How many milennials really are stuck in our parents' houses?

[TheMacNerd]

I'm a millennial that's truly stuck in my parent's basement. I've heard from multiple Uber and Lyft drivers that more and more college graduates are also moving back home because they're starting to run out of money from (half) independence (because they're stuck in student loan college debt). Most millennial college graduates are only half independent because they're stuck roommating it until they either need 5-10 more roommates just to survive, or they run out of money and have to move back home. I dropped out of college (going back for a better program), and I'm doing the simple mathematics, which is saying that most likely, I will still never own my own property, whether I'm renting or buying an apartment or whatever. More and more people are moving back home with their parents (which is hindering independent living with or without college), and I'm seeing that this is the new norm. Are any of you in a similar situation (that's my question)?

 

[Grands]

I'm a millennial that's truly stuck in my parent's basement. I've heard from multiple Uber and Lyft drivers that more and more college graduates are also moving back home because they're starting to run out of money from (half) independence (because they're stuck in student loan college debt). Most millennial college graduates are only half independent because they're stuck roommating it until they either need 5-10 more roommates just to survive, or they run out of money and have to move back home. I dropped out of college (going back for a better program), and I'm doing the simple mathematics, which is saying that most likely, I will still never own my own property, whether I'm renting or buying an apartment or whatever. More and more people are moving back home with their parents (which is hindering independent living with or without college), and I'm seeing that this is the new norm. Are any of you in a similar situation (that's my question)?

Hi @TheMacNerd.
It's the same situation I see around the people of my age.

I have a friend that studied Pharmacy, she graduated, and now she is 30.
She work in a Pharmacy as a full time job, she moved away from parents house, but she is sharing house with another person, in order to pay the rent.
She don't want to buy a house for the lack of opportunities, even if she have a great salary ( 2000 euros per month).

Another person I know, that is a high school teachers works and ask money from his parents to pay the rent, even if he have a salary.

It seems that our generation will have to accept the idea of not owning a house, but living day by day, finding a good price for the rent.

It seems very hard for us, then for the last generation, the generation X, to buy a new house.

I'm talking about UE and USA, I don't know if the situation in Africa or Asia is better.

 

[StatGuy2000]

My take is that your situation is not uncommon among the millennials and college graduates in the US, given both the difficulties in securing employment combined with the high student loan debt. The situation is similar in many parts of Canada, although less to student loan debt and more to do with the increasingly expensive housing market in key urban areas.

I have a question for you personally, @TheMacNerd -- let's say you graduate from your new college program and you land a decent job (by decent job, I mean you'll have a starting salary of, say, $45000 or $50000 per year before taxes) while living at home. By that calculation, how long would it take you to fully repay your student loans?

 

[TheMacNerd]

My take is that your situation is not uncommon among the millennials and college graduates in the US, given both the difficulties in securing employment combined with the high student loan debt. The situation is similar in many parts of Canada, although less to student loan debt and more to do with the increasingly expensive housing market in key urban areas.

I have a question for you personally, @TheMacNerd -- let's say you graduate from your new college program and you land a decent job (by decent job, I mean you'll have a starting salary of, say, $45000 or $50000 per year before taxes) while living at home. By that calculation, how long would it take you to fully repay your student loans?

still 20-30 years of modern indentured servitude/debt slavery. I live in the US. Most people in America right now are either making a little bit above minimum wage or you're rich and making $60-$70,000+ per year. My parents can't retire with me stuck in their house, but the catch 22 is that I can't move out because I'm still financially unstable even after dropping out/quitting college.

 

[StatGuy2000]

still 20-30 years of modern indentured servitude/debt slavery. I live in the US. Most people in America right now are either making a little bit above minimum wage or you're rich and making $60-$70,000+ per year. My parents can't retire with me stuck in their house, but the catch 22 is that I can't move out because I'm still financially unstable even after dropping out/quitting college.

First of all, I think you're exaggerating or misinformed about most people in the US making a little bit above minimum wage -- the real median income for households in the US reported in Sept 2017 was $59,039 in 2016 (I don't have more recent numbers). Since this is a median income, that would roughly indicate what the "average" American income would look like.

At any rate, how much in debt are you as of right now, and how much debt will you be once you graduate from your new program? If you live at home with your parents, you won't be paying rent (and you'll likely be saving money on food as well), so if you earn $45000 to $50000, couldn't you be able to pay off you student loans pretty quickly?

 

[Drakkith]

I have a question for you personally, @TheMacNerd -- let's say you graduate from your new college program and you land a decent job (by decent job, I mean you'll have a starting salary of, say, $45000 or $50000 per year before taxes) while living at home. By that calculation, how long would it take you to fully repay your student loans?

still 20-30 years of modern indentured servitude/debt slavery.

Forgive me, but I have a very hard time believing that it will take anyone 20-30 years to pay off their student loans when they're making 40-50k per year. I think it's far more likely that people just aren't prioritizing paying them off or they're living a bit beyond their means. Obviously this depends somewhat on the cost of living wherever someone lives, but there's always the option of moving or, as much as it sucks, 'downgrading'.

 

[OmCheeto]

I'm a millennial that's truly stuck in my parent's basement.
...

The long term statistics seem to say that this is not that odd.

ref: PEW
specifically, their graph
(I digitized and gender neutralized it)

ps. I also lived in my parent's basement, back in the 80's, during my college years. I feel/felt your pain.

 

[dipole]

I make slightly over $30K a year as a PhD student and I live very comfortably, independently, in a major U.S. city. Enough with the excuses.

You dropped out of college, but want to blame your inability to support yourself on the generation you were born in? I have plenty of friends who never went to college at all, and are doing just fine.

What skills have you developed in your life besides complaining, making excuses, and finding others to blame for your problems? Go learn a trade, go sell cars, do something. You complain about not being able to afford rent and education, but something tells me you probably find ways to afford new cell phones, a nice computer, eating out frequently etc...

 

[PeterDonis]

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[Evo]

Hi @TheMacNerd.
It's the same situation I see around the people of my age.

I have a friend that studied Pharmacy, she graduated, and now she is 30.
She work in a Pharmacy as a full time job, she moved away from parents house, but she is sharing house with another person, in order to pay the rent.
She don't want to buy a house for the lack of opportunities, even if she have a great salary ( 2000 euros per month).

Another person I know, that is a high school teachers works and ask money from his parents to pay the rent, even if he have a salary.

It seems that our generation will have to accept the idea of not owning a house, but living day by day, finding a good price for the rent.

It seems very hard for us, then for the last generation, the generation X, to buy a new house.

I'm talking about UE and USA, I don't know if the situation in Africa or Asia is better.

Owning a house in the US if you have very low income is easy. You just need to be aware of the government loans available to low income individuals. The lower your income, the easier it is, no down payment, no closing costs. I know, I just got one. I actually had to furnish proof that I would not be getting more money, the guy at the insurance company said that was the first time he'd ever been asked to furnish proof of no more income. So don't give me this. Again, you need to check your facts before you post.

 

[berkeman]

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