[Stratford, Ct. Resident]

Kids can't reach escape velocity

Did anyone else think this thread was going to be about something other than what it is?

[Huckleberry3911948]

1 in 3 young adults live at home. i am afraid we are going back to the 1930's. only 65% of people own their own home.

[Stylo]

Originally Posted by JayCT

Over the years this forum has heard a lot about how hard it is to live here in Connecticut. That may be why some of us (including me) respond the way we do. For as long as I have been alive, North Stamford has always been pricey and out of reach for the average worker. And just like young people today, this middle aged person started out sharing a modest apartment, moved home to save money and eventually saved enough for a down payment on an inexpensive condo at a time when interest rates were a lot higher tha anything that people have seen in the last decade (I think it was over 11%). Got married and bought a house and am now working to pay it off. Same story, different generation. Jay

At one point a decently paid professional could at least afford a house in North Stamford. Now you have to be making 250k+ HHI, at least.

[ytlh]

Originally Posted by mlassoff

Maybe you should raise kids who are capable of more than minimum wage jobs. I have a 20 year old employee at my company who does my video editing. It's a skill, he's good at it and dependable and I pay him 32K + bonuses. He has his own apartment, car and while he's frugal, he doesn't seem to be having any trouble what-so-ever.

Video editing is a skill that people will pay for.

I guess if you raise kids who don't have any skills that the market will pay for, then they're going to live at home. If you raise kids who know how to do something, they can do ok. This kid is going to college as well as working and not taking out massive loans.

If you can only work at Burger King, you're going to be in trouble anywhere.

Now that's the real world. Want fries with that?

The thing is, although unemployment rates have gone up much more for lower skilled workers, they have also gone a lot across the board. There are an awful lot of unemployed and underemployed young people around, even in fields that are generally considered skilled work. Getting that first job with no previous experience is often hard in a good economy and much harder in the kind of economy we've had in the last few years. To attribute this only to a lack of skills and training is missing the reality for a lot of young people today.

[Wilton2ParkAve]

While the macro backdrop has deteriorated since I graduated in 2000... Common sense goes a long way. Prospective students need to think long and hard about the benefits of private universities contrasted against the assumed liability of crushing loans. $100k in debt in a huge hole even if you land the a modest $40,000 entry-level job. Educational institutions also need to retool their offerings to more appropriately align with market demand. Dial back liberal arts, communications while increasing the sciences and math. Less prestigious institutions should seriously consider advanced technical programs and certifications.

[S2000]

I went to our wonderful WCSU state university to get my piece of paper with the eye on the prize which was a good paying job. I think many forget why they are in college then surprised when they get out in the real world when all they did is party and have a BA degree that is worthless and 100k in loans.

BS in the math and sciences are what pays the bills.

[Blazah1080]

I went to Uconn - and right out of college got a Job at UBS, got 51% of my masters paid for (at Pace) and now make 55k a year (2% raises for the last 3 years).

I can tell you right now that with paying off bills (from Uconn and Pace, actually only have one payment left) and cost of living around here(plus the 1100 in taxes, healthcare, etc that comes out of my check) there is NO WAY I could afford to buy a house in fairfield county. I was told by 3 banks last July that I'd have to make 85k a year to be considered for a 300k mortgage. What houses around here are 300k in Norwalk/Stamford/Darien/Fairfield not anything nice... I have another lengthy post that describes what is going on in my family regarding homes in the real estate section. .

However, I'm thinking that as a 29 year old I might have to go move back home if I can't figure out a solution to my living arrangement. The main issue is I have what people tell me is a GREAT job 55k, 10 weeks off a year, etc etc so I'm afraid to give that up, but I also do not want to be paying 1100 bucks a month for a crappy apartment where I have to worry about my car radio.

[mlassoff]

Originally Posted by JViello

I don't disagree with you, but I think you are giving a little too much of a pass on how hard it is to live in CT - especially FFC on even $32K per year. ($16 per hour for reference)

After state and fed that's about $1969.23 per month net.

Lets assume he owns his car outright.

Rent: $900 (I'm being generous here it should be $1K at least for a decent place.)
Cell: $50
Electricity: $75.00
Food: $200
Car Insurance: $200 (For a 20 year old I think I'm on the light side.)
Car taxes $50
Pocket Money $100
Fuel: $200

With just that we are up to $1775.00

Cable?
Internet?
Clothing?
Savings?
Health Insurance of some kind?
Some kind of social life/entertainment?
Vehicle Maintenance?

Now I don't think living in say TX would halve that, but it would make a pretty large change - in rent alone.

No doubt it's tough. His salary is closer to 40K when you factor in bonuses and he's lucky enough to have car insurance still paid by his grandparents. I pay for his cell through our company plans-- All my f/t'ers have cell phones and he does cable/phone/internet at home for $100. All of his bills are split with a roommate and their apartment in Black Rock is $650/mo per person ($1300 total). Gas is lower cause the office is right in Fairfield.

It's tight, but he's making it fine. It can be done.

Having a skillset will at least give you a good shot-- Having no marketable skills-- then you're going to live at home.

It probably would be easier in Texas, but, I think this position in Austin would pay quite a bit less too... Probably around $12.50-15.00 an hour-- which is what I paid photographers who worked for me there in a previous business...

[JayCT]

Originally Posted by Blazah1080

I went to Uconn - and right out of college got a Job at UBS, got 51% of my masters paid for (at Pace) and now make 55k a year (2% raises for the last 3 years).

I can tell you right now that with paying off bills (from Uconn and Pace, actually only have one payment left) and cost of living around here(plus the 1100 in taxes, healthcare, etc that comes out of my check) there is NO WAY I could afford to buy a house in fairfield county. I was told by 3 banks last July that I'd have to make 85k a year to be considered for a 300k mortgage. What houses around here are 300k in Norwalk/Stamford/Darien/Fairfield not anything nice... I have another lengthy post that describes what is going on in my family regarding homes in the real estate section. .

However, I'm thinking that as a 29 year old I might have to go move back home if I can't figure out a solution to my living arrangement. The main issue is I have what people tell me is a GREAT job 55k, 10 weeks off a year, etc etc so I'm afraid to give that up, but I also do not want to be paying 1100 bucks a month for a crappy apartment where I have to worry about my car radio.

There are a lot of homes in good neighborhoods in Fairfield for $300,000. Thye won't be big or new and may need some updating but they are certainly liveable and would be a great place to start. That said it is good to save as much money as you can before buying. Moving home might allow you to buy something. Jay

[Blazah1080]

Originally Posted by JayCT

There are a lot of homes in good neighborhoods in Fairfield for $300,000. Thye won't be big or new and may need some updating but they are certainly liveable and would be a great place to start. That said it is good to save as much money as you can before buying. Moving home might allow you to buy something. Jay

Ok, even if there was a good home for 300k. I'm still no where close to making the amount needed to buy one.

I've got skills, funny - I'm actually in Video Editing myself.....tons of technology experience and have a masters in education.

Now do I believe that I am "owed" a house by society. No, I don't.

I'm just saying it's nearly impossible to have a "nice house" as a single person (or even married) in CT even if you've saved your whole life and have a 'decent' paying job. The people who have parents who can afford to give them homes/cars/etc don't count. I have lots of friends who have had that happen for them..