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I think that ther is something behind this statistic that everyone is failing to take notice of. Although there may be more grown kids staying with their folks here, outside of NYC, where rents are not crazy, there are an awful lot parents paying, or or helping to pay, the rent for their kid's apartment. Its not unusual for the parents -- and not just wealthy ones either -- to underwrite all or part of a grown kid's housing, especially when they're relatively young and just starting out. They can also help out sometimes with donating a down payment for a youngster's first home or condo, which they might be able to do when a down payment isnt six figures like might be here.
So its not like NYC kids are moochers. Its just that kids outside of high-cost places are moochers in a different way.
I know a lot of "independent" young adults whose parents pay their apt bill and credit card bill. Some of them live in luxury apts too.
The economy and job market is not that great. You should move out when you're 100% financially independent from your parents and have years of experience under your belt. I know a lot of kids with huge student loans living by themselves who live paycheck to paycheck.
I know a lot of "independent" young adults whose parents pay their apt bill and credit card bill. Some of them live in luxury apts too.
The economy and job market is not that great. You should move out when you're 100% financially independent from your parents and have years of experience under your belt. I know a lot of kids with huge student loans living by themselves who live paycheck to paycheck.
Completely true. You can always tell which ones are truly independent. They never invite their friends over to their place because 5 guys are living in a one bedroom with the living room subdivided. Or, they live on the last stop of a subway line.
I train with a dude at the oly weightlifting facility who's in his late 20's and works construction for the MTA.
He has almost 200k saved up and nice Mini copper S paid for.
He cannot get second dates. Once they hear that he lives with his parents they doodle on about "being independent". This dude's a good looking guy and in great shape.
I train with a dude at the oly weightlifting facility who's in his late 20's and works construction for the MTA.
He has almost 200k saved up and nice Mini copper S paid for.
He cannot get second dates. Once they hear that he lives with his parents they doodle on about "being independent". This dude's a good looking guy and in great shape.
This city's Gen Y is nuts.
In a few more years I think women will come to realize the differences between your friend who has been smart with his money -- and some of the adult babies that are living off their parents dime and act like teenagers well into their 30's.
I train with a dude at the oly weightlifting facility who's in his late 20's and works construction for the MTA.
He has almost 200k saved up and nice Mini copper S paid for.
He cannot get second dates. Once they hear that he lives with his parents they doodle on about "being independent". This dude's a good looking guy and in great shape.
This city's Gen Y is nuts.
In his case, he is financially independent since he has 200K saved and his own car. Maybe, he is emotionally not ready to move out. Or his culture expects him to have a long-term girlfriend or wife in order to move out. He will have trouble with girls due to the stigma of living with your parents. I suspect that those girls live with roommates, have their bills paid by the parents, or work crazy hours.
I have a relative who has saved up well into the six figures (on top of retirement savings) while living with his parents after graduation. Now he's looking at buying a house while most of his friends will be living with roommates for years to come. In some cultures, this (staying with parents while you save) is considered normal.
I moved out when I was 25 after I paid off my student loans and saved some money. As much as I wanted to move out earlier, this was the right decision for the long run. I have a lot of friends who fit the statistics and still live with their parents. I tell them moving out was the greatest decision of my life (truly was), but they are too afraid or too comfortable with what they have. They all work, it's just tough to give up free room and food.
I don't see any problems when grown up kids living with parents. My question is, do they pay the rent? Parents should tell their children there is NO free lunch in this world. Teach them how to be true independent. If you want something, work for it, pay for it, then enjoy it.
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