Article

2024-01-15 Economy

‘It's the economy, stupid'‐The real reason so many young adults are living with their parents

[Creditnews] Young adults used to dream of moving out of their parents’ homes and into their own apartments, but living alone has become a luxury not everyone can afford.

According to a recent study by Intuit Credit Karma, 31% of Gen Zers are living with their parents because they can’t afford to rent or buy their own place. Overall, 11% of American adults still live at home with their parents.

"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, a consumer financial advocate at Intuit Credit Karma.

Even young adults who live alone are reconsidering their living arrangements because costs are too high. About a quarter (27%) of Gen Zers reported that they could no longer afford rent and 25% said they’ll have to move back in with family to make ends meet.

Millennials are in the same boat: 30% say rent is unaffordable, and 25% are thinking about moving back in with their parents.

The research is consistent with a 2021 study conducted by the U.S. Census Bureau, which showed that one in three adults ages 18 to 34 live with their parents.

Posted by Besoeker 2024-01-15 06:27|| || Front Page|| [26 views ] Top

#1 Don't forget to throw in GenZ think they should be buying HGTV dream homes or apartments in the most 'desirable' cities.

Posted by Procopius2k 2024-01-15 07:07|| 2024-01-15 07:07|| Front Page Top

#2 "The economy is good"
"Masks protect you and others"
"The vaccines work"
Orange man BAD !

Muh democracy...

Posted by M. Murcek 2024-01-15 07:20|| 2024-01-15 07:20|| Front Page Top

#3 P2k, when I moved to Marietta it wasn't so desirable to me. Now with the Braves stadium here my rent went from $900/month to over 1500. Maybe we should add in the greed to land lords as part of the problem.

Posted by Chris 2024-01-15 07:57|| 2024-01-15 07:57|| Front Page Top

#4 ...don't forget the greed of politicians who have no problem raising property taxes and implementing increasing $$$ regulations upon rental property. Try freezing those and watch the crying.

Posted by Procopius2k 2024-01-15 08:05|| 2024-01-15 08:05|| Front Page Top

#5 Tell me about it Chris, my son lives off the square in Marietta. Hell I’m being offered $650k on. 1300’ bungalow in Brookhaven and all they'll do is tear it down and build a McMansion

Posted by Beavis 2024-01-15 10:13|| 2024-01-15 10:13|| Front Page Top

#6 Some parents are happy to have their kid living with them.

Posted by Grom the Reflective 2024-01-15 11:28|| 2024-01-15 11:28|| Front Page Top

#7 Average cost of a home in San Diego County is upwards of $500,000 and you'll pay more in property taxes than I ever paid for a mortgage. I don't know who can afford a house like that. If I had to buy it today I couldn't. If I was young I'd leave California.

Posted by Abu Laptop (same as Abu Uluque but on a different computer.) 2024-01-15 12:43|| 2024-01-15 12:43|| Front Page Top

05:51 Besoeker
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