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Nothing wrong with living at home if the adult kid works or attends school. I think a large part of the problem is our culture of debt. When I have children, I am going to advise them to avoid debt and hopefully work their way through community college or find scholarships. If a kid isn't smart enough to get a scholarship, then 4 year college isn't for them. Student loan debt just isn't worth it anymore. It is keeping too many young adults in a prison known as mom's house.
I know people who have managed to move out and work a $10 an hour job and do quite well, but they don't have huge amounts of debt. Best to have the kids work at a young age and teach them to avoid debt at all costs. Dave Ramsey is right.
I wouldn't mind my kids living with me if they were in their 20s, unmarried, and it was simply a cost saving measure. There's a difference between mooching and living smart. I'd much rather have them saving/investing for their retirement and down payment on a home rather than throwing away their money on rent(and let's face it, most people aren't buying homes on the West Coast or Northeast when they are in they are in their 20s).
I lived with my folks from when I was 25 until I was 28, and I don't regret it at all. I saved about $50k and I almost doubled that money in investments.
I blame the parents 100%. Any disgust or contempt directed at their kids is seriously misplaced.
Are these parents so co-dependent that they can't give up thier identity as parental authorities? Does the idea of having an empty nest scare the bejesus out of them? Will the couple not be able to stand each other's company with no kids around to molly-coddle?
As easy as it is to condemn the kids, they are in a twisted way, victims of their parent's incompetence.
According to your links, 14% of those between 24-34 are living at home.
They are less likely to have graduated college.
Education is an important predictor of whether young adults live at home.
Those who are uneducated and without skills, are typically employed in low wage jobs.
Not always. A friend's 30 year old son has a dual major, paid for by mom and dad. After graduating, he first decided that he wasn't really "that into" the job that his major would provide. Then, when pressured by his parents to get a job, he set his sights on high paying jobs, completely out of his skill set. Finally, he decided that he wanted to pursue his "dream" of being an artist. He lived in his parents' basement (literally) while he made minimum wage at Kinkos. After trying unsuccessfully to get him to move out, his parents bought a duplex (as an investment), where he now lives rent free. They were so sick of him being in their house, it was worth it to them.
He is highly educated, graduated from college, and still makes minimum wage.
The blame lies in helicopter parents that can't let go of their children, and want to control them well into adulthood. These parents also spent a lifetime telling him he could be whatever he wanted to be, as long as he went to college. They forgot to tell him about the "paying your dues" part. Now, they're paying the price of their poor parenting.
I have no sympathy for my friend and her husband, who have had to postpone retirement because of their son. And I have to tell her to be quiet when she complains that he can't find a good girl to date. Seriously? What woman would want such a loser?
This is the inevitable result of our greedy CEOs outsourcing millions of American jobs.
'According to a Gallup survey , 3 out of every 10 adults under 35 are still living at home.
Pew Research Center analysis found that 36 percent of Americans 18 to 31 years old were still living with their parents, the highest level ever recorded.
So what is causing all of this?
More Americans than ever before seem to be living in a state of “perpetual adolescenceâ€.
The total amount of student loan debt in the United States has risen to a brand new all-time record of 1.08 trillion dollars.
-Student loan debt accounted for 3.1 percent of all consumer debt in 2003. Today, it accounts for 9.4 percent of all consumer debt.
Meanwhile, our young adults are still really struggling to find jobs.'
I am under 35 and the only people I know living with their parents in that age group were/are two:
1) One guy whose mother actually moved in with HIM for a year after she lost her job;
2) My little brother (23) who just broke up with his girlfriend and left the place they were renting together. Now he's paying rent to live with my mother, whom I suspect is happy to have him back if just for a bit longer. He plans on saving money during this time.
a. high home prices / high cost of renting
or
b. stagnant wages
basically, home prices have been rising pretty consistently since the mid 1980's, while wages and employment have not.
in theory, low interest rates should be a positive factor for home buyers, but in practice, lending standards are too tight to connect buyers to sellers, and the downpayment needed to afford a home is astronomical.
she didn't say always. she said typically, and an anecdote is not a meaningful response.
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