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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

#31

Post by itake »

gustavus wrote: post #12
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…

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…

I initially wanted to disagree with you, but I think you're right.

One unmentioned consideration is why the gov wants people to own their home:

Put simply: homeownership (and home value appreciation) results in better end-of-life outcomes compared to self-managed cash.

People are bad at saving, but they understand if they don't pay their mortgage, they will lose their home. Tapping into that equity isn't as easy as accessing money from a savings account.

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

#32

Post by standardUser »

peter422 wrote: post #22
WalterBright wrote: post #15

Earlier quoted context omitted.

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

That depends almost entirely on local ordinances and, if you have one, your HOA. The far side of the spectrum where you actually have significant control over your own property is great, I'm just not sure it's very common.

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

#33

Post by philwelch »

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…

Is this a local or a national problem? Homes are a lot more affordable outside of the inflated West Coast metros.

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

#35

Post by intrasight »

ejb999 wrote: post #29
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.

Economics is certainly one of the right reasons

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

#36

Post by kevinwang »

lp4vn wrote: post #10

Then you will see 1001 theories about why the population is declining. People in their 30's can't afford a house, let alone raising a family. A whole population inside a certain age group seems completely unable to grasp this basic reasoning.

That makes sense, but it feels to me like the more educated and higher-income young adults are the ones delaying kids / choosing not to have kids. It feels like lower-income young adults are more likely to start families.

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

#37

Post by philwelch »

standardUser wrote: post #32
peter422 wrote: post #22

Earlier quoted context omitted.

“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

That depends almost entirely on local ordinances and, if you have one, your HOA. The far side of the spectrum where you actually have significant control over your own property is great, I'm just not sure it's very common.

All those things stack up though; if you rent a house in an HOA neighborhood you’re still accountable to the local government and the HOA, it’s just that you’re also accountable to your landlord on top of that.

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

#38

Post by watwut »

pc86 wrote: post #14
jncfhnb wrote: post #6

Earlier quoted context omitted.

What culture would that be??

The ancient Imadeitup people.

Europe was like that. Your primary and only real social security was a familly. You had property, but not much savings. Kids were expected to provide for their parents in old age. Secondary was a village.

It was like that in 19century too, I am not talking about some ancient history.

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

#39

Post by ejb999 »

WalterBright wrote: post #20
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…

> 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. These days we have the millions of people crossing the border into the US. They'll all want houses, too.

Many border-crossers can't afford to buy houses - probably most of them - but they do put pressure on the lower cost apartments and are competing with low-income citizens, which drives up the price of the lower cost apartments, which has the effect of increases demand and prices all-the-way up the food chain.

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

#40

Post by standardUser »

tekla wrote: post #16
jncfhnb wrote: post #6

Earlier quoted context omitted.

What culture would that be??

Mostly every east Asian country that has a background with Confucianism. So at least 2 Billion People.

You want us to believe any culture has a contingent of 18-year-olds out-earning their 40-something parents?
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