Millennial here, a few of my friends (we all in our 30s) still live at home because we live in a very HCOL area. The vast majority of my peers live with many friends to make the rent. The only ones who own homes left to a much cheaper state and have WFH jobs. I live in a slightly cheaper state than my home state but still a fairly HCOL area. My partner owns his home with thanks to the VA but we still need roommates to afford the mortgage. It was this or nothing and if we gonna be broke may as well be broke in a house than a shitty 1 bedroom apartment.
Ok, so the suggestion I got years ago from folks on Wallstreet. You can make greater returns on your money outside of realestate. Invest in realestate only to reduce your tax burden if that ever comes up.
Otherwise, stop following the sheeple, the dream, and focus on having your money work over time. Time in market is key.
Yeah…we been following that advise since we were teens. Some of us have fat portfolios and still can’t afford our home towns. That’s why most of us left for cheaper states. We took the money and ran and gave up on living where we grew up
In fact I work a ton of overtime at my full time job as well as a 2nd side hustle and still barely stay above inflation. My entire adult life I’ve worked 2-4 jobs. At least where I live now I only need 2 jobs not 4.
Yikes, yeah, that is unfortunate. That is such a beautiful city but is absolutely the worst city in the country for home ownership. Hopefully your an only child and can inherit your parents home lol.
Yeah it’s rough my grandparents came to this county in the 50s and bought a home right away. Grandma was stay at home parent grandpa worked in a steel mill and construction. Raised two kids had dogs chickens cars and owned two homes (the one we grew up in and a neighboring house a block away where eventually my aunt and uncle moved into with my cousins). Growing up in the 90s was great we had friends and played in the street lots of safe fun things to do.
My mom put herself through college with summer jobs and worked in corporate for years. While my aunt and uncle didn’t do college but aunt worked in a school uncle was an electrician but inheriting the homes really is what saved them during the 08 crash. All those friends and neighboring kids packed up and left after the evictions and we were only saved because of grandparents passing those homes down (all the adults lost their jobs). We kids were taught scrimp and save and you’ll be ok.
Well fast forward to now, not a single one of us kids lives anywhere near where we grew up. Can’t afford to. Half of us went to college the other half went into trades. We all make decent money but cost of living was always three steps ahead. Now the parents are upset we all moved away and don’t understand why we “couldn’t make it”. We did our investing and saving but our dollars go much further in other states and time zones away. Plus SF isn’t what it was when we grew up it’s so much more dangerous and gross. The zombies on drugs screaming into the sky have just taken over and sure it’s sad but like you can’t walk to work downtown because the shanty towns are in the way.
TLDR the homes will be passed down to me my siblings and cousins but none of us really want to go back so we’ll most likely sell our immigrant family homes and split the money.
Bonus; out of the 6 of us kids (me my siblings and cousins) only two of us have children. My sister has 2 kids one cousin has one kid. The rest of us can’t afford kids and the two that did have them live in dirt cheap states where it’s possible. The parents wonder why we don’t have kids or live near where we grew up 😂😭
I married a foreigner and even though I make over $100k, trying to support a family of 3 with my income and my wife making $20/hour, we feel poor as hell and can’t afford to buy a respectable house anywhere. Meanwhile my parents live in a million dollar house and have never had a mortgage over $2000 because of real estate appreciation over the past 40 years.
My wife and I (30F/M) have a combined $110k income, and our finances feel very tight after buying a $325k home. The economy is just not great right now.
Partner and I make a combined $195K, bought a $395K home with 20% down, that was supposed to be our modest option but with corporations raising the price of literally everything I still feel like we're stretched thin.
How do you react? Do you blame the system as being fucked and think you're a victim? Or see it as supply and demand and respect you must be open to adapt?
Lol all of the above, guess it depends on my mood on a particular day. I don’t think supply would be an issue if corporations/hedge funds didn’t get involved in real estate investing. Everyone is trying to get rich by buying additional properties these days, to me that’s the biggest problem. But that’s just a personal opinion and more of a guess than anything backed by facts.
Well if makes you feel better, millenials are bigger than the baby boomers AND baby boomers are living longer and yes there is greater institutional investing in homes...
How is this not being addressed by the Congress. This is not about housing for poor anymore. This is HOUSING PERIOD.
Ban companies and ban foreigners from buying property in US Tier 1,2,3,4,5 cities. Enforce physical residency requirements on bought property.
Expand the Section 8 housing program to all Americans and for all sorts of housing (not just Government housing)
Anyone screaming Capitalism, hold your breath for 15 mins before typing again.
How does someone rent an apartment in one of your Tier 1-5 cities unless some kind of corporate entity owns it. How do apartment buildings get built except with companies building them?
Millennial here. It’s about 50/50. Half of my friends own a home and the other half do not. They own in high and low cost areas. When someone moves home with their parents it isn’t because they “failed.” Multi generational living saves a lot of money, gives you free child care, and allows you to take care of aging parents or disabled siblings. Much of the entire world lives in multigenerational households. It’s not a bad thing. Judge not, lest ye be judged.
It’s a knock out of some of the biggest life costs you can rack up. Child care and elder care can easily be worth a mortgage for some people. Not to mention babysitting pet sitting shared cleaning duties etc. Costs that don’t catch up with you until your older.
I know so many people in my millennial/GenZ age bracket that live with their parents:
* Twice divorced mom who spends about 2-3 years at a title loan payday place before getting upset with management and leaving for another. She was living in a trailer, but upon her most recent divorce, she has moved back in with her parents in her childhood home. 40 years old and never owned a home.
* Couple that's friends with my wife, they live with his parents now in the Mid-West. It drives the wife insane because the MIL constantly badgers her about how she raises the children. But, the husband has an online gambling addiction and recently blew $20k in what they were saving for a home....on a motorcycle.
I could go on, but you get the picture.
I actually own my home. I bought it for 10k seven years ago and we did a complete remodel ourselves. I was a single Mom for most of my adult life so didn't save a lot. I have some money but not enough to retire.
Millennial here, a few of my friends (we all in our 30s) still live at home because we live in a very HCOL area. The vast majority of my peers live with many friends to make the rent. The only ones who own homes left to a much cheaper state and have WFH jobs. I live in a slightly cheaper state than my home state but still a fairly HCOL area. My partner owns his home with thanks to the VA but we still need roommates to afford the mortgage. It was this or nothing and if we gonna be broke may as well be broke in a house than a shitty 1 bedroom apartment.
it's the haves and the have nots. Anecdotally, I have friends that went to grad school and are doing great, I have friends that only got a high school diploma and are doing great, I have friends that got their bachelors, went on to additional schooling for a particular career and are still struggling to get out of their parents house. Friends who just recently in their late 30's got out of their parents house cause they found a long term partner.
Circumstances and opportunities vary a ton. young millennials and the next gen got dealt a shit hand in terms of skyrocketing education costs, cost of living increases, shit landscape in terms of upward mobility in the job market, skyrockets home prices and mortgage rates. It's hard enough to make the math work for a single person to get a 1 bedroom apartment anywhere that isn't in the sticks, buying a home in the current market if your not well into the 6 figure income demographic is a pipedream and I don't see that landscape changing anytime soon
ding ding ding. i bet their parents gave them a nice chunk of change for their high school graduation, college graduation, and down payment on their house, but they’ll tell you they’ve worked hard for everything they have. oops i forgot that their parents also helped them get their cushy job.
I think it was your other post going on about how you have never had to work a minimum wage job in your life, that just screams silver spoon to me honestly. Can't really be giving advice if your life was that easy, not everyone has the k-12 guidance and support system from their family and the safety net to hit the ground running at 18 without worrying about getting a job and never really having to struggle for anything.
Many people started working minimum wage jobs at 15-16 and didn't have the luxury of being able to just focus on school, not to mention not everyone works in a comparatively overcompensated field like tech which will be changing soon with the advancements in AI.
Most people are better at making excuses than making plans. If a person works a average or below average job and lives in a HCOL area no shit they’ll struggle. If people would work within the constrains of the system vs bitching about it all the time they’d be better off.
Ye, me and my boys got homes. But we have boomer parents that put 50% down plus. thats the scoop fam. If you went who has homes no >80% downpayment help? hahahhahahahahahahahhahahah rip
Millennial here, my friends and I pretty much all own our homes (we all in our 30s). We all live in or adjacent to major MCOL or HCOL cities. We all work white collar jobs, some degree of hybrid. Some households are single income. None of my friends my age live at home or has in the past decade or so.
32yo here. laid off back to back from six figure jobs this year and had to move back into my parents home this is me. It’s been so hard. Life doesn’t stop bills need to be paid car breaks down health emergencies happen I’ve burned through my life savings despite severance
its a free country so if you dont like living with parents why not get phd in computer science or other degree??? plenty of money to be made if you want.
Millennial here. I know several people who did a gender studies degree (very few people MAJOR in gender studies, but a lot of women do minors or whatever). Most of them are making 6 figures or close to it. Some are full time professors or lawyers or other blah blah jobs. It’s mostly about the quality of the school and the overall education and the overall drive of the individual. Not roasting you for roasting gender studies, but you’re making a generalization that this isn’t true across the board.
Sounds like a case of getting a degree with a C-average, probably in something useless and then getting out in the real world with no clue how to earn a living.
Poor parenting, and a lack of personal responsibility.
Not all blue collar workers are paid a low wage. In fact of you learn a skilled trade, you can quite well. You won't be big ballin' but certainly ballin' on a budget.
I mean in my line of work 600k is attainable, but most people won't ever see anything close to that, however more 100k is basically the rule after 5 years of experience, what percentage of blue collar workers will get 100k?
What about them?
They presumably had the benefit of 4 *extra* years in the full time job market and still they can't figure out a way to earn a living?
Other people are figuring it out, what are they doing wrong?
It’s obvious most people suck at managing their money. I think the number is like 50% of Americans can’t afford a 1k emergency expense. It’s perfectly normal to have few assets when you’re first getting going but man once you’re in your 30s you better not still be living paycheck to paycheck.
You know what you call a medical student who barely got a passing grade all through college?
Doctor.
I'm not saying there isn't a large chunk of people being too lazy to bother googling for 5 minutes in the prospect of their chosen degree, but the economy and wages are still pretty fucked even if you do everything right. College by itself is wildly more expensive than it ever was for previous generations, and houses are unaffordable to people making nearly double the national average. Inflation is screwing those who already had huge swathes of savings and fallbacks, for those just starting their lives with no assets, it's making life impossible.
You should be asking why the cost of a college degree has increased at several times the rate of inflation. Universities
are hardly bastions of capitalism, they are generally at the far left reaches of society.
Not in their operation lmao - American Universities cornerstones of capitalism when you actually look at their operations and utility for capitalists. I don’t even need to zoom in: food, gas, housing, clothing, education, medical care, and everything else we rely on are way more expensive even accounting for inflation.
This is nothing more than gaslighting as it's obviously false that "*all* of a societies young people are facing the same problems."
*Some* are not doing well. But plenty of young people are doing just fine...even great.
Which should put the argument that it's notably systemic to rest.
Do you have stats on the ratio of “doing well vs not doing well” and have you done an in depth study on the factors playing into each category and where the origins of those factors are?
Guess what buddy, the world isn’t black and white.
Ah the cognitive dissonance is strong with you - so you just think an entire generation is lazy and it’s stops at that. There’s nothing external that might be putting undue pressure and that laziness totally started with them. We’re just lazy! That’s it!! You figured it out bud!!!
You still didn’t provide any sort of evidence or data to back up your claim that more young people are doing better than worse - and I’ll bet you have absolutely no clue about the factors playing into each category
Your reading comprehension is ATROCIOUS.
>so you just think an entire generation is lazy and it’s stops at that.
NO! Again with you and thinking in black and white absolutes. This is the OPPOSITE of what I'm saying.
SOME people are lazy...in any generation that's true.
> You still didn’t provide any sort of evidence or data to back up your claim that more young people are doing better than worse - and I’ll bet you have absolutely no clue about the factors playing into each category
I would love to have a back-and-forth conversation on the topic. But you've made it repeatedly clear you are unwilling or unable to comprehend even BASIC ideas instead choosing to dramatically misrepresent them.
You said “some are not doing well, many are doing just fine”. Please provide the evidence to support your claim rather than derailing the conversation into an emotion based one. Then we can talk about the factors playing into those statistics and better identify what is causing this society wide problem.
You can come up with whatever excuse to not partake in this conversation but numbers are the only things that matter here.
Compared to what previous generations were subjected to millennials are hardly subjected to undue pressures. You did not grow up during the depression, or have to fight a world war. You were never subjected to the draft. Your main complaint is that you have to repay the loans you borrowed for your college education.
You’re right man I started life in a military propaganda state after one of the largest terrorist attacks ever, finished elementary school with the worst financial crisis since the depression, went through middle and high school surrounded by an incredibly toxic unchecked social media, unprecedented school violence, and finished college with the worst pandemic since 1918 (which the government actively made worse) that once again wrecked the economy and sent every social norm that I was told I can rely on out the window. I’m not even gonna approach the (again unprecedented) wealth inequality that I’m now starting my adult life with. Boomers enjoyed the greatest economy humans have ever created and every generation after has been dealt worse and worse cards.
It’s just short sighted to say millennials and gen z haven’t been through anything.
Boomers lived through 9/11, the financial crisis, and the pandemic too. The economy was horrible in the late 1970s and early 1980s. Far worse than it is now. Social Security was going broke then, at that time I didn’t expect it to be around when I was ready to retire either. I have two daughters ages 26 and 28. In many ways they are much better off than my wife and I were at their ages. Their expectations are much higher too. Rents and housing costs are too high, but eventually there will be a correction. Nothing goes up forever.
Buddy I suggest you just look at the charts and remove your own personal bias from your considerations. Numbers tell the story of an entire generation not just a few anecdotes. Boomers, as a whole, delighted in the greatest economy in history, built pensions and 401k’s and have had, overall, more economic opportunity than any generation and gen Z’s are now starting their adult financial lives in runaway inflation, lower incomes due to said inflation, completely inflated costs of living, and an unprecedented student debt crisis. We were told college would make us more money and we’d have the American dream. That really ain’t happenin’.
The youngest Gen Z's are like 11 or 12 now. But yeah... the youngest Millenials should be about 27.
I feel like this is a parenting choice. I love my kids but unless there is some kind of disability involved, I will not be financially supporting them when they are 27. By then, they will have either completed the education and/or training required to obtain employment that will support their chosen lifestyle, or they will be looking for unskilled labor positions. Neither of those things require me to house them or pay their bills.
If one of the kids got in a situation where they are financially ruined by some unforseen circumstance and need help getting back on their feet, that's completely different than "I can't find employment that supports the lifestyle I want to live, so I'm just going to live here until I figure that out."
Yeah I guess I don't think the current economy is bad at all. There is a ton of work out there. I can't wrap my brain around what kind of lifestyle you could be leading at 27 years old, with no spouse or children, that you can't find work to support. It might not be the kind of work you want to do, but sometimes you need to suck it up and do something that sucks to pay the bills.
If I'm wrong, please explain how the current economy is so bad that people can't find jobs to support a young person's lifestyle.
I couldn’t afford an apartment in my hometown at my salary (over $50k per year) when I moved back in with my parents. Not sure what would have expected me to do? Move 1000 miles away?
I was living with my ex in my hometown and my parents live there. Was it a *need* ? Possibly not? But what else would make sense.
And yes, affordable housing was literally 100s of miles away, and would mean I’d have to quit my job and find a new one. On top of moving - which is expensive in itself.
I am assuming you do not have older kids. My kids are gen Z. They are welcome to live in my house until I downsize. Both are in college, one will graduate 🧑🎓 shortly then is off to law school for another 3 years. Like I said, they will always have a home with me while I am able. I had kids because I chose to and have zero problems helping them while on their way. I also have zero problems letting them live in my house and save for a home of their own.
I have 2 kids in college. I have 3 more that aren't there yet. While they are getting their education, yes, I will support them where they need help. But once they are out of school, they need to either get a job in their field, which shouldn't be a problem for them based on what they chose to study, or they will need to find work they don't especially like to make ends meet. If they are really in a jam, yeah, they can stay here for a month or so, but only until they can afford to leave again, and you can bet I'd be on their asses to make looking for a job their full time job. I'll even help them by leveraging my network.
You mention downsizing, and that's sort of where I am now. But I am trying to build up the place I will eventually retire to while still maintaining the place we live now. It's difficult financially, but I chose this lifestyle, and if I fall short, I'm certainly not going to ask my parents for money to pay for it.
The way you talk it sounds like you’ve had plenty of help from your parents already.
And before you judge. I’m a millennial that probably makes more money than you do, am I doing okay? Sure. Would I be doing a lot better in the economy you grew up in and obviously took for granted that you still think exists? Absolutely.
I am 45 years old, so late Gen-X. My parents gave me $2500 when I graduated from high school and told me to do whatever I wanted to with it, but that's all they could afford to give me. I put myself through college working two jobs in the summer and one during the school year, and loans to cover the rest. It took me 7 years to graduate because I was working and didn't want to build up too much debt. After school I got an entry level IT job, and eventually married a preschool teacher. We couldn't afford to start a family making what we made in Columbus, Ohio, so we moved to a lower cost-of-living place. I lost my mid-level IT job in the 2008 recession and worked 2 shit jobs to support my family until the economy improved and I was back on my feet. Since then, I have lost jobs, found better ones, and worked ones I hated to advance in my career to a point that I can afford my home, raise my 5 kids, have a 6-month savings buffer, save for retirement, and save enough that I can actually help my kids out with school, on a single income. Yeah, you probably make more money than I do, but I don't think the economy I got my education in and grew my career in is that much different from today. If I had to completely start over, I am pretty sure I would be better off right out of college than I was back then because the educational opportunities are there. Hell, my oldest son is going to graduate from college with very little debt because he made applying for scholarships a full time job his senior year of high school, and found a co-op program that is going to cover his tuition his last 2 years of school and give him a job when he graduates, making probably 80% of what I'm making now, 20 years into my career. I only wish I had those opportunities, or knew about them.
College tuition has risen 179% since you were in college.
Median house price in 1995 - 133K
Median house price in 2022 - 454K
Let’s also keep in mind with inflation the minimum wage while higher (by a few dollars) actually covers far less than it did when you were in school, and inflation has caused the cost of everything to go up far beyond the rate of wage increases.
Something tells me you’re not informed of just how much things *have changed*.
Sorry, but I think you’re delusional.
Renting a place, having a car, having a kid, having toys - those are lifestyle choices.
If your full time job doesn't cover the lifestyle you've chosen, you either need to lower your lifestyle or get a better job. If I kid comes to me and asks if he can have his old room back while he pursues some training that results on more gainful employment, I'm all for it. But if he doesn't want to put the work in to find a better gig, I'm going to tell him to move somewhere with a lower cost of living so his income will support the lifestyle he has chosen.
Listen this is stupid click bait material. Including Gen Z is absurd and then millennial are not in the majority of living at home with their parents. There are Gen X who still live with their parents too. And Boomers are up for retirement and dying soon. These articles are a waste of time.
r/titlegore
Seriously. Someone skipped out on Hooked on Phonics back in the day
Hmm..Maybe you are right about that..But I think we should atleast learned more about this content.
Or maybe 'Hooked on a Phonics' DIDN'T work for them.
This is the big problem on our world..How the government find a solution about this problem.
Shit in your hat.
Millennial here, a few of my friends (we all in our 30s) still live at home because we live in a very HCOL area. The vast majority of my peers live with many friends to make the rent. The only ones who own homes left to a much cheaper state and have WFH jobs. I live in a slightly cheaper state than my home state but still a fairly HCOL area. My partner owns his home with thanks to the VA but we still need roommates to afford the mortgage. It was this or nothing and if we gonna be broke may as well be broke in a house than a shitty 1 bedroom apartment.
Ok, so the suggestion I got years ago from folks on Wallstreet. You can make greater returns on your money outside of realestate. Invest in realestate only to reduce your tax burden if that ever comes up. Otherwise, stop following the sheeple, the dream, and focus on having your money work over time. Time in market is key.
Yeah…we been following that advise since we were teens. Some of us have fat portfolios and still can’t afford our home towns. That’s why most of us left for cheaper states. We took the money and ran and gave up on living where we grew up In fact I work a ton of overtime at my full time job as well as a 2nd side hustle and still barely stay above inflation. My entire adult life I’ve worked 2-4 jobs. At least where I live now I only need 2 jobs not 4.
Where did you grow up if you don't mind?
Sf 🥲 born and raised. Absolutely no where nearby is affordable on your own unless you pull in over 300
Yikes, yeah, that is unfortunate. That is such a beautiful city but is absolutely the worst city in the country for home ownership. Hopefully your an only child and can inherit your parents home lol.
Yeah it’s rough my grandparents came to this county in the 50s and bought a home right away. Grandma was stay at home parent grandpa worked in a steel mill and construction. Raised two kids had dogs chickens cars and owned two homes (the one we grew up in and a neighboring house a block away where eventually my aunt and uncle moved into with my cousins). Growing up in the 90s was great we had friends and played in the street lots of safe fun things to do. My mom put herself through college with summer jobs and worked in corporate for years. While my aunt and uncle didn’t do college but aunt worked in a school uncle was an electrician but inheriting the homes really is what saved them during the 08 crash. All those friends and neighboring kids packed up and left after the evictions and we were only saved because of grandparents passing those homes down (all the adults lost their jobs). We kids were taught scrimp and save and you’ll be ok. Well fast forward to now, not a single one of us kids lives anywhere near where we grew up. Can’t afford to. Half of us went to college the other half went into trades. We all make decent money but cost of living was always three steps ahead. Now the parents are upset we all moved away and don’t understand why we “couldn’t make it”. We did our investing and saving but our dollars go much further in other states and time zones away. Plus SF isn’t what it was when we grew up it’s so much more dangerous and gross. The zombies on drugs screaming into the sky have just taken over and sure it’s sad but like you can’t walk to work downtown because the shanty towns are in the way. TLDR the homes will be passed down to me my siblings and cousins but none of us really want to go back so we’ll most likely sell our immigrant family homes and split the money. Bonus; out of the 6 of us kids (me my siblings and cousins) only two of us have children. My sister has 2 kids one cousin has one kid. The rest of us can’t afford kids and the two that did have them live in dirt cheap states where it’s possible. The parents wonder why we don’t have kids or live near where we grew up 😂😭
Yeah it's shitty that we can't afford to live in the area we were raised in. It's dumb.
U must have financially illiterate friends
I married a foreigner and even though I make over $100k, trying to support a family of 3 with my income and my wife making $20/hour, we feel poor as hell and can’t afford to buy a respectable house anywhere. Meanwhile my parents live in a million dollar house and have never had a mortgage over $2000 because of real estate appreciation over the past 40 years.
My wife and I (30F/M) have a combined $110k income, and our finances feel very tight after buying a $325k home. The economy is just not great right now.
Partner and I make a combined $195K, bought a $395K home with 20% down, that was supposed to be our modest option but with corporations raising the price of literally everything I still feel like we're stretched thin.
How do you react? Do you blame the system as being fucked and think you're a victim? Or see it as supply and demand and respect you must be open to adapt?
Lol all of the above, guess it depends on my mood on a particular day. I don’t think supply would be an issue if corporations/hedge funds didn’t get involved in real estate investing. Everyone is trying to get rich by buying additional properties these days, to me that’s the biggest problem. But that’s just a personal opinion and more of a guess than anything backed by facts.
Well if makes you feel better, millenials are bigger than the baby boomers AND baby boomers are living longer and yes there is greater institutional investing in homes...
Economy gets rigged. Headline: why are there statistically many doing poorly when we purposefully rigged it to be this way???
How is this not being addressed by the Congress. This is not about housing for poor anymore. This is HOUSING PERIOD. Ban companies and ban foreigners from buying property in US Tier 1,2,3,4,5 cities. Enforce physical residency requirements on bought property. Expand the Section 8 housing program to all Americans and for all sorts of housing (not just Government housing) Anyone screaming Capitalism, hold your breath for 15 mins before typing again.
How does someone rent an apartment in one of your Tier 1-5 cities unless some kind of corporate entity owns it. How do apartment buildings get built except with companies building them?
lmao
Millennial here. It’s about 50/50. Half of my friends own a home and the other half do not. They own in high and low cost areas. When someone moves home with their parents it isn’t because they “failed.” Multi generational living saves a lot of money, gives you free child care, and allows you to take care of aging parents or disabled siblings. Much of the entire world lives in multigenerational households. It’s not a bad thing. Judge not, lest ye be judged.
Gen X here and I live with my mom. We own the home 50/50 and share utilities. It works well for us and I know I am blessed.
Yeah but how do you get laid
Oh I've had plenty in my life. Celibate by choice now.
It’s a knock out of some of the biggest life costs you can rack up. Child care and elder care can easily be worth a mortgage for some people. Not to mention babysitting pet sitting shared cleaning duties etc. Costs that don’t catch up with you until your older.
I know so many people in my millennial/GenZ age bracket that live with their parents: * Twice divorced mom who spends about 2-3 years at a title loan payday place before getting upset with management and leaving for another. She was living in a trailer, but upon her most recent divorce, she has moved back in with her parents in her childhood home. 40 years old and never owned a home. * Couple that's friends with my wife, they live with his parents now in the Mid-West. It drives the wife insane because the MIL constantly badgers her about how she raises the children. But, the husband has an online gambling addiction and recently blew $20k in what they were saving for a home....on a motorcycle. I could go on, but you get the picture.
With friends like that...
with a title like that op somehow i think it may be you and not the economy preventing you from moving out
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Did you not buy a house when it was $7000 dollars? Did you not invest a dime into retirement?
I actually own my home. I bought it for 10k seven years ago and we did a complete remodel ourselves. I was a single Mom for most of my adult life so didn't save a lot. I have some money but not enough to retire.
Millennial here, a few of my friends (we all in our 30s) still live at home because we live in a very HCOL area. The vast majority of my peers live with many friends to make the rent. The only ones who own homes left to a much cheaper state and have WFH jobs. I live in a slightly cheaper state than my home state but still a fairly HCOL area. My partner owns his home with thanks to the VA but we still need roommates to afford the mortgage. It was this or nothing and if we gonna be broke may as well be broke in a house than a shitty 1 bedroom apartment.
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it's the haves and the have nots. Anecdotally, I have friends that went to grad school and are doing great, I have friends that only got a high school diploma and are doing great, I have friends that got their bachelors, went on to additional schooling for a particular career and are still struggling to get out of their parents house. Friends who just recently in their late 30's got out of their parents house cause they found a long term partner. Circumstances and opportunities vary a ton. young millennials and the next gen got dealt a shit hand in terms of skyrocketing education costs, cost of living increases, shit landscape in terms of upward mobility in the job market, skyrockets home prices and mortgage rates. It's hard enough to make the math work for a single person to get a 1 bedroom apartment anywhere that isn't in the sticks, buying a home in the current market if your not well into the 6 figure income demographic is a pipedream and I don't see that landscape changing anytime soon
I ate today so world hunger doesn’t exist
You sound like an entitled little shit who lives in a fucking bubble
ding ding ding. i bet their parents gave them a nice chunk of change for their high school graduation, college graduation, and down payment on their house, but they’ll tell you they’ve worked hard for everything they have. oops i forgot that their parents also helped them get their cushy job.
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I think it was your other post going on about how you have never had to work a minimum wage job in your life, that just screams silver spoon to me honestly. Can't really be giving advice if your life was that easy, not everyone has the k-12 guidance and support system from their family and the safety net to hit the ground running at 18 without worrying about getting a job and never really having to struggle for anything. Many people started working minimum wage jobs at 15-16 and didn't have the luxury of being able to just focus on school, not to mention not everyone works in a comparatively overcompensated field like tech which will be changing soon with the advancements in AI.
Most people are better at making excuses than making plans. If a person works a average or below average job and lives in a HCOL area no shit they’ll struggle. If people would work within the constrains of the system vs bitching about it all the time they’d be better off.
Ye, me and my boys got homes. But we have boomer parents that put 50% down plus. thats the scoop fam. If you went who has homes no >80% downpayment help? hahahhahahahahahahahhahahah rip
But they have to keep up with their friends and online personalities and experience the hustle and bustle of living in a big city.
Shit in your hat.
Millennial here, my friends and I pretty much all own our homes (we all in our 30s). We all live in or adjacent to major MCOL or HCOL cities. We all work white collar jobs, some degree of hybrid. Some households are single income. None of my friends my age live at home or has in the past decade or so.
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Capitalism syndrome.
The country failed to launch…
How many minimum wage hours did you need to buy an average house and to pay college tuition when you were 18?
When were minimum wage workers able to buy a house? I must have missed that.
When it started.
Yeah no lol
32yo here. laid off back to back from six figure jobs this year and had to move back into my parents home this is me. It’s been so hard. Life doesn’t stop bills need to be paid car breaks down health emergencies happen I’ve burned through my life savings despite severance
its a free country so if you dont like living with parents why not get phd in computer science or other degree??? plenty of money to be made if you want.
Should have gotten the STEM or business school degree instead of gender studies.
Millennial here. I know several people who did a gender studies degree (very few people MAJOR in gender studies, but a lot of women do minors or whatever). Most of them are making 6 figures or close to it. Some are full time professors or lawyers or other blah blah jobs. It’s mostly about the quality of the school and the overall education and the overall drive of the individual. Not roasting you for roasting gender studies, but you’re making a generalization that this isn’t true across the board.
I’ve been told this before, but can’t find any successful gender majors except for the Academics.
Being an academic isn't successful? "I don't know any successful people accept for the success ones" do you hear yourself
I have a mech eng degree and let me tell you, the field is oversaturated
Sounds like a case of getting a degree with a C-average, probably in something useless and then getting out in the real world with no clue how to earn a living. Poor parenting, and a lack of personal responsibility.
What about the ones who didn't go to college and are in the same boat due to low wages for blue collar workers?
Not all blue collar workers are paid a low wage. In fact of you learn a skilled trade, you can quite well. You won't be big ballin' but certainly ballin' on a budget.
What percentage of blue collar workers make 6 figures?
If you're a union tradesman it's definitely attainable. If you're a power plant operator it's very common.
I mean in my line of work 600k is attainable, but most people won't ever see anything close to that, however more 100k is basically the rule after 5 years of experience, what percentage of blue collar workers will get 100k?
What about them? They presumably had the benefit of 4 *extra* years in the full time job market and still they can't figure out a way to earn a living? Other people are figuring it out, what are they doing wrong?
It’s obvious most people suck at managing their money. I think the number is like 50% of Americans can’t afford a 1k emergency expense. It’s perfectly normal to have few assets when you’re first getting going but man once you’re in your 30s you better not still be living paycheck to paycheck.
You know what you call a medical student who barely got a passing grade all through college? Doctor. I'm not saying there isn't a large chunk of people being too lazy to bother googling for 5 minutes in the prospect of their chosen degree, but the economy and wages are still pretty fucked even if you do everything right. College by itself is wildly more expensive than it ever was for previous generations, and houses are unaffordable to people making nearly double the national average. Inflation is screwing those who already had huge swathes of savings and fallbacks, for those just starting their lives with no assets, it's making life impossible.
So you see an entire generation - all of a societies young people facing the same problems and you don’t think the issue could possibly be systemic?
Because this person is complicit in the problem, and thus wants to gaslight the rest of us by blaming us for their failure smh
You should be asking why the cost of a college degree has increased at several times the rate of inflation. Universities are hardly bastions of capitalism, they are generally at the far left reaches of society.
Not in their operation lmao - American Universities cornerstones of capitalism when you actually look at their operations and utility for capitalists. I don’t even need to zoom in: food, gas, housing, clothing, education, medical care, and everything else we rely on are way more expensive even accounting for inflation.
This is nothing more than gaslighting as it's obviously false that "*all* of a societies young people are facing the same problems." *Some* are not doing well. But plenty of young people are doing just fine...even great. Which should put the argument that it's notably systemic to rest.
Do you have stats on the ratio of “doing well vs not doing well” and have you done an in depth study on the factors playing into each category and where the origins of those factors are? Guess what buddy, the world isn’t black and white.
The only person implying things are black and white here is you my friend: "all of a societies young people facing the same problems"
Ah the cognitive dissonance is strong with you - so you just think an entire generation is lazy and it’s stops at that. There’s nothing external that might be putting undue pressure and that laziness totally started with them. We’re just lazy! That’s it!! You figured it out bud!!! You still didn’t provide any sort of evidence or data to back up your claim that more young people are doing better than worse - and I’ll bet you have absolutely no clue about the factors playing into each category
Your reading comprehension is ATROCIOUS. >so you just think an entire generation is lazy and it’s stops at that. NO! Again with you and thinking in black and white absolutes. This is the OPPOSITE of what I'm saying. SOME people are lazy...in any generation that's true. > You still didn’t provide any sort of evidence or data to back up your claim that more young people are doing better than worse - and I’ll bet you have absolutely no clue about the factors playing into each category I would love to have a back-and-forth conversation on the topic. But you've made it repeatedly clear you are unwilling or unable to comprehend even BASIC ideas instead choosing to dramatically misrepresent them.
You said “some are not doing well, many are doing just fine”. Please provide the evidence to support your claim rather than derailing the conversation into an emotion based one. Then we can talk about the factors playing into those statistics and better identify what is causing this society wide problem. You can come up with whatever excuse to not partake in this conversation but numbers are the only things that matter here.
Compared to what previous generations were subjected to millennials are hardly subjected to undue pressures. You did not grow up during the depression, or have to fight a world war. You were never subjected to the draft. Your main complaint is that you have to repay the loans you borrowed for your college education.
You’re right man I started life in a military propaganda state after one of the largest terrorist attacks ever, finished elementary school with the worst financial crisis since the depression, went through middle and high school surrounded by an incredibly toxic unchecked social media, unprecedented school violence, and finished college with the worst pandemic since 1918 (which the government actively made worse) that once again wrecked the economy and sent every social norm that I was told I can rely on out the window. I’m not even gonna approach the (again unprecedented) wealth inequality that I’m now starting my adult life with. Boomers enjoyed the greatest economy humans have ever created and every generation after has been dealt worse and worse cards. It’s just short sighted to say millennials and gen z haven’t been through anything.
Boomers lived through 9/11, the financial crisis, and the pandemic too. The economy was horrible in the late 1970s and early 1980s. Far worse than it is now. Social Security was going broke then, at that time I didn’t expect it to be around when I was ready to retire either. I have two daughters ages 26 and 28. In many ways they are much better off than my wife and I were at their ages. Their expectations are much higher too. Rents and housing costs are too high, but eventually there will be a correction. Nothing goes up forever.
Buddy I suggest you just look at the charts and remove your own personal bias from your considerations. Numbers tell the story of an entire generation not just a few anecdotes. Boomers, as a whole, delighted in the greatest economy in history, built pensions and 401k’s and have had, overall, more economic opportunity than any generation and gen Z’s are now starting their adult financial lives in runaway inflation, lower incomes due to said inflation, completely inflated costs of living, and an unprecedented student debt crisis. We were told college would make us more money and we’d have the American dream. That really ain’t happenin’.
Of course they are!! Most are underage or in college.
I feel like you don’t know the ages of current millennials. The cut off date was 1996. So the youngest is 27 right now …
The youngest Gen Z's are like 11 or 12 now. But yeah... the youngest Millenials should be about 27. I feel like this is a parenting choice. I love my kids but unless there is some kind of disability involved, I will not be financially supporting them when they are 27. By then, they will have either completed the education and/or training required to obtain employment that will support their chosen lifestyle, or they will be looking for unskilled labor positions. Neither of those things require me to house them or pay their bills.
What if they escape an abusive relationship and come back to live with you for a year at age 38? Asking for very specifically me.
If one of the kids got in a situation where they are financially ruined by some unforseen circumstance and need help getting back on their feet, that's completely different than "I can't find employment that supports the lifestyle I want to live, so I'm just going to live here until I figure that out."
Why? Don’t you feel like the current economy is an unforeseen circumstance?
Yeah I guess I don't think the current economy is bad at all. There is a ton of work out there. I can't wrap my brain around what kind of lifestyle you could be leading at 27 years old, with no spouse or children, that you can't find work to support. It might not be the kind of work you want to do, but sometimes you need to suck it up and do something that sucks to pay the bills. If I'm wrong, please explain how the current economy is so bad that people can't find jobs to support a young person's lifestyle.
I couldn’t afford an apartment in my hometown at my salary (over $50k per year) when I moved back in with my parents. Not sure what would have expected me to do? Move 1000 miles away?
Did you need to live in your hometown for some reason? Is the closest affordable housing 1000 miles away?
I was living with my ex in my hometown and my parents live there. Was it a *need* ? Possibly not? But what else would make sense. And yes, affordable housing was literally 100s of miles away, and would mean I’d have to quit my job and find a new one. On top of moving - which is expensive in itself.
I bet if you give me the name of that town, I’ll find an apartment in no time.
Carlisle, MA - go!
I am assuming you do not have older kids. My kids are gen Z. They are welcome to live in my house until I downsize. Both are in college, one will graduate 🧑🎓 shortly then is off to law school for another 3 years. Like I said, they will always have a home with me while I am able. I had kids because I chose to and have zero problems helping them while on their way. I also have zero problems letting them live in my house and save for a home of their own.
I have 2 kids in college. I have 3 more that aren't there yet. While they are getting their education, yes, I will support them where they need help. But once they are out of school, they need to either get a job in their field, which shouldn't be a problem for them based on what they chose to study, or they will need to find work they don't especially like to make ends meet. If they are really in a jam, yeah, they can stay here for a month or so, but only until they can afford to leave again, and you can bet I'd be on their asses to make looking for a job their full time job. I'll even help them by leveraging my network. You mention downsizing, and that's sort of where I am now. But I am trying to build up the place I will eventually retire to while still maintaining the place we live now. It's difficult financially, but I chose this lifestyle, and if I fall short, I'm certainly not going to ask my parents for money to pay for it.
The way you talk it sounds like you’ve had plenty of help from your parents already. And before you judge. I’m a millennial that probably makes more money than you do, am I doing okay? Sure. Would I be doing a lot better in the economy you grew up in and obviously took for granted that you still think exists? Absolutely.
I am 45 years old, so late Gen-X. My parents gave me $2500 when I graduated from high school and told me to do whatever I wanted to with it, but that's all they could afford to give me. I put myself through college working two jobs in the summer and one during the school year, and loans to cover the rest. It took me 7 years to graduate because I was working and didn't want to build up too much debt. After school I got an entry level IT job, and eventually married a preschool teacher. We couldn't afford to start a family making what we made in Columbus, Ohio, so we moved to a lower cost-of-living place. I lost my mid-level IT job in the 2008 recession and worked 2 shit jobs to support my family until the economy improved and I was back on my feet. Since then, I have lost jobs, found better ones, and worked ones I hated to advance in my career to a point that I can afford my home, raise my 5 kids, have a 6-month savings buffer, save for retirement, and save enough that I can actually help my kids out with school, on a single income. Yeah, you probably make more money than I do, but I don't think the economy I got my education in and grew my career in is that much different from today. If I had to completely start over, I am pretty sure I would be better off right out of college than I was back then because the educational opportunities are there. Hell, my oldest son is going to graduate from college with very little debt because he made applying for scholarships a full time job his senior year of high school, and found a co-op program that is going to cover his tuition his last 2 years of school and give him a job when he graduates, making probably 80% of what I'm making now, 20 years into my career. I only wish I had those opportunities, or knew about them.
College tuition has risen 179% since you were in college. Median house price in 1995 - 133K Median house price in 2022 - 454K Let’s also keep in mind with inflation the minimum wage while higher (by a few dollars) actually covers far less than it did when you were in school, and inflation has caused the cost of everything to go up far beyond the rate of wage increases. Something tells me you’re not informed of just how much things *have changed*. Sorry, but I think you’re delusional.
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So in that scenario, they chose their lifestyle, but don't want to find a job that allows them to afford it?
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Renting a place, having a car, having a kid, having toys - those are lifestyle choices. If your full time job doesn't cover the lifestyle you've chosen, you either need to lower your lifestyle or get a better job. If I kid comes to me and asks if he can have his old room back while he pursues some training that results on more gainful employment, I'm all for it. But if he doesn't want to put the work in to find a better gig, I'm going to tell him to move somewhere with a lower cost of living so his income will support the lifestyle he has chosen.
Listen this is stupid click bait material. Including Gen Z is absurd and then millennial are not in the majority of living at home with their parents. There are Gen X who still live with their parents too. And Boomers are up for retirement and dying soon. These articles are a waste of time.