places to live. There are only so many BEST places to live. Do we really want to turn every place we live into giant high rises? This is an honest question and I think people aren't being entirely honest about their motives / vision for the planet.

Re: 42% of adults rely on their parents for financial support

#153

Post by senordevnyc »

PaulDavisThe1st wrote: post #51
vondur wrote: post #43

Earlier quoted context omitted.

Look at the comment above, the sample is from really wealthy parents, not the median income in the US, so I'm sure that skews the data.

No, it mentioned 816 out of more than 4500 respondents had net worth over $1M. That's quite different to your claim.

That's also incorrect, it's not net worth > $1mm, it's "those with total household investable assets, excluding pensions, retirement plans and property" over $1mm, which is a much smaller number. The sources I saw said about 4% of US households meet this criteria, but 18% of survey respondents did.

Re: 42% of adults rely on their parents for financial support

#154

Post by nullorempty »

ripe wrote: post #119
nullorempty wrote: post #38

[flagged]

> STOP spending on immigration programs... to improve situation for kids of the people who built out the western civilization The common misconception that the US Government is wasting money on immigration is pushed by Trump and FOX News, who both lie regularly. For example, see [1] about how Trump rejected a report produced by Federal researchers. The report is available [2]. Overall, the refugee resettlement progra…

So you have no objections to wars. I see.

News lie regularly and I happen to hold the opinion for a while.

Studies also lie, another entity that lies regularly is government! All of them!

When you live long enough you learn to trust your eyes not your ears.

As far as the western civilization goes - it's being killed off. Pay attention.

Re: 42% of adults rely on their parents for financial support

#155

Post by JKCalhoun »

Noumenon72 wrote: post #126
Animats wrote: post #88

Earlier quoted context omitted.

> We don't, as a matter of intentional policy, build enough housing. If actual number of houses was the problem, house prices would not be increasing in areas of population decline. It's existing houses being repriced upward by speculation that makes them unaffordable.

After thirty years of house prices rising astronomically, you can't appeal to "speculation" any more. People are speculating because the underlying scarcity makes prices sure to rise. I think if you look closely at "population down, house prices up" you will find normal supply-and-demand stories like "population down, houses down even more" or "population down (downtown), prices up (suburbs)".

Agree.

So often I see people complaining "people treat their home as an investment…". Because in fact it turns out it is?

Are we supposed to pass laws that fix the price of a home based on the square footage?

(I wonder if jewelers complain that the reason silver is so expensive is that people treat it as an investment.)

Re: 42% of adults rely on their parents for financial support

#157

Post by Garlef »

So: Since this is US centric:

- Is it better/worse than other countries? ... better/worse than "comparable" countries?

- What's the historical trend?

- And in both directions (geographical, historical): How does it relate to the respective diffences in wealth inequality?

Re: 42% of adults rely on their parents for financial support

#158

Post by senordevnyc »

tamimio wrote: post #86

Because boomers are selfish and holding onto most of the wealth, ruining and destroying the generations to follow. It’s a weird phenomenon actually, their parents gave them everything possible, even independence, yet, the boomers do all sort of shenanigans to keep holding on the wealth, and when they can’t, they go on manipulation tactics, as if their lives are the center of universe and all generations after are the…

Wait, so you're annoyed that the boomers are using their wealth to help support their kids (the respondents to this survey) instead of just giving it to them and making them trust fund kids?

Don't get me wrong, there's plenty of negative things to say about boomers, but I'm not sure how your complaint here really fits the article.

Re: 42% of adults rely on their parents for financial support

#159

Post by ProfessorLayton »

antinomicus wrote: post #131
slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

I may or may not meet your definition as a nimby 28 year old. I am all for housing, just not the type being built in my area. Dozens of “luxury” units built cheaply, selling for 4,000$ for a 1 bedroom. They get subsidized by the local government for including maybe 5 units that are “low income” and probably still cost 2k - and those low income units go away as soon as the building gets sold to another corporation. I…

Almost everything you said is a typical NIMBY talking point:

> Dozens of “luxury” units built cheaply, selling for 4,000$ for a 1 bedroom

A nebulous definition of "luxury", and totally ignores the fact that people with money can get what they want anyway, pushing those with less out. So yes, more "luxury" builds help.

> They get subsidized by the local government for including maybe 5 units that are “low income” and probably still cost 2k

Many purportedly want more low income housing, often at absurd rates like "100% affordable" knowing that projects like that will never pencil out. It's a way of saying "No" without actually saying it.

> I want lots of high quality, dignified housing for myself and my community, not wealth extraction pods.

Okay, so build some? If you can't build what you want then why stop others from building what they can with the budget they have?

>As it stands now the land is being squatted by mega corporations seeking to extract as much profit from the community as possible.

It's literally illegal in most places to build more densely due to height, parking requirements, discretionary reviews, etc. impacting everyone interested in building more units (Like for a multigenerational household as seen in elsewhere in the world). This is not just impacting corporations seeking to extract profit.

Re: 42% of adults rely on their parents for financial support

#160

Post by pizzafeelsright »

pllbnk wrote: post #109
pizzafeelsright wrote: post #100

Earlier quoted context omitted.

In my house the >8 years old the kids start paying rent. They get paid for normal house work (minimum wage). Rent is ~$300/month. I pay the kid minimum wage for chores because that is work and work should be rewarded. They pay me rent. That rent and other expenses are ~80% of their pay. Some must go to savings and "taxes". They have to keep books as well. The rest is theirs. I know other fathers that charge their adu…

I understand that such a game of life might be beneficial for a child. But I would like to understand the reasoning to do that with an adult. > I know other fathers that charge their adult children rent, keep the money, and then gift it to them at the wedding or to help them buy a house. This looks like a game which should have ended by the time a child is an adult. I am raising a very young child so I am very concer…

I know my neighbors very well due to my personality. There are 20-40 year old adults who live with their parents for various reasons. The foolish "children" are those who order door dash at 3am with no income or education. They are unable to 'launch' from their parent's orbit. i feel terrible for these people. As mentioned, I know them well and they do not have an excuse other than laziness and permission. The rule 'those who do not work do not eat' is something all people can agree with but few enforce.

The right way to raise your child is so that they can thrive without you while wanting their children (your grandchildren) to spend time with you. This is a tall order because it requires decades of sacrifice, pain, and difficult yet positive decisions.

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