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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

#881

Post by collyw »

user5994461 wrote: post #637
collyw wrote: post #13

Earlier quoted context omitted.

I will probably be going against the grain here, but I managed to rent a flat by myself while in university years ago with a part time job in a supermarket at weekends and applying for some hardship funds and other money available at the time. Rents have risen a lot since then, but is it really impossible for someone in work to be able to afford rent? Or are they insisting on living in a fashionable part of town? (Fo…

>>> but is it really impossible for someone in work to be able to afford rent? Yes. I've seen what my younger sisters and exes earned working in London in jobs like waitress or saleswoman or law. The salary simply doesn't cover rent and bills for a one bedroom. It doesn't matter how you put it, it just doesn't work.

Ok, I will give you that London prices are silly, but it isn't the norm as far as the UK goes. And again I shared a flat, why does no one under 30 expect to do this any more?

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

#882

Post by iso1631 »

user5994461 wrote: post #673
iso1631 wrote: post #176

Earlier quoted context omitted.

But that's no different to 2003 (you could have a guarantor - typically a parent - who would be on the hook for your rent if you didn't pay it) Before I started looking I was under the impression things were harder now then they were in 2003, but it seems not, at least in this one case (tiny studio/bedsits in a dodgy part of west london) -- unless asking prices on rent are massively depressed due to covid. In 2006/7…

Go check again, you got everything wrong. ^^ That flat is southeast England in the middle of nowhere. Not london, not greater london by any metric, it's nowhere.

That's a second example, literally next door to the flat I rented in 2007 in Tunbridge Wells for £800pcm

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

#883

Post by lordnacho »

prewett wrote: post #723
lordnacho wrote: post #537

Earlier quoted context omitted.

How are you ever going to be financially free from eating out less often? A meal at a restaurant costs what, $100? That's $5K a year. No holiday, another $5K maybe? Cheaper phone, ok, you don't buy the newest iPhone, so maybe you save most of a grand in relation to iPhone couples. Even the car cost is not as big as the sticker price, because it has residual value. Granted it may be a big figure, but it is also spread…

Investing $10k a year at 6% (average stock market returns are 6-8%) gives you $368k after 20 years (net increase of $297k over inflation at 2%). Even if you just saved it for ten years that's $100k. Neither are enough to retire on, but it gives you a lot more options. Even if housing increases faster than the stock market, that $10k is $800/month which could be going towards a mortgage (in addition to the rent they a…

> $368k after 20 years

Work another year or two, and you're doing just as well.

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

#884

Post by iso1631 »

jlokier wrote: post #807
iso1631 wrote: post #176

Earlier quoted context omitted.

But that's no different to 2003 (you could have a guarantor - typically a parent - who would be on the hook for your rent if you didn't pay it) Before I started looking I was under the impression things were harder now then they were in 2003, but it seems not, at least in this one case (tiny studio/bedsits in a dodgy part of west london) -- unless asking prices on rent are massively depressed due to covid. In 2006/7…

Things seem to have become more difficult to obtain in some cases. Back in 2003, nobody asked me for proof of income for renting. Just basic credit checks (which don't directly know about income or bank balances). Proof of income is more recent. (And difficult if you're self-employed with highly irregular income, I found.) If using a guarantor, a guarantor has to pass similar checks. Guarantor works a lot better for…

> Guarantor works a lot better for a young person starting out in a cheap-ass room in a shared place, whose parents expect this. For a flat and an older adult with retired parents on a low pension, or their own housing costs, not so much.

Absolutely. When my mother-in-law divorced and moved into a rented house, I was her guarantor.

I did have parents in 2003, but they lived 3000 miles away in a greek village where there was an ISDN line a 20 minute ride down the mountain, so not too practical. But this artcile is about 18-29 year olds moving in with their parents, not 50 year olds.

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

#885

Post by user5994461 »

iso1631 wrote: post #877
user5994461 wrote: post #657

Earlier quoted context omitted.

There aren't studio or one bedroom below about £1200 a month in London, closer to £1500 toward the center. You're talking about Kensington in London? That's the center and one of the most expensive location in the city. Where the fuck do you see a place for £737 in there? Either it's a flatshare (that's a bit low, must be 6+ people) or you confused 737 per month with 737 per week (that'd be £3000 a month, possible fo…

> Where the fuck do you see a place for £737 in there? The area near "West Kensington" and "Kensington Olympia" tube stations. It's technically in Hammersmith+Fulham. Kensington borough contains(ed) Grenfell, it's not one of the most expensive places in the city, it's varied, like many boroughs. https://www.rightmove.co.uk/properties/49989753#/ - £737 https://www.rightmove.co.uk/properties/66191535#/ - £758 https://w…

Wow, they are less than 3x3 meters (10x10 feet) including the corner for shower. The bed is literally touching the cooker/oven in the first one.

That explains the £737. Can't even put a desk to do your homework. Nobody would want to live there, especially with COVID.

Regular studios in student accommodations go for double that in this area. I've actually seen friends paying as much as £2000 a month, when they come from far or from abroad, don't have the luxury to visit 10 properties and landlord won't rent to students with no income.

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

#886

Post by DanBC »

user5994461 wrote: post #885
iso1631 wrote: post #877

Earlier quoted context omitted.

> Where the fuck do you see a place for £737 in there? The area near "West Kensington" and "Kensington Olympia" tube stations. It's technically in Hammersmith+Fulham. Kensington borough contains(ed) Grenfell, it's not one of the most expensive places in the city, it's varied, like many boroughs. https://www.rightmove.co.uk/properties/49989753#/ - £737 https://www.rightmove.co.uk/properties/66191535#/ - £758 https://w…

Wow, they are less than 3x3 meters (10x10 feet) including the corner for shower. The bed is literally touching the cooker/oven in the first one. That explains the £737. Can't even put a desk to do your homework. Nobody would want to live there, especially with COVID. Regular studios in student accommodations go for double that in this area. I've actually seen friends paying as much as £2000 a month, when they come fr…

Communal toilet would be a miserable experience, especially during covid-19 or winter vomiting outbreaks.

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

#887

Post by tubularhells »

LoSboccacc wrote: post #266
bleppoblepis wrote: post #179

Earlier quoted context omitted.

What makes Europe unique such that the proposition that lowered taxes would lead to greater Millenial success holds true, when the same low-tax policies applied in America seem to have yielded similar results to the European approach? If this seems like a leading question, it's not intended to be--I'm American and curious about the potential variables at play here that I'm not aware of.

the European market is a disaster for investment and entrepreneurship, that's what's holding millennial back. your average SMB reach is often regional, and the bureaucracy structure makes almost impossible for garage operations not only to go above national, but to even exist. like in sports, the size of the talent pool matters, and with an unbearable cost for entry entrepreneurship almost s losing proposition unless…

The bureaucracy part is not true in the Netherlands. Making a business and administering is easy here. In Germany, it's a nightmare.

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

#888

Post by user5994461 »

iso1631 wrote: post #882
user5994461 wrote: post #673

Earlier quoted context omitted.

Go check again, you got everything wrong. ^^ That flat is southeast England in the middle of nowhere. Not london, not greater london by any metric, it's nowhere.

That's a second example, literally next door to the flat I rented in 2007 in Tunbridge Wells for £800pcm

You said you were in London though, this is not London, this is countryside in the middle of nowhere.

Properties have increased significantly in cities but not in the desolated countryside. No argument there.

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

#889

Post by user5994461 »

collyw wrote: post #881
user5994461 wrote: post #637

Earlier quoted context omitted.

>>> but is it really impossible for someone in work to be able to afford rent? Yes. I've seen what my younger sisters and exes earned working in London in jobs like waitress or saleswoman or law. The salary simply doesn't cover rent and bills for a one bedroom. It doesn't matter how you put it, it just doesn't work.

Ok, I will give you that London prices are silly, but it isn't the norm as far as the UK goes. And again I shared a flat, why does no one under 30 expect to do this any more?

Well, people live in flatshare a lot. I don't think you can ask why they don't do it when they do it ^^

One cultural thing I noticed in London and I assume in the UK at large is the lack of studios. There are plenty of 1 bedroom but there aren't studios (200-300 sqft).

If you go to Paris for comparison, you will see an incredible amount of studios.

It makes a world of difference when you get 25+, you make a living and you want to be independent (forget about dating and getting married otherwise). In the absence of studio, you're forced to pay up a lot to get a one bedroom (more than what low end jobs earn so they're stuck with flatmates).

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

#890

Post by tubularhells »

pengaru wrote: post #604
srtjstjsj wrote: post #139

Earlier quoted context omitted.

Isn't they because your parents refuse to grow up? A roommate wouldn't tolerate that.

Not OP, but at my parents' home it's such a classical traditional division of labor that the housewife does all the cleaning, it's her domain, her full-time job. She'd be self-conscious of not doing her part (and annoying) if someone else was doing it. It wasn't even considered normal for me to cook anything in the kitchen while I still lived at home. It was like being in someone else's workshop and using all their t…

Moroccan household?
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