These days, housing affordability is a struggle for nearly everyone.
But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own.
Nearly one-third, or 31%, of Generation Z adults live at home with parents because they can’t afford to buy or rent their own space, according to a recent report by Intuit Credit Karma that polled 1,249 people age 18 and older. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens.
“The current housing market has many Americans making adjustments to their living situations, including relocating to less-expensive cities and even moving back in with their families,” said Courtney Alev, Intuit Credit Karma’s consumer financial advocate.
Overall, the number of households with two or more adult generations has been on the rise for years, according to a Pew Research Center report. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago.
I thought for sure the housing crisis was over because the fed raised the rates. I mean lowered the rates! One of those two I forget which one makes the average house go from 800k to 250k where it’s more affordable. More as in affordable.
This is so incredibly selfish of me… she’s only 13 so hopefully this will be over anyway by the time she’s an adult… but I’d be happy if my daughter stayed with me until I died. Once I become an empty nester, I will be lost without her. But I also want her to strike out on her own and become independent, so it’s not like I’m going to force her to stay… I’m still a little envious of parents whose kids are still with them as adults, even if those parents may not like it.
But, as I said, I also want her to be independent, so I hope this crisis is over in 5 years.
It’s the same. My oldest is still at home and decided to stay until the car is paid off… And I’ve been totally OK with it.
This in turn feeds into lower birth rates, which in turn feeds into a future lower ratio of workers to pensioners, which means lower pensions for pensioners.
Of course, when shit hits the fan we will be told by politicians that it was totally not predictable that their decades of house-price inflation stoking policies (that handsomelly reward mainly rich investors for their great personal quality of having lots of money) would end up screwing the young and, through demographics, those who are now middle aged (and today’s young, again, when they’re old).
Ban zoning and fix this problem or don’t and let it get worse.
Young adults can’t afford home because this country votes for Republicans who make sure they don’t make enough money to live a decent lifestyle. Young people can change that IF they would vote.
This country Is such a fucking joke. My small family of three will be homeless in a month because we can’t afford to pay for food and our mortgage. We make to much got any government assistance but to little to live…My daughter already lost her asthma medication because insurance doesn’t cover it. I had to get rid of my insurance for myself because we couldn’t afford it and it wasn’t covering anything for me. I’d kill myself but the slim chance I’d live it would just bring on more fucking bills. Why even bother trying any more.
Just out of curiosity, how much did your home cost?
We bought it for $222,222.00 with a $1,600 fixed rate. At that time we had a grace of 20% of our income for savings and such. Had to change jobs and kiddo got some medical issues. We are now at a loss of about 5% each month. Food and insurance is $2k a month alone now and that’s after cutting everything we can.
Oh dang.
That’s like, almost 4x how much my house cost lol.
Food and insurance is $2k
Woah. Ever think you might be living outside of your means?
I’m sorry, do you think food and insurance are things you can just cut?
Insurance for what?
Food is something that the vast majority of people can be spending less on. I can’t tell you how many people I come across that use delivery apps almost daily yet still find ways to complain about not having enough money.
Something tells me the guy who spends >$200k on his house isn’t eating too many bologna and cheese sandwiches from Walmart.
In my neighborhood a house just burned down. Just the concrete parts are left. It’s listed for 250k. You can’t find a starter home for 250k in my city. Just saying.
I’m assuming he means health insurance, which for a family can be very expensive, and isn’t really negotiable if you have kids
Then move to a different city…
My house was $60k and 1,200 sqft. No burning down to speak of, lol.
You know how there’s all that barren land everywhere? YOU CAN’T BUILD ON IT!
You know how wood is plentiful and grows so much in abundance it catches on fire? YOU CAN’T USE ANY OF IT TO BUILD A HOME!
PWNED
