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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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171–180 of 974 posts

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

#171

I hope we see a cultural shift toward recognizing that so-called "flyover country" is actually ripe for re-development and cultural renewal. There are tens of thousands of small towns and cities in the Midwest in which buying a house is still possible for the average middle-class person. The main issue, of course, is the lack of jobs in the area, but with remote work growing, that might become less of an issue.

My problem with the places is the regressive conservatives that live there and the abhorrent cultural beliefs in place.

Not going to move there until there's a seismic shift away from racism, conservatism, hypocrisy etc.

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

#172
post #119

Earlier quoted context omitted.

This is blatantly false. Income tax on higher earners in the UK has decreased since the 1970s/1980s when IIRC the highest tax bands were over 70%, if not higher.

Have they fallen generally, or has the highest tax band fallen? Germany had the highest tax rate > 50%, it's now 42/45%. At the same time, the income required to be taxed at that rate hasn't changed with inflation, so while it was e.g. 52.152€ in 2002, it's 57.051€ now - adjusted for inflation, it would have to be closer to 75k€. Lowering the top marginal tax while not adjusting for inflation so more people get pushe…

Erm it's also not great when you're rich. Either way you're being taxed more year by year (in adjusted inflation euros)

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

#173

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 chalk it up to things simply costing more. I make more than my dad did. I dont take any major vacations, go out much, or live in a McMansion, yet we struggle to save.As a kid we took lots of vacations, they saved a good amount of money (stock market was good for them) and are doing well for themselves. I imagine it's only going to be worse for my kids.

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.

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

#174

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…

High tax rates are what causes this. You are effectively giving away half your wage to sustain a completely unknown person leeching off the government.

You mean healthcare, roads, education and social security for when I lose my job due to COVID? Taxes are nothing new and have always been like that.

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

#175

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…

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

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

#176
post #50

Earlier quoted context omitted.

I started as a trainee broadcast engineer in London on £17,800 a year in 2003. This left me with £1,082 a month (back then student loan payments were far higher than now). Rent for a tiny bedsit with a shared bathroom was £520 a month, 2 mile walk from work. I could live further out, but commuting costs outweighed any savings. That's the equivalent of £828 a month now. Bills were included. You can actually pick up a…

Where I live, most property agents will do a credit and income check, and would turn you away for not meeting the "minimum income level" for renting those places. Even if you feel you can afford spending 50% of your income, it doesn't follow that you can easily find a landlord who allows it. If you have a bad credit rating, as many people do these days, it will be even more difficult as more landlords check that than…

But that's no different to 2003 (you could have a guarantor - typically a parent - who would be on the hook for your rent if you didn't pay it)

Before I started looking I was under the impression things were harder now then they were in 2003, but it seems not, at least in this one case (tiny studio/bedsits in a dodgy part of west london) -- unless asking prices on rent are massively depressed due to covid.

In 2006/7 I lived in Tunbridge wells, paying £800pcm for a 2 bed flat that looked almost identical to this one, although it was in the next door house and had a garage instead of a parking spot.

https://www.rightmove.co.uk/properties/84635425#/

£800 in 2007 is £1,117.29 today, so a near identical flat for £900 is an interesting price point.

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

#177

Earlier quoted context omitted.

Burn it down is always a mistake in hindsight. There is alot of low hanging fruit to fix these issues; higher taxes; amendment to fix Citizen's United; revamp the Supreme Court.. All of these are easier then digging a shaft, jumping in, and trying to climb out. Speaking as someone who has no assets, no 401k, no home.

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

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

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

#178
post #37

I think people need to start realising just how incredibly much the government is now stepping in at each of these crises to make them as smooth as possible. But there is a downside to this. You are not allowing the normal economic effects to happen because you are wanting to keep everything as it is, but then guess what, the status quo stays, and anyone joining the ladder is finding it increasingly difficult. What's…

"millennials shouldn't be arguing for more government intervention, but less" Your argument that government intervention is bad for millennials is flawed. Without government intervention such as eviction moratoriums, unemployment benefits and federal government stimulus checks there would have been massive homelessness. Prior to the pandemic 40% of americans could not cover a $400 emergency, all of these people would…

Eviction moratoriums, unemployment benefits, and stimulus spending is the least the government can do when they're the arbiters of who is considered 'essential' and allowed to work. The real question is what happens when the restrictions on evictions are lifted and people are inevitably evicted into a second outbreak.

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

#179
post #123

Earlier quoted context omitted.

At least in the US, this isn't true, tax rates have fallen over the last 40 years https://taxfoundation.org/us-federal-individual-income-tax-r...

Talking about Europe here

What makes Europe unique such that the proposition that lowered taxes would lead to greater Millenial success holds true, when the same low-tax policies applied in America seem to have yielded similar results to the European approach? If this seems like a leading question, it's not intended to be--I'm American and curious about the potential variables at play here that I'm not aware of.

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

#180

Those parents often shout about "greedy developers" (or, if pressed, "parking and neighbourhood character") when, heaven forfend, someone tries to build new homes near them. Treating homes an investment was one of the worst mistakes of the 20th century.

You say mistake as if it were an intentional choice that turned out to be a bad one. I don't know my history of this subject very well, did policymakers really sit down and encourage homes to be treated as investment, leading them to become less affordable? Or were homes becoming less affordable just the natural consequence of having an expanding population and fixed supply of land? I'd always sort of assumed the lat…

As soon as we let people vote to deny their neighbours the right to build a home (or convert a house to apartments, etc.) we gave homeowners the rights of a cartel to increase the value of their asset.
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