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re: Half of US young adults live at home, fueling luxury good boom
Posted on 12/15/22 at 9:04 am to PhiTiger1764
Posted on 12/15/22 at 9:04 am to PhiTiger1764
quote:
Assuming 10% down payment
For a 25 year old likely still paying college debt? Get the frick out of here.
1
Posted on 12/15/22 at 9:05 am to carhartt
TYFYS Sir!
Posted on 12/15/22 at 9:07 am to PhiTiger1764
quote:
But when interest rates were 3%, that’s just a $1,200/mo mortgage. Is that impossible for a 25 year old making say $60k?
Depending on taxes and benefits, that 25 year old is probably using slightly more than 40% of his take home pay on his mortgage. That seems like an awfully big chunk of your paycheck to go to one bill.
Posted on 12/15/22 at 9:08 am to Salmon
quote:
also the average income for a 25-34 year old is $50k
Fair enough. If you are living somewhere as a single, you aren’t finding a better place to rent in a city for $1,200/mo.
If you are living in your hometown with your parents, at 25 and single would it not be more ideal to buy a starter home and find a buddy or two to rent rooms from you?
Posted on 12/15/22 at 9:09 am to Salmon
quote:
any thoughts on why males live with their parents longer than females?
The cynic in me is inclined to say that young women have an easier time finding someone who will take them in than young men do
Posted on 12/15/22 at 9:09 am to DirtMcGirt13
quote:
Am I the only one that when I turned 18 was trying as quickly as possible to get the hell out of my parents house?
I haven’t lived at home since I left for my freshman year of college 20 years ago.
By contrast, my now 30 year old little sister still lives with my parents. I asked my younger brother what I should get her for Christmas last week and he said “an intervention to get her to move out of mom and dads house.”
Posted on 12/15/22 at 9:12 am to weagle99
quote:
Half of US young adults live at home
Where does the other half live? Are they homeless?
Posted on 12/15/22 at 9:12 am to BlueCheckCertified
quote:
Assuming 10% down payment
For a 25 year old likely still paying college debt? Get the frick out of here.
Also, this. The down payment is a HUGE reason why a lot of them are still living at home. I had to withdraw from a 401K for my first down payment. That didn't just build up overnight.
Posted on 12/15/22 at 9:15 am to PhiTiger1764
quote:
If you are living somewhere as a single, you aren’t finding a better place to rent in a city for $1,200/mo.
I agree, which is why so many are living with their parents
quote:
If you are living in your hometown with your parents, at 25 and single would it not be more ideal to buy a starter home and find a buddy or two to rent rooms from you?
sure, that would be an option, if you have those buddies that want to do that
but not everyone wants to the upkeep of a house at 25 either
I just don't have a problem with young people NOT going in to massive debt
Posted on 12/15/22 at 9:16 am to weagle99
quote:
Half of US young adults live at home
50% of young adults are homeless? Holy shite.
Posted on 12/15/22 at 9:17 am to Salmon
quote:
I just don't have a problem with young people NOT going in to massive debt
I know I'm taking this in a different direction, but I mean, I don't see the problem with being a renter, a person shouldn't feel like they have to own a home if they don't want to. There's other ways to build up wealth.
The problem today is that rents are just completely fricked up.
Posted on 12/15/22 at 9:19 am to GetCocky11
quote:
but I mean, I don't see the problem with being a renter, a person shouldn't feel like they have to own a home if they don't want to. There's other ways to build up wealth.
definitely
especially for young people who are generally more mobile
Posted on 12/15/22 at 9:21 am to PhiTiger1764
quote:
I’ll call BS on this. The problem is everyone thinks they need the $450k 4/3 2500 sqft with the latest finishes to start out.
At 25 I bought a 3/2 1500 sqft for $185k. Today that same house is worth about $235k-$240k. Ok neighborhood, not the hood, just starter homes.
That’s an affordable home for a 25 year old but most people think they “deserve” better.
Posted on 12/15/22 at 9:21 am to Joshjrn
Surprised to see fewer females living at home. I would have expected a larger number due to situations where grandparents are raising grandkids born out of wedlock. Would still like to see those numbers bet they're higher than 1940s.
Also, wonder how they count college students living at home between semesters.
I moved out of state for college at 17 and was commissioned officer at 21. Lived on campus then in some dumpy apartments first few assignments but saved.
Size of average home as nearly tripled and family size has decreased meanwhile all I hear is how unaffordable housing is. Or look at the amenities at apartment complexes compared to 20-30 years ago. The dumps I stayed in were nicer than anything my parents had available to them in early 80s.
Also, wonder how they count college students living at home between semesters.
I moved out of state for college at 17 and was commissioned officer at 21. Lived on campus then in some dumpy apartments first few assignments but saved.
Size of average home as nearly tripled and family size has decreased meanwhile all I hear is how unaffordable housing is. Or look at the amenities at apartment complexes compared to 20-30 years ago. The dumps I stayed in were nicer than anything my parents had available to them in early 80s.
Posted on 12/15/22 at 9:23 am to weagle99
quote:
A record number of young adults in the US are currently living at home, and all that saved rent is sparking a luxury boom.
This is pretty common for Italians, we stay with our parents until we get married usually.
Posted on 12/15/22 at 9:24 am to TorchtheFlyingTiger
quote:
Surprised to see fewer females living at home.
Well, more women are receiving college degrees than men these days, so women are probably receiving more of those steady jobs. The gender gap is being flipped somewhat.
Posted on 12/15/22 at 9:25 am to PhiTiger1764
quote:
If you are living in your hometown with your parents, at 25 and single would it not be more ideal to buy a starter home and find a buddy or two to rent rooms from you?
Yeah, but at some point, you have to ask yourself...why would I pay $240,000 for a cheap, poorly made starter home?
Posted on 12/15/22 at 9:26 am to DirtMcGirt13
quote:
Am I the only one that when I turned 18 was trying as quickly as possible to get the hell out of my parents house?
Same here. I came home and worked for the summer after my freshman year. I never did again.
Posted on 12/15/22 at 9:28 am to VADawg
quote:
The down payment is a HUGE reason why a lot of them are still living at home. I had to withdraw from a 401K for my first down payment. That didn't just build up overnight.
I'm not saying that it was a good idea but you could do a no money down mortgage in many cases in the Wild West days before 2008
Posted on 12/15/22 at 9:30 am to Salmon
quote:
but not everyone wants to the upkeep of a house at 25 either I just don't have a problem with young people NOT going in to massive debt
I’ve got no problem with this. I just think that (before rates spiked) PART of the problem is that people are used to a certain standard of living and automatically eliminate a huge number of potential housing options as a result.
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