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A secret of many urban 20-somethings: Their parents help with the rent

81 点作者 golfstrom超过 8 年前

20 条评论

johnchristopher超过 8 年前
Been there. As one of the 20-something whose parents didn&#x27;t help with the rent.<p>Two consequences:<p>- really tough discussions with some friends and acquaintances once I realised their parents heavily subsidized their way of life while they were putting the social persona of young working adult being independent and nagging me about when I was going to buy my first car or why I was always the one who made it through the whole night with one glass of beer<p>- really hard to move up in the adequate social circles and no care-free attitude which led to a much harder job hunt, grimmer prospects in relationships (partly cost me the love of my life) and way too much stress to be healthy<p>I don&#x27;t blame people for being helped though, that&#x27;s not my point.
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Godel_unicode超过 8 年前
This is an interesting counterpoint to all of the &quot;government subsidies distort housing prices&quot; arguments. Obviously family subsidies are very different than government subsidies, but I think they might have a similar effect on pricing. Especially for economicallt disadvantaged people trying to go it alone; you&#x27;re now in a market (similar to college tuition or healthcare) where nobody pays full price except for you*<p>*For large values of &quot;nobody&quot; and &quot;you&quot;
lacampbell超过 8 年前
I&#x27;m always a bit shocked at how many adults I&#x27;ve come across whose parents aid them financially - even when they&#x27;re working. Aren&#x27;t they ashamed?<p>I&#x27;m late 20s, and don&#x27;t have as many friends as I used to in my early 20s. But the ones I do pay their own way. I just can&#x27;t relate to a grown adult living it up on their parents money.<p>I do sometimes feel uncomfortable working in software though - I&#x27;m from a solidly lower class background, and the vast majority of the people I meet grew up middle&#x2F;upper middle class. I&#x27;m on a middle class salary now, but I don&#x27;t have the accumulated wealth of the previous generation behind me. My mindset is so different. I&#x27;m more ambitious, more protective of my free time, and much more frugal.
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WalterBright超过 8 年前
When I was young (1980s) it was normal for parents to provide the downpayment for the kids&#x27; first home.<p>BTW, cars are an enormous cash sink. I saved a ton by buying beaters and doing most repairs myself. I still drive a beater :-) and fix it myself and it&#x27;s amazing how little it costs.<p>I&#x27;ve had my current beater for 25 years now, and it still starts as soon as I turn the key. It&#x27;s a fairly simple car, and easy to fix.<p>Being a beater also means I don&#x27;t carry comprehensive insurance. Adding up those premiums saved over the years would probably buy a purty nice new car.
manacit超过 8 年前
This is interesting, but not altogether surprising.<p>As an urban 20-something, my parents helped me my covering the lion&#x27;s share of my college costs. Once that was over, it was an unspoken agreement that I was completely on my own. Fortunately, I graduated with a job offer in hand as a SWE in the city of my choice, but that is far from the norm for the graduating classes in many majors.<p>If anything, I find the provided numbers feel too low - $250 a month in many metro areas is unlikely to be &#x27;make it or break it&#x27; numbers (by my estimation). It&#x27;s more that their parents are subsidizing a lifestyle in those urban areas.<p>At any rate, it&#x27;s hard to blame people for getting help from their parents, though I can&#x27;t say I would be excited to do so for my kids after a certain age (though, of course, I don&#x27;t have any).
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joshstrange超过 8 年前
It was my goal before I even finished college to be as independant from my parents as I could be. Most of that came from a need&#x2F;desire to not give them anything they could hold over me (preemptively). The rest from hating the idea of living subsidised and being dependant and a drain on them. That said I know I am extremely fortunate to be able to lean on them if it came down to that and I hate that many people don&#x27;t have that safety net there. I understand some may abuse it but I&#x27;ve not been great managing my money in the past and it&#x27;s caused extreme stress for me but I can&#x27;t imagine how much worse it would have been if I didn&#x27;t have my parents to turn to if things got really bad (thankfully they didn&#x27;t).
grx超过 8 年前
Is this an American thing? It&#x27;s pretty common in Germany, but I remember that foreigners often see us as the &#x27;renters&#x27;-country (meaning the majority rents instead of owning a property), so there might be a difference. Just wondering why this seems an increasing thing in your cities.<p>It&#x27;s also no big secret that parents often support their children far beyond the school time if they are not able to apply for student loans (Bafög).
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trjordan超过 8 年前
$3,000 a year is a weird number. Of course anything helps, but when rent is $1,000, $2,000, or even $3,000 &#x2F; month, is that really make or break?<p>I wonder if it&#x27;s paying security deposits or first &#x2F; last deposits. When I was 23, paying rent seemed doable, but digging up 3 months of rent all at one go was terrifying.
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figers超过 8 年前
As a landlord of multiple properties in Boston I can confirm the parents pay the rent.
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lordCarbonFiber超过 8 年前
Subject to change while I parse the source data set, but I&#x27;m not sure their conclusions are sound. Specifically the reliance on averages and amortizing the existence of yearly lump sums to monthly assistance. And the wording of &quot;has ever&quot; so a single gift&#x2F;loan now gets extended to reported as years of monthly assistance.<p>For example, parents providing their child with first month&#x27;s rent&#x2F;security deposit for the first place after college I wouldn&#x27;t say is indicative of &quot;financial dependence&quot;. Especially considering the data was for 2013 when getting credit for short term loans as a young person was even harder than it is today. Feels more like another dressed up &quot;entitled millennials living off those hard working boomers again&quot;.
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awinter-py超过 8 年前
Not sure how the article concludes that young adults don&#x27;t tell their friends about family financial help. It&#x27;s not a question on the PSID survey and it doesn&#x27;t seem to be in the michigan PSC report.<p>The secrecy of financial help is a really important claim because it affects how under-resourced college grads plan their 20s; irresponsible of the authors not to footnote this.
gamesbrainiac超过 8 年前
One point made consistently in this article is that life is getting harder for a graduate of the liberal arts. There are a plethora of articles that espouse the notion that art doesn&#x27;t pay.<p>Yet, how is that surprising? You&#x27;re taking four years to complete a degree program that provides you with no (measurable) practical skill.
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pboutros超过 8 年前
&gt;The choice of career path matters. Those in the art and design fields get the most help, an average of $3,600 a year. People who work in farming, construction, retail and personal services get the least.<p>Am I wrong to assume that it isn&#x27;t the career choice so much as how wealthy the parents are?
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macawfish超过 8 年前
This makes me think hard about universal basic income. If average incomes went up, how long would it take for those with monopolies on basic needs to raise the prices? Not long, I&#x27;m sure. Unless rentier capitalism is somehow cut out of the picture, if the government provided $10,000&#x2F;yr, then $10,000&#x2F;yr could very quickly become the new &quot;poverty&quot;. If banks (via landlords&#x27; debts) are squeezing people now, whats stopping them from taking peoples&#x27; basic income too?<p>Don&#x27;t get me wrong, I recognize the need for something like basic income, but rentier capitalism is suffocating peoples lives right now, and I have a hard time seeing how universal basic income is going to stop that.
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nonsince超过 8 年前
It&#x27;s disgusting that this is necessary. I&#x27;m outside the US and I&#x27;ve been financially independent since I was 20. My parents couldn&#x27;t afford to pay for me much longer, and we&#x27;re a not-bad-off white suburban family, about what americans would call &quot;middle-class&quot; I guess. I can&#x27;t imagine how a poor family in the USA could hope to have social mobility with it being so necessary to have parents support you who might not even be able to support themselves.
nonSVmillennial超过 8 年前
I got my bachelors in CS at a state university on a full-ride scholarship I qualified for in high school, but was out of a job for a year, living on what I&#x27;ve saved up and loans from my parents.<p>Eventually, I got a job as a developer in a mid-size city, making decent money relative to cost-of-living and not having to have roommates because I was spending only ~33% on rent. Though I&#x27;m not swimming in money, I have become financially independent as much as any wage or salaried worker is able.<p>Though in my outlook I never really subscribed to the notion that all problems are fixable by pulling oneself up by their bootstraps, I&#x27;m realizing that this held true in my case. And as I get older I am finding it harder and harder to sympathize with my peers who&#x27;ve learned less marketable skills and are now living many three or four to an apartment in economic insecurity, or have moved to urban centers or boomtowns chasing their dream yet aren&#x27;t much better off. Those who continuously receive assistance from their parents do not mirror my own experience, as any money my parents lent me was sorely missed and paid back at first opportunity, while those who are doing this on their own are making little measurable progress to attain a better quality of life, notwithstanding their best intentions.<p>It&#x27;s unfortunate that one&#x27;s socioeconomic wealth still so strongly predicts their own wealth, It&#x27;s unfortunate that certain systems perpetuate structural problems, and some people never get the chance to climb out of poverty, but some others are afforded a way up and choose not to pursue it.
RestlessMind超过 8 年前
A complaint against boomers is that they pulled up the ladder for upward mobility. That they benefited from cheap education, a booming economy, relatively cheap houses and stock market and fully funded social security and medicare. Whereas millennials have to face expensive education, stagnant economy and uncertain prospects for social security &#x2F; medicare.<p>If that&#x27;s the case, we should welcome parent-&gt;children transfer of wealth to balance out the situation of two generations, no? Some people might prefer government to do this, but that is just a different mechanism (with lots of political opposition) to achieve the same end goal - wealth transfer from boomers to millennials.
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luvstarteps超过 8 年前
Literally 80% of my friends now live with their parents. It&#x27;s not really down upon like it used to be. People enjoy living at home and actually brag about how nice (and cheap) it is.
qstyk超过 8 年前
If you were taking a woman on a date to a place where women are objectified, I&#x27;d be open to the possibility that money isn&#x27;t your only obstacle.
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eli_gottlieb超过 8 年前
As a tenant in one property in Boston who receives no help from his parents, I deeply resent the ease with which you attained wealth by just renting out ever-rising Bostonian housing.
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