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

#661

Post by war1025 »

scsilver wrote: post #656
kevin_thibedeau wrote: post #439

Earlier quoted context omitted.

The rust belt cities don't have skyrocketing housing prices if you're willing to buy non-McMansion older stock.

And can you get the same services, community (people of similar circumstances/values as you moving there), opportunities, schools, safety that these in demand areas provide? Travelling around only reinforces my desire to buy in an in demand area. I cant just shop at panera, five guys, and walmart for the rest of my life.

> community (people of similar circumstances/values as you moving there)

That's a cultural thing, and yes I'd assume that people tend to move somewhere that they feel culturally aligned with.

That is true whether you are moving to the coasts or away from them.

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

#662

Post by pnutjam »

tidepod12 wrote: post #345
mywittyname wrote: post #296

Earlier quoted context omitted.

> I have noticed that most millenials seem to have completely forgotten the concept of "starter home" and assume that as soon as you turn 25 you should be entitled to a 4 bedroom house with a pool, huge yard, wonderful neighborhood, three-car garage, etc. "Starter homes" for young people is the stuff that was built 30-40 years ago that hasn't been updated. So they are buying those mcmansions because that's what was b…

>"Starter homes" for young people is the stuff that was built 30-40 years ago that hasn't been updated. So they are buying those mcmansions because that's what was built in the 80s-90s-00s. The really nice, older urban areas with housing built before that is way more expensive in absolute dollars. In my metro (DFW), the neighborhoods of houses built in the 60s/70s/80s are dwindling because nobody will buy them. There…

Sounds like the 200k houses need to come down in price.

This is another reason people are burned on "starter homes". You can't get your money out if you need to move. Cheap houses are in undesirable areas and you can't sell them, better to rent.

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

#663

Post by dandersh »

kelnos wrote: post #553
munificent wrote: post #464

I really love the quote at the end: > I'm a dad who is happy to have his daughter and fiancé living with me. They pay the utilities and make me nice meals, and it makes it a lot less lonely here. ... I like the multi-generational thing. I know it won't last forever, but it makes life better for now. It's so easy to get into that cold statistical mindset about these large-scale trends, but it's good to remember that t…

It's also useful to note that the "nuclear family" is a very Western thing, and the US takes it to an extreme. In other parts of the world it's abnormal for adults in their 20s to be living anywhere but with their parents, often even with a fiance or new spouse in the mix. The idea that having a multi-generational household means that the younger members haven't "grown up" and need to "learn to live on their own" is…

Our mother in law is staying with us due to the unexpected passing of her husband, and we have been experiencing this first hand as we look for a shared home.

Not only is there no multi-gen homes in our area (exurb an hour away from a major city) but it's difficult to find a layout where a part of the house can be a mini apartment or her own personal area. It seems like more basements are finished now and some of the design decisions have been quite odd to say the least.

Worst of all is that we're not allowed to buy some land and throw a small structure or trailer/rv on it for her. Even though it's for family it's not allowed as it could be rented out in the future.

The entire process has been stressful and aggravating, and is made worse by everyone sharing the same space working and going to school.

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

#664

Post by marktangotango »

Gunax wrote: post #300
onion2k wrote: post #197

Earlier quoted context omitted.

House prices will never fall significantly. As soon as a house enters the market at anything below the going rate it's bought by a landlord or a rental company. This will keep house prices high forever.

I also don't think this is true... We saw house prices crash 10 years ago, with many owners being convinced that housing, a finite resource, can never go down significantly.

That did certainly happen, but prices were not depressed for any significant amount of time either! Particularly at the timescale of housing transactions. It can take several months to close on a house for example.

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

#665

Post by rayiner »

munificent wrote: post #464

I really love the quote at the end: > I'm a dad who is happy to have his daughter and fiancé living with me. They pay the utilities and make me nice meals, and it makes it a lot less lonely here. ... I like the multi-generational thing. I know it won't last forever, but it makes life better for now. It's so easy to get into that cold statistical mindset about these large-scale trends, but it's good to remember that t…

Coronavirus ironically has been great for family bonding for us. We spend half our time at my parents house (who live 10 minutes away). Between four adults it’s much easier to take care of the kids, and my parents are retired and love the company. And we also enjoy spending time with them: I’ve gotten to talk to them much more than I have in a decade.

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

#666

Post by leetcrew »

TuringNYC wrote: post #658
leetcrew wrote: post #647

Earlier quoted context omitted.

I hope this doesn't come off as condescending, but I think you are missing the distinction between real and nominal value. if I just say "$200k" without qualification, that is a nominal value. if I associate that nominal value with an instant in time (a whole year can be a narrow enough window when inflation is reasonably low), it becomes a real value. when I say you would have $200k in 2020 dollars in forty years, i…

Fair, but i'd say the 6% assumption is suspiciously high in that case. I think you might be doing something like ({mean SPY return} - CPI) Except that CPI is a deviously misleading number. I wonder if the same approach applied in 1980 would come close to aligning with 2020 numbers (including healthcare, college, rent, energy, etc.) Please be brutal in your response, I want to understand if my understanding of this is…

keep in mind, this is really just a back-of-the-napkin calculation. I'm certainly not an expert on the matter, but AFAIK 6-7% is generally accepted as the real rate of return on the S&P 500 (at least historically and over long periods of time). inflation calculations are always kind of messy thing though. in reality, some goods/services increase in price much faster than others, and CPI will be very sensitive to what goods/services you choose for your basket. even when you take into account overall inflation, college tuition is vastly more expensive than it was a few decades ago. it also gets tricky when you consider that the quality of goods can increase over time. a mainstream CPU costs about the same as it did in 2000, but is way more powerful. is that deflation, or is technological advancement a separate thing? I never got far enough in economics to know the answer.

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

#667

Post by pnutjam »

tidepod12 wrote: post #366
ransom1538 wrote: post #349

Earlier quoted context omitted.

"just to buy a 3-4 bedroom" It should be noted, they don't build 2 bedroom homes anymore. I was talking to a real estate developer in Sacramento about this. New 3 bedrooms do exist, however, they would rather cram out the lot with a 5 bedroom since the cost to add on another few hundred square feet is nothing if you have the equipment and material right there. PLUS! People will go ahead and take on huge loans with th…

>It should be noted, they don't build 2 bedroom homes anymore I don't know if this is what you meant by this, but I do see this same argument come up a lot, and it's a great example of the "entitlement" I'm referring to. The only reason it would be relevant that they don't build 2 bedroom houses anymore is if you for some reason think you must have a newly built houses. The old 2 bedroom houses didn't suddenly disapp…

That's capitalism. Those 2 bedroom houses need to drop some more in price.

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

#668

Post by johnchristopher »

irrational wrote: post #480

My 21 and 23 year old daughters have moved back in with us. They stay up until the wee hours of the morning watching streaming media, then wake up mid afternoon to get on social media, eat dinner with us and then repeat. I can't wait till they leave. At least when they are living on their own I don't have to know about their bad habits.

You are taking a lot of heat for this comment. I hope things get better for everyone. In the mean time, can't nothing be done to help them get back on track ? 21/23 is still young and such habits can have a hefty price later on.

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

#669

Post by hindsightbias »

wonnage wrote: post #641
dcolkitt wrote: post #246

> Housing is more expensive for them than prior generations I harp on this constantly. But housing is not more expensive in the majority of American metros. Adjusted for inflation the median cost per square foot of new housing is almost exactly the same as it was in 1990. (This doesn't even take into account that mortgage rates are drastically lower since then.) We get skewed on this for two reasons. One is because h…

You are so, so close to understanding the problem, and then stopped at the last minute. Are you arguing that SF should be only populated by L8s at Google? Surely not. It should make financial sense for teachers and cooks and Uber drivers to live in SF, because that's how cities work. L8s are great at writing design docs for obscure CI systems but what if I want a burrito?

There were cheap burritos everywhere before tech arrived.

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

#670

Post by WarOnPrivacy »

There are 5 18-29-year-olds in this house (plus myself). Here's what we learned.

Very, very few companies will consider an applicant without a job history. Felons tend to have easier time finding employment than HS Graduates.

Which companies hire w/o job history? Applicants don't know. It's not like companies advertise their hiring bias. Sometimes word of mouth may lead you to a reasonable employer - in which case the applicant can expect to compete against countless other applicants, for the one available position.

This is reality. Part of it anyway. The rest isn't any better.

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