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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

#761

Post by klmadfejno »

prewett wrote: post #683
klmadfejno wrote: post #542

Earlier quoted context omitted.

> I have noticed that most of my fellow millennials 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. Then you've got a non representative sample. This claim is outrageous, and it's not true. Honestly it pisses me off how casually you just assert that…

> Honestly it pisses me off how casually you just assert that most millenials think this way. He never asserted anything about "most millenials" and specifically talked about his friends. If someone talking about their personal experience with their owns friends pisses you off, then you're reacting to something else.

> most of my fellow millennials 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.

and elsewhere downthread

> But these days, millennials seem to think that they are automatically entitled to live downtown in a 4 bedroom, newly renovated/constructed house with full amenities next to the main park and hip shopping center and zero crime while on an entry level salary.

Sometimes one reads things and thinks it worthy of telling the other to fuck off. Do what you want.

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

#762

Post by kradroy »

TheOtherHobbes wrote: post #447
Philip-J-Fry wrote: post #94

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…

The post-WWII generation were able to buy a house plus car/holidays/etc on one person's median working class salary. It wasn't a particularly palatial house, but the mortgage would have been paid off before retirement. But this is a direct consequence of a rent-seeking economy which uses property rights as a proxy for political influence. The British economy started being converted from an industrial economy to a pat…

>Unless there's a change in strategy - unlikely - you can expect the wealth concentration to continue in the UK, with increasing danger to the personal circumstances of any kids you have - if not to yourself if there's a serious downturn.

It's the same in the US.

>Even a 95%er is in danger of losing their property if they lose their job for an extended period if they don't live off speculative investments and rent.

I fear this the most. My husband and I make more money than the rest of our family combined (both mothers, both fathers, 4 adult siblings, their spouses), but I still feel uneasy about the future. Maybe everyone worries more during uncertain times, but being mid-career with savings/investments I never thought I'd be concerned about losing everything.

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

#763

Post by kevstev »

x87678r wrote: post #598
egh wrote: post #380

Earlier quoted context omitted.

I'm not sure what you're arguing here. The simple fact is the amount people pay for housing is up since the 1990s. You can find this data on the BLS web site: https://www.bls.gov/cex/csxmulti.htm Here is the data adjusted for constant 2020 dollars: 1992 $9,799.06 1993 $9,543.99 1994 $9,760.55 1995 $9,924.05 1996 $9,825.29 1997 $10,106.90 1998 $10,473.38 1999 $10,712.59 2000 $10,506.40 2001 $11,055.55 2002 $11,121.33…

Interesting, I've never seen that stat before. one problem is that inflation is a lot lower than before. If you borrowed a house in the 70s/80s you'd pay less each month but after 10 years that payment would be negligible, where now it still takes a big chunk out of your pay.

I have actually wondered if this is where a big chunk of our parents perceived security came from- if I buy a house, but in 4 years I am making 20-30% more, and in 20 years I am making twice what I paid for the house, life feels pretty comfortable.

We have low interest rates today, but we aren't inflating out of our debt like generations past did.

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

#765

Post by mensetmanusman »

tstrimple wrote: post #648
abnry wrote: post #533

Earlier quoted context omitted.

That's the point. The cheap fluff today was expensive stuff yesteryear, if it existed at all.

Seems like the ol' "poor people aren't really poor because they almost all have refrigerators and not even kings had refrigerators two hundred years ago!" argument.

The counter to your strawman is that you are poor if you feel poor.

Since we have proven that a majority of people feel poor (i.e. they need to earn 20% more), and that this is true even of millionaire’s, we need a different definition of poor, because something isn’t right here...

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

#766

Post by mensetmanusman »

Havoc wrote: post #456
tonyedgecombe wrote: post #113

Earlier quoted context omitted.

I’m in my mid fifties and I have never had a company pension, defined benefit or contribution. I saw my first house decline in value by 25%. We had interest rates peaking at 15%. I didn’t have student loans but only because I didn’t go to university, just like 90% of my peer group. Unemployment was much higher than it is now and schools were teaching subjects for obsolete careers. It wasn’t as rosey as it is often po…

I think you're missing how pervasive & broad the issues are these days. You mentioned you had a house. I'm fast approach the top 1-2% by income and think I can maybe swing a 1 bed apartment. It'll be borderline. Not house...apartment. ...no idea what the other 98% of my peers are doing but they sure as hell aren't buying houses. Meanwhile all the landlords I've rented from thus far where a generation older and had en…

Note that millennials only have 5% of the US wealth.

The boomers passed laws to help raise their pensions and lower their taxes. The young are paying for it.

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

#767

Post by e-dard »

MuffinFlavored wrote: post #743
Philip-J-Fry wrote: post #94

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'm a 90th percentile earner. Will 95+ percentile earner in a few years time. How much is that in the UK?

90th percentile is about £47K, 95th percentile is about £60K. Assuming gross income.

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

#768

Post by zepto »

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…

Definitely a western thing, but actually commonplace since 1200s in England.

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

#770

Post by gpapilion »

abnry wrote: post #533
vertbhrtn wrote: post #396

Earlier quoted context omitted.

Your countertops or your landlord's countertops? Because all the rest - all those iphones & vacations - is cheap fluff, really.

That's the point. The cheap fluff today was expensive stuff yesteryear, if it existed at all.

I’m not sure how cheap that is overall. For example an extra $400 a month is $100k in mortgage loan right now. It all adds up, and is easier to do if you avoid the wasteful spending.
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