For me, the main reason I don't have a house is because I wouldn't have anyone to share it with; finding a partner outside of college while being employed in a field comprised of 97% men is impossible.
This is a pretty bad attitude to have.
Percentage of Young Americans Living with Parents Rises to 75-Year High
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Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#52Any way to read the article without signing in? Can someone paste useful paragraphs from the article here?
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#53Any way to read the article without signing in? Can someone paste useful paragraphs from the article here?
The "web" link beneath the submission title will bring you to a search page with a link to the actual article, which should get you around the paywall.
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#54I'm not a millennial, but it makes a heck of a lot of financial sense to live with family. I'm glad that with these shifts, the stigma is falling away. My immediate family has lived through rough times, with lots of "creative" living arrangements. Of course, we should still train general life autonomy, and not promote being able-but-incapable shut-ins, but being able to venture into housing (or back out of it if thin…
>The family unit as a reciprocating life cushion
I'm not sure about that. Parents siphoning their children's (or children's spouses') "excess" income as a substitute for emergency and retirement savings seems pretty destructive. Rather than a self-perpetuating cycle of wealth transfer forward (i.e. paying for college), children start out less advantaged and, once they have earning power later in life, are expected to contribute it backwards. Of course, what you are expected to "reciprocate" here is not usually free housing as an adult, but your upbringing in general.
I'm very grateful that my parents have been fiscally responsible, and have taught me to do the same. While I will of course take care of them as medical situations arise (as they're currently doing with their parents), I very much appreciate that we're not in a tradition of tithing to our elders like so many other families seem to be. I can only hope that my eventual spouse would feel the same way. I certainly would not expect it from my children. But if my parents demanded it, then I'd have no choice but to demand it.
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#55Cost of tuition continually grows, most graduates are not falling into extremely lucrative salaries and average salaries are not keeping up with inflation. This is far from surprising but is very concerning. Another avenue to pursue this discussion from is the % of income allocated to retirement savings. I have a sneaky suspicious most of my peers are saving less for retirement than the same demographic 10, 20, 30 ye…
Your sneaking suspicion is correct for baby boomers and gen X: http://www.pewtrusts.org/en/about/news-room/press-releases/2... . "Gen Xers have less wealth and six times more debt than their parents did at the same age," despite having higher salaries. I think you're right to be concerned. Not being able to strike out on your own delays family formation, which leads to some attrition of people who never have children…
This was surprising:
"Among Gen Xers who have exceeded their parents’ income, those with college degrees are less likely to surpass their parents’ wealth, mostly due to student loan debt."
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#56Moved out to college after highschool, never lived home since. Not everyone who lives at home with their parents are the same and in some cases it does make sense, but from my observations of people who live at home: - No skills on managing self: relies on parents to manage - No financial management skills: using all your money for play money and not contributing to the household. - Can't take a date home: unless you…
I lived at home until my late 20's and your way off on most of those.
> No skills on managing self:
This was the worst part for me, I wanted and had been self reliant before, but it's hard to do in a shared house.
>No financial management skills: using all your money for play money and not contributing to the household.
I was paying minimal board (when I was able) and saving for a deposit on a house (which are insanely expensive here), is that irresponsible?
>Can't take a date home: unless you want to introduce your parents right away
It's not the 1950's anymore. Meeting someones parents is not a big deal.
>ManChild Syndrome: grown kids playing video games and watching tv.
Problem being?
>No drive: as long as you have parents, why try. Everything is already provided for you.
Another expense to try and minimize.
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#57Not sure if Australia's current housing situation is analogous to America's one, but one of the primary motivators on our side of the pond is financial. Rents within 60km/35mi of the main Sydney CBD have crossed well over 50% of the average persons wage, at around $700/week. I currently live 45km from Sydney and pay $800/wk for a detached house primarily because I don't want to live in a 1 bedroom box in the city. Un…
I don't understand how politicians don't consider that a crisis. Too many fat happy landlords I suppose.
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#58Earlier quoted context omitted.
The problem already goes beyond millennials. Increasing automation is going to make unskilled labor a huge liability for countries. This is one reason I don't think some of the anti-immigrant position of many Americans (and Europeans) is unwarranted. Every country should want highly skilled labor to help improve their current account, but unskilled labor is huge future liability. There is already a huge surplus of do…
If there's literally no work to do, you can meet the material demands of the problem by turning more machines on. (meanwhile lots of the US runs on cheap labor)
There is work to do, though. Doctors, lawyers, engineering, etc. Lots of work for skilled labor. You can't just "turn on more machines" to placate unemployed unskilled labor.
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#59Not sure if Australia's current housing situation is analogous to America's one, but one of the primary motivators on our side of the pond is financial. Rents within 60km/35mi of the main Sydney CBD have crossed well over 50% of the average persons wage, at around $700/week. I currently live 45km from Sydney and pay $800/wk for a detached house primarily because I don't want to live in a 1 bedroom box in the city. Un…
I don't understand how politicians don't consider that a crisis. Too many fat happy landlords I suppose.
It disproportionately affects young people, and they don't really care about young people. So I'm not surprised.
Re: Percentage of Young Americans Living with Parents Rises to 75-Year High
#60Not sure if Australia's current housing situation is analogous to America's one, but one of the primary motivators on our side of the pond is financial. Rents within 60km/35mi of the main Sydney CBD have crossed well over 50% of the average persons wage, at around $700/week. I currently live 45km from Sydney and pay $800/wk for a detached house primarily because I don't want to live in a 1 bedroom box in the city. Un…
I don't understand how politicians don't consider that a crisis. Too many fat happy landlords I suppose.
Even if you artificially lower apartment rent, there would still be a lack of housing in cities. It would actually make the problem worse because more people could afford to live in cities, and less people would want to build new units.
Either young people need to be okay not living in cities, or governments need to encourage more housing to be built in cities. But, instead, young people want urban living and municipalities are only increasing restrictions on building new units. Obviously in this senario prices will go up, it's basic supply and demand.
Note: I am a young person living in a city.