Is There A Lot of Trust Fund Kids In NOVA? (Lynchburg: lease, to buy)

[Bigfoot424]

Originally Posted by Cardiff Kook

It's interesting seeing some people get so defensive in this thread...not totally surprising though

When people come in here and spread misinformation it's not hard to refute and tell the real story. If you take this as defensive then so be it.

[NOVA_guy]

I think there's a huge difference between being a trust fund kid and living in one of the most expensive metro areas in the country so your parents are helping you out.

[capitalhockey]

One possible impact that has not been discussed is the influx of money (trust fund or parents assistance) raising the cost of living prices in the area. Generally, a person will make lifestyle choices (housing, food, etc) based on their income. A young person making 40k will have to live in crummy apartment with a long commute, not eat out much, etc. With financial subsidies from parents, the child is able to live in Clarendon or some other luxury apartment that is above his/her income level. A landlord will continue to raise ridiculous rent prices since folks have continue to pay. Same goes for restaurants that are charging $12 cocktails. Without this influx of money, prices might be generally lower based on supply and demand. Folks who are not receiving any financial assistance have to absorb the higher costs in the marketplace.

Example of this in another city would be how New York real estate has been brought up by wealthy Chinese/Russian who are buying units for their kids to attend college and as investments. They are bidding up the prices to the point where the local New York natives are priced out. This is a more extreme example but same concept.

Overall, NOVA and DC are a high cost living area. I am sure there is a number of young folks getting some level of financial assistance from their parents in order to live in this town.

[gomason]

Originally Posted by SIJ95

That's urban planner bupkis. An equal percentage of millennials live with their parents than in urban areas. More people live in cities than 20 years ago but it's not like people have moved en masse. Stop with the propaganda. People drive cars.

Actually, that change in percentage is probably huge in Northern Virginia. In case you haven't noticed, Northern Virginia has dramatically urbanized over the last 20 years. What was Reston, Tysons Corner, and Merrifield 20 years ago? Definitely not walkable neighborhoods.

[TheWatchmen]

More than trust fund kids, I know many people in their 20s who are making 6-figure salaries, and generally living very nicely.

There is a HUGE difference between a young 20 something in a tech job making a great salary, and trust fund kid who never HAS to work a day in their life, even though they may choose to.

[FCNova]

Originally Posted by blindside

You wouldn't believe how many Mercedes and BMWs are in my apartment complex. I like to park my 15 year old, barely passes VA inspection, rust bucket right next to them.

The thing is BMWs aren't even that expensive, depending on which model you get. And especially if you get one used. People with modest incomes aren't necessarily living beyond their means by owning one, although I personally would avoid them even at a reasonable price because of maintenance costs.

In terms of the original question, I don't think there's a larger number of people here getting assistance from family than anywhere else. Like most major metro areas salaries here are good so a lot of the young people you see spending a lot are actually making quite a bit too.

[Cardiff Kook]

Originally Posted by Bigfoot424

When people come in here and spread misinformation it's not hard to refute and tell the real story. If you take this as defensive then so be it.

I'm just taking it for what it looks like to an unbiased observer.

[tysonsengineer]

Correction: Are

That is all.

[FindingZen]

I think there's a combination of things going on that people have already mentioned.

There may indeed be younger people, who are being subsidized by their prosperous parents as they get established in their careers or continue to live a life of leisure. If they grew up here, they may indeed be living with their parents at or near $0 rent.

Then there are those whose in-demand skills gained them high salaried positions and have no debt - besides perhaps that theoretical luxury car - to deal with.

And finally, there are those who share an apartment or house with up to three other people and are living beyond their means. I think in other areas, they are called "$30K Millionaires"; perhaps here, that figure would be adjusted up $10K or so.

If only there were a way to poll these (seemingly) prosperous twentysomethings to get honest answers about how they live their lives...

[BarqCider]

to be honest, i think there are more younger folks without a degree who work crummy bartending or low paying retail jobs who are content living with mom and dad or having 4-5 other roommates. sure, they get to save up and go on nice vacations, but they imo, dont think nor plan for the future. they are content with their lives now but who's to say 5 years from now?

im personally working towards a degree still and dont earn income like a traditional person does(no, not drugs) and my budget is low. i know what i can and cannot afford and so i go out based on that. ive gone to jacksons in RTC and i've seen too many ladies who patronize this restaurant knowing that they cant afford going here for "drinks" and then maybe can afford a few before they begin hitting on guys for more. Hel i had one come up to me saying her friend likes me, but is shy and would want ME to buy her a drink. not 5 minutes later of "think bout it", they left.

these are two types of folks who imo, live way too above their means but to somehow feel in place with local norms, do this stupid crap.