Gen Z Doesn’t Have the Money to Move Out
Gen Z Doesn’t Have the Money to Move Out
More young adults are choosing to live with their parents than any time since the Great Depression, according to research co-authored by Wharton’s Susan Wachter.
As a millennial father of 2 gen z, I understand and I'm not going to make them move out.
Hello it is me your gen z child. I need to sleep in house.
If that L then I can rizz you up a little more. Stop being goofy ahh Ohio. Fr no cap.
Not surprising. Things are/were difficult for millenials and it has only gotten worse. I can't blame anyone for not moving out when inflation and housing prices have gotten so bad.
We have a (gen z) nephew who bought a van to live out of. We thought it was an "adventure lifestyle" type thing. Came to find out he's working two jobs and trying to save for a deposit on an apartment. Just 8 years ago we were working our asses off saving for a down payment on a house. We wouldn't be able to do that now. We'd be stuck in forever rent if we were lucky. We have friend working for a big tech firm that pays well and she pays more for her 2 bedroom apartment per month in rent than our 3 bedroom house in mortgage. We've lived in the same places the same amount of time. People are being squeezed out of existence.
I seem to remember seeing the same sorts of info about millennials. It's almost like we've been living with this problem for over a decade and haven't managed to make any significant progress on it...
live in a car and don't have kids
This must be North American thing again. They don’t do this sort of push out in Europe and Australia. Family stay with family (and pay rent), there is no strong push or opinion on people who live with their parents.
I have a rule for my kids. You can stay for free as long as you want. If you move out, you can come back, but then you pay rent.
Why?
What does having left and found how harsh and difficult it is affect their need to pay rent? What if they lost their job and they couldn't afford where they were living? Would you refuse them unless they paid rent?
What are you doing with that rent? Is it going to utilities? Food?
Or a savings account for them to get a down payment somewhere?
Everyone has different opinions on this, and I will share mine.
After a certain age, you are a adult. Some financial stake involved to ensure both parties are treated fairly. If you never housed someone before, there will ALWAYS be something. Drama, conflict, explaining house rules and preferences.
In 2010 I allowed a college friend to live with me for a month no strings attached, by week 6, I asked them to start chipping in. I think that's fair. They were into penny trading, refused to do any chores, and nearly killed my pets from their actions. Once I made it a financial transaction, they cleaned up and when they failed to meet the rent, they left on their own accord.
My incel cousin who has been practicing to be a Mini-Joe Rogan with his TikTok BS, asked me if I can let him use the guest room, and the moment I let him know about rent requirements, suddenly he backed off.
While I absolutely believe that some adults do have a breakdown need time to heal their wounds, some contribution is required. In the words of Benjamin Franklin, "Guests, like fish, begin to smell after three days."
Or a savings account for them to get a down payment somewhere?
A few years back, my other cousin couldn't live with her mom anymore at age 18, and crashed with us until she moved out to her college dorm. Stayed with us for four months. And the $200/month rent was given back to her as a housewarming gift (I actually doubled it).
Where my sister who got pregnant moved in with my parents, originally her money went to help pay for bills. She never left, but now as my parents are aged, she manages the finances.
Really depends on the circumstances.
So they know not to count on you if they need help, got it. This is why people become homeless.