The cost of leaving Mom and Dad’s house. How much young adults need to save before staking out on their own. The highest percentage of American young adults in four decades—36% of those 18 to 31—were living at their parents’ homes in 2012. Story here.
It’s actually been this way since we moved into the 2000’s. There are a lot more people in the world. It’s scary for younger people coming up since most of the jobs they want are taken by those older with more experience. Job pay for the average job stays the same while the price of living increases. People have had to move back home from the ages of 18-35. It is unusual for Americans since they are typically gone by the age of 18, but in other cultures it’s not unusual to be at home well into your 30’s. Although they do it for the familial thing. It’s just the way most cultures are.
Americans moving back home in their 20’s and above is because they can’t make the average rent on their job pay or are unemployed. It’s also not easy to save money if you’re parent/parents are charging you rent. On the one hand its wise they charge you so that you take it seriously, develop discipline and responsibility, but on the other hand it prevents you from being able to save adequate money. Unless your parents that charge you rent give you up to a year free rent to save enough to rent your own place. If you haven’t by then, it should be acceptable that they start charging you rent.
I live in nyc and I have an apartment where I am paying 1400/month for rent for only a one bedroom apartment. In order for me to get that apartment I had to pay almost 6000 to move in. They expect one month rent, one month deposit and 10% of the years rent to the real estate person who found the apartment for me. Living in nyc is not cheap at all!! Most of our income will go to paying rent in a decent neighborhood. That’s the way things are in nyc. Then you have to pay electricity and cable on top of that……which BTW we have the most expensive electric bills of anywhere in this country. Then we have to pay for food costs and car fares and rental insurance. Meanwhile, you have to pray that the landlord doesn’t raise your rent the next year or else, you could be easily priced out if the apartment. It is a proven fact that people these days are making 200/ month less Money than what that same position would have paid 30-40 years ago! And forget about trying to buy a house in nyc, houses in good decent neighborhoods go for 500000+……I would move out of nyc, but this is where I grew up, so I only hope things will change once mayor Blomoberg finishes his term.
The rebuttal response said:
Time to move out of NYC!! I am renting a 3 bedroom beach house on the Gulf Coast for $1500 a month. A similar house 2 doors down is currently selling for $275K. Gasoline is $3.10 a gal. Electricity is $0.10 KWH. Buy a nice new 3 br house away from the beach and it costs closer to $140K or find an older “fixer-upper” for $80K or less. An additional benefit is there are only 48K friendly people in this town, not ten million un-friendlies. Downtown Houston is an hour away, if you must have “big city” attractions in your life, but I try to avoid them.