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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

#61

Post by taurath »

vinhboy wrote: post #36
white-flame wrote: post #13

I'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…

Completely agree. Now you make me wonder if the stigma around this kind of life style is being purposefully pushed by moneyed interest like home sellers etc...

It's not a stigma, it's societal expectations that ones offspring do better than their parents. Those expectations are being dashed, and heartedly. The millenials know we're being screwed, but the wall of people with massive equity/net worth tied up in their homes isn't budging. This will be a huge crisis going forward as we approach Australia levels of housing costs. Mark my words, in the next 20 years I believe will see a huge asset inflationary bubble that will be worse than the Great Recession.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#62

Post by forthefuture »

girvo wrote: post #59
taurath wrote: post #57

Earlier quoted context omitted.

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.

It's more that it only affects poor people, regardless of age, and they really don't care about poor people.

Young rich people are doing just fine.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#63

Post by flycaliguy »

castratikron wrote: post #43

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.

Then this might be a great chance to choose one that you like, with the features you prefer, before have to make a compromise with a partner!

Keep it nice and cozy and you'll be able to invite women to your house. Seems like a solid game plan.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#64

Post by smallnamespace »

closeparen wrote: post #54
white-flame wrote: post #13

I'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…

Not sure how you got the impression that it's talking about parents sucking wealth out of their kids. I mean, living with parents is more or less the definition of parents helping their children, not the other way around.

The reciprocation comes later in life, when parents aren't able to be self sufficient anymore.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#65

Post by taurath »

jackcosgrove wrote: post #16
YokoZar wrote: post #11

Earlier quoted context omitted.

And the cause of rising rents and harder to get loans is a rise in home prices. Yet when we hear news reports about rising housing costs, we say that the housing market is "recovering" as though it's somehow a good thing. Perhaps we should rethink our nationwide policies of raising housing costs.

We have policies that favor home owners because, 1) older people are more likely to own homes and they vote at higher rates, and 2) politicians love property tax revenue. If you don't vote and you don't fill their coffers, you're invisible to politicians.

And there is a generation of people ready with hammers to knock down that wall of equity so they can afford to live. Right now we're in the negotiating phase. Wait for the right politician.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#66

Post by Bombthecat »

PebblesHD wrote: post #49

Not 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…

My former boss told me three or four years ago that rent and electrical bills will make 75% of your income. Like back in the industrial Revolution.

Sadly I think he is right.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#67

Post by jdavis703 »

an_account wrote: post #60
taurath wrote: post #57

Earlier quoted context omitted.

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 municip…

The suburbs are as expensive, or even more expensive than the city. I've honestly considered moving closer to my job in the suburbs, but for the same rent I get a far less desirable neighborhood (i.e. no close by bars, bad transit, nosey neighbors, mostly generic chain stores etc).

Houses have to go somewhere. Or should people just be stuck spending hours commuting?

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#68

Post by AtheistOfFail »

hkmurakami wrote: post #19
white-flame wrote: post #13

I'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…

I've heard that in (at least some regions of) Spain, it's perfectly common and acceptable to continue living with their parents well into adulthood. I remember reading that José María Olazábal (one of the best professional golfers in the 90's, with millions of dollars in earnings) was still living with his parents into his early 40's (though to be fair, he was traveling for half the year on tour). I often think that…

It's actually pretty common in Hispanic countries since you build larger family homes (My home back there had 7 bedrooms, but three generations live there -> grandma, mother, daughters)

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#69

Post by Bombthecat »

taurath wrote: post #57
PebblesHD wrote: post #49

Not 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.

I think you could solve the problem by rightous forbidding cars and non public transport in and around the city and replace them all with taxis,trains and underground trains,busses and shared cars. So you can travel within 30 to 45 minutes to the city even when you live 150 km away.

But that, that's just a pipe dream.

Re: Percentage of Young Americans Living with Parents Rises to 75-Year High

#70

Post by closeparen »

smallnamespace wrote: post #64
closeparen wrote: post #54

Earlier quoted context omitted.

>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…

Not sure how you got the impression that it's talking about parents sucking wealth out of their kids. I mean, living with parents is more or less the definition of parents helping their children, not the other way around. The reciprocation comes later in life, when parents aren't able to be self sufficient anymore.

I'm highlighting the word "reciprocating" which seems to suggest both directions.
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