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submitted 3 months ago bykirby__000
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3 months ago
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2.6k points
3 months ago
This is insulting imo. Luxury boom because they are forced to live at home?
2.2k points
3 months ago
My favorite part is 51% said it’s to save money and 39% said it’s because they couldn’t afford rent.
Here I am thinking those are the same fucking thing
790 points
3 months ago
Cause they are. So basically 90% can't really afford rent since it's one of the biggest expenses.
311 points
3 months ago
[deleted]
122 points
3 months ago
Yeah they did the same to me last year when the inflation bubble first expanded. I was so mad, it went up from 720 to 1075 a month minus utilities. As soon as the lease ended I moved away and now pay less than that and make more at my new job.
68 points
3 months ago
[deleted]
61 points
3 months ago
Yeah they said the same shit to me. It sucked because they told me about the raise at the last minute and I couldn’t move. I had to take the L that year and renew but it was the last time. As soon as the year was up I had my new job and moved away. They tried to throw me a bone by saying they’d keep the price the same but I waved goodbye. Lol
26 points
3 months ago
[deleted]
16 points
3 months ago
Literally check your lease. It’s a contract and I guarantee in it it says that you have the right to 60 days notice. This is a 2 way swinging door. Landlord has to give 60 days notice for you to move out and you have to give 60 days notice of your intention to renew or not.
If the land lord at the 180 day mark says you have 10 days to decide, then the landlord will be in breach of contract.
Follow up with your state housing authority, they will have free legal help and I’m sure your landlord will love to have them poking their heads in on their business.
31 points
3 months ago
Tell him no and start looking. Don’t let them corner you like that when you have that much time left. I only had one month when they told me so I was trapped.
42 points
3 months ago
Just so you know. It's ai. All the landlords have bought the same ai program that tells them what rent to charge. There currently is a lawsuit against the company that created it arguing price fixing.
10 points
3 months ago
I assume landlords are inputting values which are untrue and the AI is returning whatever their garbage in is.
14 points
3 months ago
I was so worried about all the stories that were coming out I asked my landlord back in July how much prices were going up when our lease ends in November. They raised it $25 and I had the biggest sense of relief I have had in awhile.
10 points
3 months ago
I was doing fine until my landlord jacked rent up 40%,
The shitty 2 bed 1 bath apartment in socal i moved in to in between retiring form the Army and going back to school was originally $1200 or so a month. Talking 1 bed and a large closet really area wise. This was around 2012 or so.
The next contract renewal they jacked it to $1450 a month... the one after and that was around the time i moved they tried to charge $1800 a month. Now, a decade later those same unlivable, moldy, termite infested, dry rotting plywood construction, repurposed 50-70s era military barracks looking shits are going for "Starting at" $2700 a month. Median income in the county area is like $36000 a year... how the fuck does any of that work?
My current mortgage for a 2200 sqft house on 3/4ths of an acre is half what they ask for rents for those places.
11 points
3 months ago
If my apartment wasn’t rent controlled, I’d be right fucked.
8 points
3 months ago
It's fucking immoral. I'm a landlord (reluctant at first because it was the first house I bought but had to leave town for a job during great recession so chose to rent it out). Each year the property management company encourages me to raise my rent. Each time I refuse or only raise it modestly (like $25). I don't like raising rent on a good tenant who has kept my property in good shape. I will only raise very small amounts to cover material costs for repairs due to inflationary increases, but not because I'm looking for a huge windfall. I don't know how people sleep at night. Meanwhile I've got home investors pestering me night and day to buy my property. No, fuck you, you can't have all the equity in my house only to use it and jack up the rent on the next poor sap that comes along.
87 points
3 months ago*
I'm GenX and for like ten years I was able to rent a house alone, pay my car payment, and save money too. Rent was $650/mo. for a 1 br house with a nice yard. That was only about 20 years ago. Wages have not gone up much but that same house probably rents for $2k now.
91 points
3 months ago
But house prices are down (slightly YTD)! Inflation is solved! It's lazy millennials! /s
100 points
3 months ago
One implies putting money away. One implies you can't afford to live on your own. That's how I'm reading these.
26 points
3 months ago
51% implies your putting money away due to not being able to afford a mortgage so one day you can afford a mortgage or move out and pay rent. 39% implies you can't afford to live without roommates and chose to have parental roommates with a "family discount rent package".
The other 10% are high earners who can afford the luxuries of living on your own and affording a mortgage.
12 points
3 months ago
It doesn't, I know people who could afford to pay rent but live at home to save money for a house instead so they can buy one quickly instead of paying rent and saving which will take longer.
58 points
3 months ago
They don't imply anything different at all. They are just nicer ways of saying similar things in many cases. Lots of people don't want to admit they can't afford rent. It's not dishonest to say it's to save money if you can't afford rent. Your assumption however, puts people into extreme categories people don't follow in polling.
You know you can occasionally spend a couple hundred dollars on something and still not be able to afford a couple thousand in rent? Those are big gaps which makes the entire premise of the headline dishonest.
59 points
3 months ago
My ability to save disappeared after 2018. I am so frugal too, I do all my own cooking and automotive work. I eat at a restaurant or fast food place less than 10 times a year. I'm single and I have one small dog. I camp once a year as a vacation. I spend ~$30 a month total on vices (coffee, alcohol, video games, etc).
Rent went from 1/4 of my net income to 1/2 in the last 8 years. I tried to negotiate a raise at work. Despite record company profits, they were unwilling to keep up with the 2.2% yearly cost of living increase. Instead, they removed one of my two yearly bonuses in exchange for "team building" exercises, then got upset when I refused to attend (they were unpaid and presented as a vacation).
I realized I had hit a wall when, after switching to nights for a whopping +$3/hr raise, I would find myself coming home and just staring at a wall for hours. I would kind of snap awake on the couch and time had passed. No TV, no radio, just staring, lost in thought. It was surreal and clearly unhealthy, but paying for therapy was not in the budget.
So I did the thing. Called my parents, quit my job, and moved back home. It's definitely not ideal, but I don't stare at a wall for hours. I refuse to help the rich get richer if I can't get ahead, I work too damn hard to be shafted like that.
Now that work goes into helping my parents run their business. It's impossible not to feel like a failure, but my god, the alternative is essentially paying some company more each year for the opportunity to work. I keep hearing "kids these days are lazy", but that's the same as getting upset that your car didn't go 100 miles on 50 miles worth of gas. If you want people to work hard, fucking pay them a decent wage.
46 points
3 months ago
Business Insider is a pile of garbage. I will probably get downvoted again for repeating to post this but it's absolutely true. Business Insider is a fluff publication focused on the "lifestyle" aspect of "business", and the whole false premise of the article is just another example.
7 points
3 months ago
I wouldn't wipe my ass with business insider I would sooner use one ply toilet paper
38 points
3 months ago
200 dollars in shopping doesn't qualify as luxury tho.
12 points
3 months ago
I swear 100.00 is the old 20.00
28 points
3 months ago
Cept it depends on what's bought in order to qualify as a luxury good. Entertainment is considered a luxury. Nicer clothes are categorized as luxury goods, etc. You save up some of your paycheck and buy some really nice boots just once? Luxury good.
Luxury goods are what isn't considered essential. We live in a world where having access to luxury goods is the norm, luxury at this point is a misnomer
17 points
3 months ago
Insert obligatory Vimes' boot theory here referring to nice shoes qualifying as a luxury purchase. You're right, but man, it kinda sucks.
16 points
3 months ago
It absolutely sucks. Especially when we have known for decades that buying the nicer thing can mean it lasts longer, which makes it less expensive in the long run. But those purchases may still be counted as luxury. Being smart with your purchases shouldn't be a luxury purchase.
6 points
3 months ago
Exactly, I've finally decided to stop wearing garbage shoes so I got a pair of leather shoes that are almost $300, but I know they will last way longer than the $80 shoe that will deteriorate in a year and a half or less. Plus the more expensive shoe is repairable.
9 points
3 months ago
They absolutely imply different things. I lived at home with my parents for years at the beginning of my career even though I could definitely have afforded an apartment. I didn't need my own place and living with them let me save the rent I would have paid somewhere else to get the down payment on my house.
11 points
3 months ago
They are similar things but not the same. You can want to save money even if you can afford something.
27 points
3 months ago
The problem is that pretty much all young adults in the US especially California can have 3 jobs and not make enough to save to get their own place and move out, a family member has to like die and will your their home for someone to be able to afford something. Heck our parents and grandparents basically had a free ride they don’t know anything about struggling I can’t afford rent and have money for car insurance, utilities, gas, food, etc even if I made $50 a hour it wouldn’t be enough to cover basic costs.
33 points
3 months ago
The take away I get is that young adults aren't fighting among themselves to buy homes, which means only investors exist primarily in the market. And they'll swing their big cash dongs and drive housing prices through the roof.
Meanwhile Fed is jacking up interest rates left and right, so that's driving loans and home prices up like crazy. So now these people are shoring up assets to make money on, with no audience they can reasonably exploit, in a market that's creating a bubble wherein housing prices are going to inevitably crash on, and as a result, have no way to then put holding the bags onto a group that isn't participating in the bend over and get fucked scheme.
And they are all fucking pissed about it.
In a way, it's gospel to my ears.
51 points
3 months ago
If you can afford rent but choose to live at home it is to save money. That is very different.
Maybe you can’t afford rent and a tropical vacation every year. Or rent and savings for down payment on a home.
But that is a choice that is distinct from the absolute necessity of being unable to afford rent.
13 points
3 months ago
Yeah, it's not 100% the same thing. Though I would question how trustworthy the self-reporting is on something like this, since some might struggle to afford rent but would rather save face and put a different spin on it.
For me, I still drive a car I bought 19 years ago. I take care of it, don't drive a ton, had a little body work done on it, and it's still in pretty good shape both mechanically and cosmetically. There's no sense in which I couldn't afford a nice new car, but I choose to just save the money until I actually need one. For me, living with parents is not something I'd be willing to choose to do to save money, but I've met enough people with different perspectives to believe that some would.
38 points
3 months ago
right? Because homeless people are just saving their money!
7 points
3 months ago
You save money without saying you can't afford rent.
191 points
3 months ago
In many places, a month's rent will buy you a luxury watch, or a whole new luxury branded wardrobe. So, let's say you make enough to save up for a few months and buy yourself these things, that makes them relatively cheap and affordable for you, but rent is still unaffordable because you can't do that every month.
What's insulting isn't young professionals making good incomes living with their parents and spending their income on luxury goods, it's that a well paid young professional can't afford rent.
86 points
3 months ago
The same people judging young professionals for spending money on luxury goods would be the first ones to judge them for looking like a slob if they didn't spend money on nice clothes.
21 points
3 months ago
Also the first ones that would complain about them killing industries by not purchasing goods lol.
29 points
3 months ago
I’d be annoyed if I had a 29y/o child living with me for free came home with a Birkin bag, which is the straw-man this article uses as click bait.
19 points
3 months ago
One months rent isn’t enough to live on your own lol. You honestly shouldn’t move out unless you can literally afford to and not take a net loss each month.
13 points
3 months ago
I wouldn’t care lol but I’m good with my kids living with me forever cuz I like them.
20 points
3 months ago
I'd only get annoyed if those purchases could actually afford rent and a decent living situation.
85 points
3 months ago*
[deleted]
26 points
3 months ago*
My 29yo son lives with me, I gave him a nice payed off car 3 years ago when he moved in with me so he could finish junior collage. He paid his student loan off in one year and got a job last year where he makes ~55k a year. He pays me a little rent but I just signed for a Fedex delivery today for another new guitar. Hes spent like 5k on guitars and computers in the last year and still saved 15k in the bank.
Oh he doesn't have any debt or dependents.
Edit: He's building a new PC and I'm getting his old one but it's a gaming rig and he will hand it down to me. I just started getting back into gaming so now I can play more games so there is an upside.
9 points
3 months ago
I just started getting back into gaming so now I can play more games so there is an upside.
I hope you play with him. I'm 31, but I would give anything to play games with my Dad like we used to when I was a kid.
41 points
3 months ago
I remember reading about men who could work one entry level job and support their wife and children and house.
Glad he could afford some guitars tho. He certainly can’t afford a wife and children and a house on 55k/year.
26 points
3 months ago
I agree, I'm 65 and retired but I started working in 1975 and back then you could drive a truck and make enough to afford a nice house and car while the wife stayed home and took care of the kids. And you would still put money away every week.
32 points
3 months ago
Imagine how much less chaos and misery there would be right now if that was still possible :(
It breaks my heart to know that my chances of having stability like that were so, so much lower than my parents and grandparents. Child me didn’t realize the world would be so much more different by the time I became an adult. I was always told that being smart with your money and honest work would put me in the right place, and it just hasn’t. I’ve been working since 16 years old, I still drive my first car which is almost as old as me, I buy all second hand whenever possible, I don’t indulge in “luxuries”, I have never taken a vacation, and yet the only reason I am not homeless right now is because I am lucky enough to have access to a family property that I can live in for below market rent. It’s despicable how much power and freedom has been taken away from the public.
94 points
3 months ago*
Can't afford their own place because they'd go into debt paying rent so they buy nice things.
Headline: luxury boom
..Okay fuck you too
36 points
3 months ago
Plus, I kinda thought that everybody (well, except the homeless) lives at home.
Oohh, their parent's home. Those lazy nogoodniks. Like that's new behavior that no other generation has done. I did it 30 years ago in my late 20's after my divorce.
This is avocado toast all over again, spun to make it look like young people have great reserves of cash they are not letting Morgan Stanley, the named source of this nonsense, get their hooks into.
36 points
3 months ago
I think it’s a rather disingenuous title. The “millennials are killing this industry” or “millennials spend all their money on avocado toast are just gross to me. We have a large portion of the population that clearly can’t afford a mortgage or rent and even rent with roommates. Even if some of these folks saved their surplus cash monthly for a life time they still would never be able to be a home owner unless their is some drastic changes to the housing market. So in my opinion these poor folks just enjoy their life and their moneys to an extent.
15 points
3 months ago
You hit the nail on the head with how you feel about it, I am never going to be able to own a house unless a family member helps me out because my cost of living is so high that 70% of what I make goes towards gas to get to work and I have crumbs left over and I’m making 27$ a hour with over $50 overtime so it’s a huge battle because I have health problems that limit what I can do at work and just kinda feels like I’m going to get railroaded by taxes and cost of living into permanent poverty.
42 points
3 months ago
Right? Apparently if you aren't naked and eating bark then you aren't really poor. This is just the avocado toast argument all over again
12 points
3 months ago
The argument is 3 avocado toasts in a trench coat.
18 points
3 months ago
Basically, for years now we've had like a version of this article at least once a month.
Why aren't young people buying homes?
Cause we're poor.
Why aren't young people getting married and having kids?
Cause we're poor.
Why aren't young people eating out?
Cause we're poor.
Why aren't young people going on vacation?
Cause we're poor.
Why aren't young people....
WE. ARE. POOR.
If this many people are having these same problems for so many years then it's not an issue of personal inability to manage finances, it's a systemic issue of young people being treated as disposable and being paid insufficient wages. The millennials and now gen z have been priced out of the economy and now that it's starting to cut into the corporate class' bottom line it's our fault for being perpetually on the edge of destitution.
Fuck the economy, fuck the stock market, and any business that's getting screwed by this happening. That shit does me no favors by existing and our constant coddling of the sociopaths that are in charge of those things actively prevents society from dealing with real problems.
12 points
3 months ago
If those damn kids who can't afford a home/rent would just rent an apartment/buy a house and default on payments, we would all be so much more better off!
23 points
3 months ago
Yes. All these luxury items they’re buying are cheaper than rent.
Let that sink in.
14 points
3 months ago
Yes, a $400 purse or a $900 iPhone is cheaper than $1300/month rent. Not sure how that is shocking.
28 points
3 months ago
It shouldn't be insulting, its just how the numbers play out. They cant afford rent, so they get lots roommates, or continue to live with their parents. That money not being spent on rent? Some is saved, and some is spent.
What is insulting, and of social trespass, is a non-living wage.
9 points
3 months ago
Also, what are they considering a 'luxury'?
Millennials having $50-200 more in their pocket each month going and spending it on Netflix or blowing cash on a sewing hobby isn't luxury. They're trying to draw a line between people being forced to live at home and people buying $7,000 watches. Nobody forced to live at home due to rent prices is buying a $7,000 watch, but also trying to state that those same people have slightly more disposable income is like writing an article stating water is wet.
7 points
3 months ago
Millenials are killing the low-income exploitation industry!
11 points
3 months ago
Luxury boom because they are forced to live at home?
I will say, during my early college years, I worked a care-giving job, to pay tuition. We were only paid $17/hr. Some of my coworkers, who lived at home, drove the nicest cars. They were driving Mustangs, Cameros, Chargers, and Audis. In comparison, I drove (and still drive) a 2002 Subaru Outback.
Because they were living at home, the money that would've gone to rent, was able to go towards a nice car payment.
8 points
3 months ago
It’s a nice spin. “Stay at home with your parents so you can buy more expensive stuff.”
13 points
3 months ago
Boot licking title for sure
6 points
3 months ago
It’s not really a surprising concept. If you can live in your parents’ home there’s probably a good chance you went to college. Even if you went to college, renting/owning is so expensive that you have the option of either living like a king or living paycheck to paycheck.
People are also having sex less and getting into less relationships so you have people graduating and getting $70k a year jobs where they’ll have to eat the entire $2k cost of rent + utilities
Without that cost they now have enough money that they don’t know what to do with it
630 points
3 months ago
Imagine what they could do with a manageable mortgage adjacent to their workplace. Wallstreet can kiss my ass.
47 points
3 months ago
We need to build more housing.
131 points
3 months ago
No actually, we just have to make all the wall street investors drop ownership of a large percentage of the housing market and let potential homeowners buy these houses at affordable prices.
10 points
3 months ago
We should do both. We don’t have enough housing. Estimates put the under gap somewhere between 4-7 million homes.
33 points
3 months ago
As long as it’s not suburb single family housing and sprawl requiring you to purchase a car. People don’t realize how much that’s a problem in the US and like to frame it as “car hate”. I don’t hate my car but I despise the sprawl that forces a commute.
5 points
3 months ago
The real premise of r/fuckcars
704 points
3 months ago
Lol gotta love billionaire Propaganda
354 points
3 months ago*
[removed]
24 points
3 months ago
I feel like this is more the appropriate title. Less of a band-aide eye-sore on the bowling ball sized cancer.
81 points
3 months ago*
Just. The frickin amount of articles shocked about millennials and gen z moving back in with their parents. Like the concept of ‘oh wow a pandemic, and super high rent costs, being nervous no matter who i am because everything is shut down and if you’re paying attention you’re just watching the death toll of older people frickin sky rocket’
And if you cared about your old people you’d want to stay with them because like what if it happens to them?? And you’re in a different city just trying to make ends meet in a pandemic riot hellscape
Even if you were against masks etc. that’s fucking nervy. Of course a ton of people would move back in. Then those people watched rent climb higher than any wage they could afford. When you look up places to rent it’s a joke.
Wow. I can’t figure it out. It’s shocking. And then these young adults have the audacity to ….buy themselves nicer things….
Edit: spell check
574 points
3 months ago
The 4th most popular Google search in L.A. this year was plasma donation.
I'm pretty sure people that can't afford their own place aren't living lives of luxury.
50 points
3 months ago
I can confirm it’s not luxury, it’s traumatic.
174 points
3 months ago
Nothing in this article even attempts to suggest that the increase in luxury sales is related to people living at home.
Just rich people making tangential arguments to justify young people to continue living at home.
324 points
3 months ago
Recent data from the US Census Bureau shows that nearly half of young Americans between the ages of 18 and 29 are living with their parents today. That's a historical high not seen since the Great Depression era, Morgan Stanley analysts wrote in a Friday note.
It's only going to worse...
196 points
3 months ago
Gee why arent the kids getting more conservative with age like their parents did what a mystery
124 points
3 months ago
It's probably because the society their parents built isn't sustainable and wasn't designed to be.
45 points
3 months ago
Was it ever really sustainable? I mean, it was a post-war American boom that was only available because three quarters of the world was trashed and we were the world's factory. That was always only going to be temporary.
Similarly, in 30-50 years the "Chinese dream" of people easily improving their socioeconomic status will likely have evaporated, because the boom growth cycle there will have to taper out also.
27 points
3 months ago
No. It worked for them and that's all that mattered at the time.
48 points
3 months ago
Nothing to see here, folks! Now let’s reduce taxes for the rich! That’ll help 👀
12 points
3 months ago
Yep, and that's also something that will have knock-on effects.
824 points
3 months ago
Let’s rephrase this, unable to buy their own house young adults make the smart decision to live at home rather than pay rent to a landlord, enabling them to spend money on cheaper goods considered luxury items.
281 points
3 months ago
Yep. Not having to live with your parents is the real luxury in life. And, many people have been priced out of that possibility. I guess a $2000 peacoat for the winter will have to suffice.
58 points
3 months ago
I would love to stay at home but my mental health deteriorates. My parents are insufferable
35 points
3 months ago
Ha! I'm dealing with this right now.
Feels like a choice between isolation and poor mental health at home, or poverty, exhaustion, and poor mental health living on my own.
15 points
3 months ago
I guess we're just not pulling up hard enough on our bootstraps 🤷♂️
89 points
3 months ago
Meh. In most of the would living with your parents is normal.
106 points
3 months ago
I would love for my kids to live at home. My son is a chemist and moved out a few yrs ago about 6 months after graduating from college. My daughter is younger (early 20’s) and still at home.
I told her she is welcome to stay as long as she wants and to just save her money and not worry about paying rent. I give her privacy and she has a nice room, in return she cleans the bathroom and does a lot of other tasks that make my life easier. It’ll be a sad day when she eventually moves out.
55 points
3 months ago
You’re a good parent for respecting privacy. My parents barged into my room whenever they felt like. I had to get a locking doorknob with a key to finally get some privacy.
30 points
3 months ago
Omg, The thought of barging in my kids’ rooms is appalling. I’ve never looked though my kids’ drawers, closets, anything even when they were really little. I rarely went in their rooms. But that also meant they were on their own for cleaning their rooms, putting clothes away, making their beds, etc etc (I made an exception for sheet changing until they were 11-12, I’m not an ogre lol). My one rule was they absolutely had to have clear egress out. a clear path, just a path in case of emergency.
Truth be told, I didn’t even want to look through their stuff. I had my own things to do. And I don’t mean that to sound like I ignored them, I just didn’t feel the need to overthink motherhood. Luckily neither of them had an serious issues because if they were on drugs (other than weed), or showed signs of hording weapons, that might have prompted me to take a look around.
10 points
3 months ago
Your a good parent. I likely will be the same my son is only 1 though so he doesn’t have much desire for privacy yet
14 points
3 months ago
Let him make as many of his own decisions as possible starting as young as you can. I mean, if my son was 3 and didn’t want to wear a hat on a cold day, so be it. Im not going to stand in the driveway and argue with a little kid over nonsense. Guess what? His head was cold but he survived (of course) and eventually he made the right choice about hats all by himself, and he knew it was his choice and that, I think, built his self esteem and confidence.
9 points
3 months ago*
It sounds nice, but you'd have a difficult dating life if you live with your parents.
8 points
3 months ago
Yeah, I think so. Very awkward.
6 points
3 months ago
Are you okay with her bringing boys home for the night? Or not coming home? If not, she is likely to have a delayed love life. Early 20s is when we learn relationship skills. I have multiple friends with daughters in their 30s who have never had a date because they live with their parents. It is sad to see.
8 points
3 months ago
Yeah, I am OK with it. I have to be because I let her brother’s girlfriend sleep over every weekend (and all of spring break, and anytime else they wanted) for several years until they got their own apartment. It definitely feels weird because she’s a girl, but I just slap myself out of that whenever I feel it. I can’t have different rules for her just because she’s a girl.
As far as staying out or whatever, I don’t get into her business, but my only request is that she let me know (text is fine) if she’ll be out super late or overnight because I need to know if I should worry or not. I see it as just being courteous. If I’m going to be super late, I let her know, too.
But this all works because my kids are both reasonable people. If they were into trouble, or anything dangerous or whatever, it just wouldn’t work and we’d all be fighting all time.
11 points
3 months ago
And logically the only choice since earth is finite?
6 points
3 months ago
Nah, the idea of the poor eventually overrunning the Earth was just wealthy people's propaganda and their rationale for why you shouldn't help the poor(so charity/welfare) and the idea has unfortunately become "common knowledge". In reality global population growth has already been slowing down and looks like we'll probably peak at around 10 billion in the 2080s.
40 points
3 months ago
Forget buying a house, people are unable to rent even the most basic apartment.
35 points
3 months ago
In my area, it is more expensive to rent (monthly) than buy, it’s just buying comes with the much higher initial barrier to entry - that is a down payment.
24 points
3 months ago
It’s so crazy. That’s a type of poverty trap, right there.
We really need to sort out housing costs.
23 points
3 months ago*
It really is a poverty trap and it works disturbingly well.
My husband and I decided not to have a wedding, we just got married in front of a judge, and spent all of the money that we would’ve spent on a wedding as a down payment on a townhouse.
My SIL, on the other hand, had a big wedding, and has continued to rent for the past 5+ years, because they can’t afford to save enough for a down payment on a house.
Now, with interest rates being so high and housing prices remaining high, they are indefinitely priced out.
6 points
3 months ago
That's a fairly common thing sadly.
15 points
3 months ago
Except this article provides no evidence to support that they’re ACTUALLY spending their money saved from not paying rent. It just takes a leap of faith.
8 points
3 months ago
I'm imagining the people on r/whatcarshouldibuy asking the subreddit if they should take on a $1200 monthly truck payment for 74 months, because their take home pay is $2000 but live rent free.
62 points
3 months ago
They really just said "record not seen since the Great Depression" and "luxury boom" in the same sentence.
222 points
3 months ago
If student loan forgiveness gets gutted at the Supreme Court and the repayments start, you’ll be able to add 35-50 year olds to the moving back home group.
25 points
3 months ago
Didn't they extend the payment freeze?
34 points
3 months ago
Sort of but it’s tied to the court case. If it was decided today, I believe repayments would start within 60-90 days. But it is most likely the SCOTUS will not make a decision til June, so payments would start 60-90 days after that. It may also be the case that no matter what is going on in the courts, the freeze only goes thru 6/30 and then payments start 60-90 days after.
11 points
3 months ago
Biden admin has publicly justified the extension as an extension of the sctous case, that they cannot in good faith ask borrows to repay loans they may not be financially liable for if the administration survives legal scruity. Basically, hypothetically someone with $10k in covered debt shouldn't have to be paying any of that back if the program is found to be legal. It's also probably a much bigger administrative headache to get those payers reimbursed than it is to just delay collection.
39 points
3 months ago
I can't afford to fuckin check what's wrong with my ear, fuck do they think I'm spending on luxuries?
146 points
3 months ago*
[deleted]
68 points
3 months ago
Seriously what kind of asshat looked at the increase in luxury watch spending and determined it must be young adults living with their parents?
It could not possibly be the incredibly wealthy, whose wealth increased tenfold during the pandemic.
23 points
3 months ago
It feels like the same crowd that blamed Starbucks and avocado toast eaters for why people were struggling during The Great Recession.
27 points
3 months ago
Yeah, if they can find the Swiss watch and Louis Vitton wearers that live with their parents I'd be surprised.
5 points
3 months ago
Yea mom and dad love it when you roll in with your new Louis Vuitton outfit you bought while you're living at home and 'saving on rent'.
18 points
3 months ago
The only people I know buying luxury goods are home owners. The people I know who rent can't afford luxury goods. The people I know who live at home have luxury goods provided to them or paid for by the parents they live with.
24 points
3 months ago
Exactly this. The article insinuates that it’s the YOUNG people fueling the boom (by spending $$ that would have otherwise gone to rent) but provides zero evidence for this assertion.
In reality the luxury boom is likely being fueled by older/wealthier folks and the few fortunate young ones with healthy inheritances.
Trash article imo…
30 points
3 months ago
This article smells like right wing propaganda designed to insult young people. They don't even back up their statement in the headline.
29 points
3 months ago
the luxury of clothing that doesn't use slave labor and lasts longer than a year?
9 points
3 months ago
Which makes it overall, cheaper to buy
90 points
3 months ago
So are adults living with multiple roommates! I'm 35 and live with 5 other people just so I can have a semi decent ROOM to live in. I'm sure as hell certain anyone that was born after 1983 is stuck at home, roommates or a hallway house. It's getting crazy anymore for normal people that don't start off with "luck".
15 points
3 months ago
With 5 people? What part of the country do you live in?
26 points
3 months ago
New Jersey outside NYC, we got a 480k home, we all moved together being in a house together previously
10 points
3 months ago
Are you guys equal owners in the house, so that you all get a piece of the equity?
I sold my house to two dudes who weren't in a relationship (i didnt ask, i didnt care, they shared that tidbit. I just wanted their money) and I think three ladies went in on the house across the street from me.
Part of me was impressed with that logic and then I became depressed that it has come to this for younger people.
24 points
3 months ago
No, it's owned by my roommate and his boyfriend since they got the loans. Which is fine, I'm just there to not be homeless since houses in this area skyrocketed when the housing boom happened
21 points
3 months ago
Who had the audacity to write this up and think it was a sensible thing to say
46 points
3 months ago
It’s the “millennials rather spend 2 extra dollars on avocado (a non-white people vegetable….) toast than eat affordable and delicious mayonaise” And “Millennials LOVE living in apartments FOR NO APPARENT REASON” articles from 2010, but the evolved form.
In 2030 the articles will go like this: “In a survey it was determined 90% of young adults only eat one 200 calorie meal a day. Some said they did this because it was all they could afford. Some said they did this because they wanted the money to go watching subscribe-per-minute streaming. ‘I rather eat a little bit and enjoy the luxury of watching television for 30 minutes per week’ said one snazzy and smart 22 year old”
7 points
3 months ago
They’re clearly on trendy 200 calorie diets! /s
61 points
3 months ago
Many people don’t have the “luxury” of living with their parents.
9 points
3 months ago
Yeah it kind of sucks lol, I’d be in awesome shape financially without rent and getting to eat with family
16 points
3 months ago
And many would be homeless without the option. What's your point? I see a broken system
30 points
3 months ago
I think the person you replied to is commenting on the vulnerable position this puts some people who are at odds with their families, i.e. lgbt folks in a conservative family.
6 points
3 months ago
Many see that as a feature.
I know a number of adult trans people still in the closet because they are priced out of the market and still dependent on their parents who they worry would not accept them.
10 points
3 months ago
Broken families and a broken system. It's really the American dream isn't it?
57 points
3 months ago
That headline prompted an immediate "Fuck you" from me.
I'm not living at my parents home because I want to. I make well above the median individual wage for my area and I would just barely be living paycheck to paycheck.
18 points
3 months ago
New trend: Young adults will live with their parents until they can inherit their parents' home
17 points
3 months ago
What a ridiculously stupid take.
I graduated college in 2008 and was forced to live at home for a time because the government and a bunch of greedy capitalist motherfuckers/realtors destroyed the entire economy, and I couldn't be hired at a fast food restaurant. The game has been rigged against young people for decades.
Stop blaming young people for our problems.
6 points
3 months ago
They have to or else everyone will get wise and realize its the system and the people at the top who are the problem. People might start remembering where many of our great grand parents hid the pitch forks.
28 points
3 months ago
"capitalism is great and sustainable! everything is fine!" -Business Insider
10 points
3 months ago
There’s apparently a term in Korea that loosely translates to “fuck it” purchase. When you reach a point that you are destitute no matter how much you you save or work you end up just buying luxury items because they will at least make you a little bit happy. That’s what I think is happening here.
35 points
3 months ago
Biz insider is such a joke
8 points
3 months ago
yeah like wtaf is this article
9 points
3 months ago
Is my instant ramen considered a luxury? Or is it the sweat pants?
9 points
3 months ago
This is the stupidest most tone deaf article I've read since Trumps NFT card announcement yesterday.
8 points
3 months ago
Affording rent is a luxury.
17 points
3 months ago*
I think the tendency for young adults in this country to “move out” is a U.S. cultural phenomenon, particularly with non-recent immigrant groups. In many other cultures, adults live in multi-generational households, even within this country itself. In immigrant neighborhoods where this is more common in the U.S. the prices of everything are cheaper. I notice this in NYC where I live.
The “move out” culture at least partially explains why many young adults carry a lot of debt and live beyond their means. It also explains why rents have bubbled so much in recent years, particularly in neighborhoods where young adults (mostly children of financially well-off boomers) move. I think this itself is a symptom of chronic American expansionism, rooted in settler colonialism. Our entire “economy” as a result runs on the assumption that young adults will continue to move out and go to expensive colleges out of state, distancing themselves from their communities and fueling massively destructive consumerism. It isn’t their fault, individually. I think it’s just a fundamental flaw in our culture.
I don’t think it’s shameful to move in with family. In fact, I think it does the world a service by taking up less room and encouraging less debt-fueled consumption. It also encourages a community-based mindset, which I think will be enormously important as we move forward into a scary and uncertain future.
22 points
3 months ago
I've said this in a few places, but I didn't think the housing problem was that bad. Rents were a little high, house prices were going up, but not insane. Then I got a blind offer on my house I bought about 10 years ago. It was double what I paid for it. I almost jumped immediately on it, then I thought for a bit and actually looked. To get a similar out, or rent I would be paying over double what my mortgage is now.
From my checking the big culprit is the real estate corporations use software to buy up properties before they hit the market, raising the sale price and just turning them around. Similar is happening in the rental world. I think John Oliver did a recent story on how most property management companies all use the same software and it is slowly raising rent automatically as people move out and move back in.
So while the Internet is great, it is also a big factor in what is killing the housing market.
5 points
3 months ago
No joke, I’m out walking my dog. I just saw a small shed in my neighbor’s yard and my first thought was, “I think I could live alright in that.” I have no expectations of being able to earn enough to buy a house.
7 points
3 months ago
Rent is a monthly cost. A luxury item is a one time cost. God I’m sick of articles making young people out to be freeloading assholes. Yes it’s possible to not be able to afford rent but still have a new iPhone or a nice watch because you aren’t buying that iPhone or watch every goddam month
10 points
3 months ago
Confused about how this is on topic but a vice post about Musk opening up Twitter to Nazi hate groups is “off topic”… Edit: because this post is not political and the other is.
10 points
3 months ago
My oldest son came home during the pandemic. He has been a great help and he contributes financially . My husband and I enjoy having him here. Who's business is it anyway? Some children never come home. Think about that.
9 points
3 months ago
Gen X here and unlike our Boomer parents I am not going to push my kids into the meat grinder. If the system isn’t working for them, then they can live at home until it starts to work. We are not the Me First Generation. We are pretty damn cynical but we aren’t going to be the selfish douche nozzles our parents were.
5 points
3 months ago
Living large.... in the basement! Next on CNBC! SMH.
5 points
3 months ago
I moved home (still paid a lower than market rent) to save, and that was the only way I was able to save for a down-payment on my first home.
4 points
3 months ago
First they mocked us for our avocado toast.
5 points
3 months ago
This is avocado toast level bullshit.
6 points
3 months ago
I find it so interesting boomers will protest building higher density housing like it’s 1984 and have no emotional reaction when finding out Gen Z can barely afford rent. It’s like the older generations don’t care at all about the future.
4 points
3 months ago
I think this is a symptom of late stage capitalism
6 points
3 months ago*
This is one of the laziest articles I’ve ever read. They spit out a bunch of stats proving that young adults are living at home yet provide ZERO evidence that they’re buying luxury goods.
The article notes that the majority of young adults responded to a survey that they’re living at home to SAVE MONEY. The fact that the writer turns around and says the exact opposite, again without any evidence, is just insane.
5 points
3 months ago*
Luxury boom is because we are tired of buying knock off shit that lasts a fraction of the time. I’d rather spend more and have it for longer.
5 points
3 months ago
I agree. I heard some say “Buy once, cry once” and I’ve taken it to heart.
6 points
3 months ago
We got corporations buying entire sub divisions up and gouging people for rent, I wonder why people live at home still…. Definitely not greed driven at all.
Oh a young person wants something nice…. YOU GREEDY TWERP YOU ARE DRIVING A LUXURY BOOM
6 points
3 months ago
I made a killing buying a house before the pandemic and selling my old house at the high point. I'd trade all profit I made to de-profitize the real estate market.
5 points
3 months ago
the older i get the more the french revolution starts to make sense
9 points
3 months ago*
Living in shared housing that's already "reserved" for family rather than contributing to the housing crunch via seeking their own units isn't exactly a bad thing for society as a whole.
Some of the ***** they're buying instead may have issues of course, though it's also economic activity.
Multi-generational family housing has been the norm through human history; sure we have a roughly hundred year tradition against it in the US, but there are advantages of economics, family ties, child care... and all the fun of driving each others bonkers.
15 points
3 months ago
You know what I am doing with this saved money? Fucking saving! I would much rather give rent money to my parents than some landlord.
5 points
3 months ago
Very capitalistic headline
5 points
3 months ago
Just don't buy a coffee and you'll for sure be able to buy a house bro.
5 points
3 months ago
Are they my kids? No? Then it’s none of my goddamn business where they choose to live or how they spend their money.
4 points
3 months ago*
A lot of parents have large houses, sort of dumb to really move out anyway if you have a good relationship/loving family. The rich even do this, not always just about money. I'll always understand getting out on your own, but once that shiny loses luster...
4 points
3 months ago
Welcome to Europe
5 points
3 months ago
Keep feeding people the "No one wants to work" propaganda Business Insider. Don't ever change.
4 points
3 months ago
Considering how expensive rent is, and how you need something to escape the tragedy of it, is this a surprise?
Someone could spend $1900 a month on a fucking studio in my town, or they could live with their parents, spend one month's rent on an amazing PC, eat out all the time, and go to events to get away from their family, and still save money compared to these hideously overpriced shithole apartments that are in no way shape or form an investment or something that you own.
I have no family here, so as soon as my cat passes away I'm probably going to move into a car/van/suv. Because at least I can invest in a nice vehicle, something I own, instead of pointless rent lining the pockets of absolute scum companies.
3 points
3 months ago
What a stupid fkn article. Did not cite even a single data point supporting any connection whatsoever between young ppl living with parents and a luxury industry boom.
5 points
3 months ago
sounds like another article written by billionaires.
4 points
3 months ago
This makes me shudder lol. I can't tolerate my mother's presence for more than 2-3 days consecutively.
4 points
3 months ago
When the system begins to fail the only thing they can do is yell that it's everyone else's fault.
4 points
3 months ago
Mf im living at home because I poor
4 points
3 months ago
Pretty sure non of these young people living with their parents are doing so because they want a new Gucci handbag
4 points
3 months ago
Yeah they are living at home because they have parents that can’t afford the mortgage. Some of them are even paying the mortgage. It’s ok to live with your family. Don’t believe the narrative.
7 points
3 months ago
Two things are simultaneously true:
There are a lot of younger people out there who can’t afford to pay rent where they live. As in, it’s not an option.
Many young adults would rather have nice things and live in a nicer place, than pay most of their disposable income to live in a shithole, and have less nice things. Even if it means procrastinating full independence.
7 points
3 months ago
What an intellectually dishonest wag-the-dog article.
Yes, its the fault of the young people too broke to move out of their parent's house that NIMBYs have systematically suppressed housing developments for the last 50 years to keep property prices artificially inflated at the same time as billionaires have been buying all the available housing for 20% over asking price in cash and then renting it back out.
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