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Rising prices, strict loans, need for flexibility cause more to rent.
Buying a house straight out of college is a fairly new concept, one I frankly never understood. Your twenties are a time to backpack around the world and try living in a few different cities, not pay a mortgage in your hometown.
It seems like there's a middle ground to be had. On one hand, I understand not wanting to go in debt to buy a house when the employment market is shaky. But on the other hand, living with your parents until you're 30+....eeessh. You'd have to really be a master of your domain. Rent a place, perhaps? That seems like a good middle ground. Yes it costs money, but can you really put a price tag on being able to bring someone home after a date?
Student loans can take a very long time to catch up on these days. But to be almost 30 and planning to spend "a couple more years" with mom and dad... Well that might be a fateful decision.
Covers three people with different backgrounds. I like the perspectives.
Poor parents!! and to think they thought he would be out by his early 20's!! so much for the love shack!!
A combination of the increase in college debt, stricter loan approval, trepidation about the strength of the economy, and less people getting married are having an affect on home purchases for young adults.
I hail from a culture where it is considered totally normal for kids to live at home with their parents until they are married -- and after that if it works out.
When my son lived with us after he graduated from college, it was delightful. An extra body to shovel, mow the lawn and go grocery shopping and the general good company were perks beyond price.
We were lucky enough to have enough space so that he had the whole basement to himself with a bedroom, a small living room, and his own bathroom. If he had a friend over after a date, we were hardly aware of it unless he deliberately introduced us at the breakfast table.
It took him two years to find a real job (not waiting tables or doing lawn work) but that was his moment to move out. I still miss him. Not in any kind of aberrant, Gordian-knotted apron strings kind of way. I just miss him. And if he ever needed to come back, I would welcome him with open arms.
I´m sorry that he´s screwing up the real estate market by not buying a house, but I respect his choice to keep his options open and work toward more stability in his career before he takes that plunge.
The article hints at this... buying a place is (relatively) easy... selling is hard. That is what is a big deal to today's potential buyers.
Long-term job stability is the big thing for many friends. Many young people are caught in a continual temp position cycle, and seems just far too risky to commit to a long-term mortgage.
One, Why are the parents not charging rent at least? That is a problem. The parents should be charging him rent!! The parents are only exacerbating the issue with adult children still living at home. I understand that he is paying off his tuition bills but I wonder if he going out at nights, drinking with the guys?? I wish the story would have given some salary ranges of these examples. Mr Meath doesn't understand the concept of having to make choices in life with regards to living his life, paying rent, car, gas etc etc.. He gets it all. a living place with no rent, probably pays no utilities, maybe no food costs and can pay off the loans with whatever money he wants to put on them. Is there a set schedule of time till he has to move out?? Advice to the parents/s, Make him pay $100/wk and a portion of the total housing costs. He needs to learn about how to live his life if mommy & daddy are no longer there.
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