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- economicsbusiness
- cross-posted to:
- [email protected]
- economicsbusiness
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.
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.
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.