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You may think you're saving money but if you end up forgoing a better career because you won't relocate...
Foregoing a better career opportunity because it requires relocation would indeed be foolish, but one of the benefits of living at home with Mom and Dad is that the young person doesn't have a house to sell or a lease to exit if such a career opportunity comes along. It actually makes relocating easier: just pack up and go!
My daughter graduated from college 5 years ago exactly when I retired. We told her she could live with us but she would need to find us first. We sold the house and took off in an RV.
Three of her closest friends moved back home after college. She and the boyfriend took off in the old car for California. We expected to hear a phone call asking for money. Within a few weeks they were settled and both had very good jobs.
Foregoing a better career opportunity because it requires relocation would indeed be foolish, but one of the benefits of living at home with Mom and Dad is that the young person doesn't have a house to sell or a lease to exit if such a career opportunity comes along. It actually makes relocating easier: just pack up and go!
That's not what I thought they were talking about, but point taken. I thought they meant continuing to live at home even when a better opportunity in another city comes along. Perhaps OP can clarify.
Millennial is an entire generation, so many of them are well into their 30s and should have things under control now so that makes sense.
And in higher cost housing areas this has already been a common setup for some time. Basically, instead of renting, live with the parents until you can afford to buy somewhere.
I remember all those articles(maybe there are still some) where they said :
"Millennials don't care about owning homes or cars"
Such nonsense, the reality was that mostly couldn't afford to own due to a bad economy and huge student loan debts. And still many can't afford homes even with the degree from the good college and a 'great job'
That's because big cities like NYC,L.A,SF don't just attract local workers, but are pretty much THE destination for wealthy from around the world.
People always say "How can a house be X , if people only make X per year"
It's because people from other parts of the country or world have capital and many view real estate as a better investment than stocks.
They buy the property to let their kid live in while they are in college at NYU or UCLA ,etc instead of paying rent.
There is also the ability to obtain a VISA if you invest in real estate and businesses in the U.S
Example http://www.nytimes.com/2015/05/17/re...tate.html?_r=0
As long as their parents are fine with the arrangement, the young person is saving the money they're not paying in rent, and they're helping with their fair share of household chores, I don't see a problem with this. Multi-generational households were the norm until fairly recently.
Yep. It was good enough for the Kennedy's. Doesn't every family want a "compound" to keep all their members together?
When I last lived in NYC there were people who were jokingly called homeless, but really it meant they had no apartment and just moved from boyfriend to boyfriend or girlfriend to girlfriend so they would have a free place to live.
I read about someone like that in NYC . I guess there are probably a lot of them considering insane rent. He also did drugs too. Wonder if he's still alive ..
A lot of millennialist are expecting recession to strike again very soon, so a lot of us are going to find ways to wait it out until after the next crash. The millennials who are buying homes are buying homes they are content to live in for a very very long time, so the current bubble and short term market fluctuations aren't affecting their decision to buy.
I am still a renter. Couldn't imagine living my parents honestly. My mom has four dogs that I can't stand.
This is actually very common in other cultures. Kids get professional jobs and continue living with their parents. They then save up every dollar they have and buy a home in cash after a few years. I actually know a few chinese students at my University that did this. I also have a Korean friend that is 34 and lives at home with her parents. She makes about 90k salary a year (in a low COL area) and owns something like 5 rental properties outright. I asked her once why she doesnt move out and her reply was simply "Why?" She just has a different point of view and so do her parents.
Its amazing how much more you can get ahead in life if you just throw out typical social "norms." Most of our social norms are actually destroying our lives financially.
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