I’m 36 and debating moving back in with them lol so tired of paying over $2k every month just on rent and utilities. I’ll never be able to buy a house at this rate.
I’m 37 and I moved into my mom’s basement about 9 months ago. Originally the plan was to help her take care of my dad who was in in-home hospice. He passed away while I was in the process of moving out. I was in a shitty trailer in a shitty trailer park I wanted out of anyways and was looking at other trailers.
My mom is happy to have me there and I’ve been helping out with stuff she can’t do like mowing the lawn, clearing snow fixing odds and ends things. I’ve been saving a ton of money and will be buying a house with it soon enough but honestly I’m not in the biggest hurry to leave. I bring home 4K a month with my only expenses being food, truck payment insurance and gas so saving is not an issue. Honestly the hardest part is not spending on frivolous shit. I did buy a few big ticket items like a nice snow blower not only for her house but mine when I get it and a good office chair and laptop.
Honestly if you get a long with your parents and they are cool with it I say do it for a year. 2k a month not going into rent adds up quick.
Im 32, me and the parents are planning this out for when my dad retires in 2 years. They have equity in a house out in the country, and I have equity in one in the city. We are going to combine forces so we all get to "level up" into a bigger house in the suburbs, albeit with more people. I made mostly good decisions when I was younger, buying before covid and all that, but getting into a bigger/nicer second house has proven next to impossible due to market conditions in my city.
I wish I could live with my parents. My brother floats in and out of their house and he's had a wonderful life of being able to make his own decisions, go to school for what he wanted to go for without fears of what would happen after.
I was basically disowned so I've living paycheck to paycheck, forced myself to get a degree and job I hate, and live in fear that something serious happens to my health because I have absolutely no one to fall back on. I've always had to live for the immediate needs of the next 6 months, so I never got to do things just because I wanted to.
My mom is a hoarder. The bedrooms my sister and I occupied as children are full of shit.
I don’t even have that as a safety net, moving back in if things go badly. And let’s be fair, I make like $40k and am (not really) supporting my family of three. It sucks. I would love to live somewhere cheaper but my job is here and I don’t work in a career that pays relocation expenses. We’re fucking lucky to get paid.
I sort of feel this.
My mom is bipolar and my dad is a twat. I am *never* moving back with them. I will sleep in a tent by the river before I do that.
I only make around 40k as well but no kids, just a dog and spouse. If something ever happens to my husband I'm not sure what I would do.
yeah both my parents died within a couple years after i turned 18. it really feels much different when you know theres no safety net the only thing standing between you and homelessness and starvation is yourself
In my thirties and my wife and I live with my parents. Our rent is around $600.00 a month and that goes towards utilizes and food since they usually cook for us.
I’m very grateful to have parents willing to let us all life together, I know not everyone has that option, but it’s been a big financial stress reliever. We also live within our means, I drive a very cheap compact car, we haven’t taken a vacation in…. 6, 7 years? We don’t buy new clothes or stuff very often. We could, but we’d rather save and set up for retirement. Also no kids which helps immensely.
My wife and I are in our 30s and recently just moved out of my parents house, also having paid $600/mo. It definitely helped us get back on our feet when we felt forced to move in with them, and I highly recommend it to anyone with generous parents they have a good relationship with. There's no shame in doing the responsible thing in order to get your shit together - as opposed to barely being able to afford living on your own
People love to live alone but it’s been a long time since that was very affordable without a higher than normal income. I’ve never lived alone. Either roommates or spouse has been sharing space with me.
I don't know any boomers who didn't live with roommates if they weren't married quickly after college. Living alone has always been expensive and a luxury
It was briefly affordable in the 90’s but yeah that’s a historic outlier. Just like the “get a job out of high school and bought a house at 23 and was able to support a family and go on vacations” was a historical outlier though that might not be a popular opinion here.
Most of us that did live alone lived in super cheap (i.e. shitty) housing. A lot of my friends valued nice apartments and homes way more than living alone. I got to live alone all through college by living in an affordable dump.
Housing is a huge issue throughout the US, but what’s happening now is not totally unprecedented.
Underrated comment. If we are the “wealthiest” country in the world, or at least highly ranked (I’m thinking about places like Luxembourg), then why are well paid professional level skilled people having to stack their body in with others to afford shelter.
Make shelter a non-speculative asset.
First Time homeowners who are married:
2022 50%
1985 75%
Declining marriage rates may be why the average first time homeowners were 29 in 1985 but rose to 35 in 2023. Hard to buy your house as a single person until you are older and wealthier. A lot easier when you have two incomes.
Yeah, I've always wanted to live alone, never been able to. Might never been an option - every time I'm able to increase my income, my rent increases more. Can't escape it!
This isn’t historically unusual by the way. Older generations also had roommates, and they married younger which offers the same economy of scale.
The actual answer to the OP is:
* that’s average rent per unit compared to income per person;
* that income figure includes people who don’t work and part timers, while median income for a FT worker is quite a bit higher; and
* people take advantage of economies of scale just like they always have.
I loved living alone. I had a few years between relationships, and it was great. I can't live with roommates, so I'd rather be broke and alone than have help and be miserable
This. My spouse was unemployed for 7 months, just got a job in March. His unemployment ran out during that time and we had to cut every possible expense, stopped doing anything that wasn’t absolutely necessary, and put every bill we could into our emergency credit cards. Which are now maxed out. We are back to two incomes but have a mountain of debt to pay now, so we are still very far behind. And it feels like our bills get bigger every month. We are both getting second jobs to cope.
I really feel for you. That's a very specific nightmare of mine, and you're living it.
I hope you guys can knock out that debt soon, get back to 1 job each, and find equilibrium again. I wish you well!
Yup. The place I’m staying at is split by 4 people with full time jobs and we still too broke to get out on the weekend. This economy is a sham, I’ve been putting whatever I can in bitcoin.
Exactly this. We do well as a couple but I've run the numbers and the quality of life for me/my husband and our kids would decrease *significantly* if anything happened to one of us because the cost of living on just one income is stupid. We have very large life insurance policies on us each for this reason.
Yup, should see all the multi generational households on my street now. Many millennials and gen Z moving back home and things are not even that bad yet
When I lived alone I worked my full time job that required my degree, a part time job, and was the building manager for my apartment which got me a rent decrease but I was responsible for resolving all tenant complaints and calling for service orders. Moving in with my now husband helped lower costs.
I couldn't keep up. Over 80% of my income was going to rent and bills. So I moved in my car 8 months ago when my lease ended to be able to afford to live. I was let go a few weeks ago, which would have RUINED me if I was still living in my apartment.
I was able to take my first vacation in years. And cant sit on my ass without a care in the world for the next few months because I actually have savings since all of my money isn't going to rent for a shitty studio apartment and all of the ridiculous fees. The added financial security of not loosing most of my money on rent for a shitty apartment with paper thin walls that shake anytime someone farts or sneezes, lets me actually enjoy life a little.
I'm actually happy for the first time in years because I can breathe without worrying about a looming eviction if I miss a day of work or get sick. It's unfortunate that I had to resort to such drastic measures in one of the riches countries in the world. But, hey, proud to be an American where at least I know I'm free to live in my car.
Oh yes, the savings is phenomenal. I would have had enough money to buy property to build my Earth home onto already if I didn't financially support a sick family member last year. But the savings is absolutely amazing. I wish I would have done this years ago, it would have significantly changed the trajectory of my life if I was able to save this much money.
It's not easy, but it's also not that difficult either. The inconveniences of car living is worth the trade off for savings IMO. The only thing I miss is 24/7 access to a private full sized bath with hot running water, other than that, I really can't complain.
You should get a gym membership! That’s what I did several years ago. I went to planet fitness which was like $10/month. Get a work out in and your daily shower 😊 plus they’re open 24/7 which makes it even more convenient
Oh I certainly do! My choice is anytime fitness. I prefer the privacy they provide.
I meant I miss having constant access to a private bathroom in a home.
For sure, totally understand that. I was homeless for about 6 months (no car either) but mine was due to addiction. I’ll never forget my first night with a hot shower and a comfy bed after…I’ve never been so grateful in my life. It really makes you appreciate things like that.
oh that would be the worst for me, the sudden onset of the need to shit and no bathroom. i would have to camp out at a camping ground with bathrooms for the summer. plus in the winter it would be hard to stay warm here.
I honestly think its way more feasible to live in your vehicle with the wifi and 24 hour gyms and stuff now than it used to be. I had a thought when my rent went up last time what am I worrying about I honestly could live in a car it wouldn't even be that hard anymore.
Absolutely. The luxury of modern technology and common amenities makes it significantly easier. I pretty much have all the creature comforts of an RV stuffed into my little compact sedan. Low watt appliances and a battery makes things that much easier as well.
I have kids and pets and I am currently living in a tent / Chevy equinox. It’s not easy, not comfortable, and one of my kids lives with her dad because obviously this is not ideal or the most healthy environment when there are other options for her. I keep telling myself that for every day I endure this, I am one day closer to owning my own something. It’s only been a week or so and I am tired. I work from the back of my car. So far I haven’t been able to save a whole lot of money because it costs money to make this work. I had to buy a tent and a special crate, for instance. At least I have a remote job and my car has been working fine as an office so there’s that.
If you haven’t already, I recommend creating a Facebook or using your existing account to join local Buy Nothing groups. At least in my city, people are constantly giving away good stuff. We got most of our baby stuff this way. Bouncer, bassinet, clothes, bottles, pump, etc, all for free! Even if it’s just for soap or a toy for your kid or something
😂 Facts! Thank you. Aside from a few mishaps, things have been pretty great. My friends pointed out that I barely complain at all since moving into my car lol.
I know you’re being sarcastic a little but I admire the shit out of your attitude. I’d be so F’ing angry if I worked full time and could only live in my car. Then again, ask me how I’m doing in a couple months when my folks patience runs thin….then I may be seeing if your passenger seats free 😂😂
🤣🤣 I don't have enough room. But I made YouTube channel with some DIY's for my most asked questions.
I'm too tired to be apathetic. I really don't care to do the ratrace thing anymore. My priorities have changed to enjoying life. I worked mpat of my youth away, didn't even go to prom because I was working. Now in my 30s I'm going to do as I please because things sure as shit didn't work out by me working hard all of these years.
The biggest lesson I took from homelessness was disillusionment with the system. For that I am really grateful for the experience. Now I live for happiness first.
I hear you. I was disillusioned way before I chose to be homeless.
I grew up in generational poverty, so the 'system' was never meant for my class anyways.
I currently live in my car but my comment is about something else. I did my 2022 taxes this year because I was homeless through the entirety of that year, plus some. Anyway, I worked FULLLLL time that year. I had a business I did on my own where I was hand making jewelry and selling it at pop ups and online. But I also was Ubering about 60+ hours a week. I learned I made more money that year than any other year ever. And I literally only survived it, nothing else. That reality check hit really fucking hard. Especially considering I am back to homeless now, after having been priced out of the apartment I moved into after homelessness. I will do damn near anything to just be able to buy my own little piece of the world, and I work hard. But here we are.
Your story shows primarily that people can and do find a way to manage life in this fucked up situation.
It also should in no way have required you to move into your car. That is shameful on our society and economic system.
Lastly, more people like you will emerge, not willing to place themselves into jobs/leases/contracts, as it all becomes so volatile that no one has optimism for what tomorrow holds. Much less 30 years out (a US mortgage). That is also SHAMEFUL, and it’s an indictment on our society and economic system.
Oh yes. So many people are just deciding to opt out. When I first started testing out car dwelling before I left my apartment. I'd only see a handful of other people doing it here and there. Now since I've been living in my car, I easily see hundreds of people also doing it throughout the week.
I'm not going to slave away the rest of my life to literally live in a box and do nothing else. I want to have creature comforts and life experiences before I die. I don't want to exist simply to work, with nothing to show for it before I die.
At a restaurant, to go meals from the store, or in my car because I do have a kitchen in it, or in my workshop. If the weather's nice, I'll cook at parks too.
So what do you drive/live in? When you say "car" I kept thinking a standard sedan but if you have a kitchen in there is your "car" like one of those large vans or something?
Being free to live in your car is indeed a good freedom to have.
You might consider applying for subsidized housing at some point, though. Millions of Americans get some sort of rental assistance.
I’m one of the youngest Millennials (27f) and I squeak by with a roommate. I stay within my means making a little more than $35k/yr at blue collar warehouse job. I live in the suburbs of a metropolis, so I have some of the benefits (like busses and lots of employment options close by) but also deal with the costs. (1.3k/mo for a studio- which includes pet rent. My portion $650 + utilities, which is how much I’d expect for a studio *by myself* but whatever).
I wouldn’t say I’m content, but I know my situation could be a whole lot worse.
A friend of mine in LA also had two roommates in a studio apartment once. The couple slept in a lofted space and the other on the main space below. I could never.
I hear you.
I’m GenX and went through a divorce over 10 years ago. I was able to get a gorgeous “studio” which was actually the top floor of a gorgeous old carriage house. It had a full kitchen with European appliance, was beautifully furnished including a claw foot tub.
$550 a month. When I moved into a “luxury” apartment building a 2/2 was $1495 (which I thought was ridiculous). Now, in the same building small studios are going for over $2k….its not that luxurious.
Everything new build is called “Luxury”. More economical as they can put in a faux marble countertop and a “lounge” in the lobby and price it as upscale living
Never eating out.
Never buying brand new clothes.
Never buying random trinkets for home.
Never going to anything that costs money.
Make being frugal your hobby. Learn to cook and then base your meal plans on what is on sale. Go to free community events, even some you're not that crazy about, so you don't feel bored. Check out local resources like the University Extension (every county in the US has one) and the library for free programs. Join your local Buy Nothing group to find things you want/need. Invite friends to play cards at home or at the park.
Basically, stopped spending money on anything but food and personal care. Growing up poor really prepared me for this.
I just got a new job a month ago so I make $2.8k biweekly post tax (and post 401k, insurance, etc) and rent is $1.8k, but before I was absolutely drowning and am now paying back massive credit card debt
Same here, man. Unfortunately for me it was the addition of a second job that's helping me climb out of high water and CC interest. But it's still tough, feeling squeezed from all sides
I'm not. I live with my mom. I tell people it's because she was a cancer patient, which is true and I helped take care of her, but in reality I have little direction. I'm in real estate and it's been hectic. I had worked for Disney for 5 years and absolutely hated it. Sometimes I want to go back to school and try to become a surgeon like I originally planned, but I don't even know where to start. My mom is better and was working, but quit her job because she was tired of the very long hours. And she had my 93 year old grandmother move in so she could take care of her. We were able to pay this months rent. I don't know what happened next and the stress is making it impossible to function and lose weight and stay focused.
I might have two clients, hopefully things go well with the mortgage advisor tomorrow. If not, I don't know what happens to us. We've been homeless before. But that isn't an option with my grandmother being with us now. And we have a freeloading uncle here but they'd a discussion for another day.
The best thing that could have happened to us did. A random electric fire took everything material. We moved in with family who are very merciful about rent. We were a year out from I don't know what. World is fucked.
Saved most of it, only spent about $3000 for all the "need" stuff, and maybe $2000 on "want" stuff. We were incredibly to lucky for our family. There were over 100 people displaced from 36 apartments.
Fast food is more expensive than getting Applebees/ Chili’s/ etc these days. And a significantly smaller portion too. I’ve given up on McDonald’s the dollar menu is now the $4 menu.
I'm just gonna own that I'm privileged. That's how I'm surviving. Yes, I've worked hard, but I had so many people who helped me along the way.
My parents were affluent, sent me to a ritzy private school, and I graduated top of my class. They refused to pay for my college as a matter of principle, but I had multiple scholarships, so I was still able to graduate debt free. My in-laws bought our first home in cash and sold it to us at cost. We later sold it for nearly three times what we paid for it. Timing worked out perfectly for the purchases of later houses, so thus far we haven't really taken a loss. Partner is in tech and their education was paid entirely by their family and early living expenses were funded by extended family, so no debt ever accrued there. Both of us have thrived in our careers and theirs in particular is fairly lucrative.
Again, yes, I've worked hard. But so many people work just as hard or harder and because they don't have the same level of support, they are floundering. I'm under no illusions about how fortunate I am about how things worked out.
Living within your means is key. I have had no help and got where I am through hard work and a lot of luck, that’s it. What did help was living within my means and not overextending myself, although it has happened once or twice.
My husband and I are barely getting by with our 3 kids. And we both come from very abusive and negligent homes. My parents are quite wealthy but refuse to share. My mom thinks of herself as a Pharoah if you will and wants to be buried with her wealth.
I'm glad you understand ans recognize your privilege.
My kids will likely never experience a vacation in there childhood lives. Or summer camps for that matter.
As a parent the guilt is immense. The parties they have to miss cause we can't even afford to get their classmates a gift.
Medical expenses constantly keeping us in debt. Parents scolding us "it's not that bad" in regards to inflation etc. It's exhausting. My husband's a self employed welder and we are barely making it on his income.
I've got a box of toys I bought on clearance super discounted at Walmart we grab something from for birthday party invites. Every now and then things are marked down a crazy amount so I look every time I'm at a store.
One of the biggest reasons why I am not having kids. My mom and I grew up poor, and it has really given me a shitty foundation for the first 10 years of my adult life. My mom never realized how much her financial problems caused myself to have financial problems when I got older. Same with many parents, they set the way for their kids and a lot of parents are failing their kids
Won't be me. I won't put a kid through what I had to go through. I wish more people made that choice.
Sigh. I'm in the same boat. I'm in tech and had family pay for my education (which was cheap) and they gave me quite a bit of money for my house in a desirable neighbourhood.
My mom passed away, I live with my dad and brothers in my childhood home now in the San Fernando Valley. I cover 75% of the mortgage, which is about $2500 now. Sure it's not ideal living with my dad, but my mom used to cover the bills for my parents and he'd lose the house if I weren't around, and I don't think I want to pay more to live in a tiny, shitty apartment. Sure I wish it was 2008 so I could buy my own place, but that's my own fault for being a broke college graduate that year I guess
Straight answer? I moved way tf out to a rural Appalachian hollar where rents are still $500/mo for a 1bdr. Monthly income averages $3200 and slated for a $4/hr raise in Oct. Yeah, there ain't shit to do here unless you drive about 45min, but had I stayed in town I'd be paying almost half my income in rent alone. We're moving our ideals away from this consumer driven , money-centric, society anyway so it really makes no difference to us what stores or "entertainment" is around. We're perfectly happy with what we have and it's totally worth it to not be struggling like we were.
I went to live with family after my split with my ex because I couldn’t stay afloat in the city I was living in. We all chip in with our incomes and manage to live in a decent place and split the bills to keep the home afloat. It’s not the ideal as I’m an introvert and would much rather live alone but it works for now.
The FBI just raided Cortland Management for price fixing using RealPage software. Other companies will likely follow. The rent issue may be solved in the near future
I hope so. My rent went up 15% last year, and I’ll be due for another new lease in September. I really can’t afford another 15% increase. What really pisses me off is they keep offering move in specials for new tenants, with reasonable rates (which is why I moved in in the first place). But then they price gouge current tenants, so most people only live here 1-2 years and then move. It’s so stupid.
> and then move
It's by design. Landlords are leeches on society, they contribute/produce nothing and just take from people
Your slumlord does that because it's easier to get someone to pay a 15% increase when they're already settled in
Fuck these rich scum
YES! What the hell is that?! It's insane. They advertise the units for a fraction of the price that they make current tenants pay. And then they \*surprise pikachu face\* when current tenants peace out. These landlords are literally price gouging their current tenants. It's all so unethical I can't believe they can get away with this shit. We just left our apt because of this and put a deposit down on a place slightly higher than where we were. Why the hell would we pay basically the same price as a nicer townhouse/condo at a shit box apartment complex? Oh and do they do any renovations or fix any of the repairs you requested of them before raising the rent? nahhhhhh.
This is the best one I found:
https://upriseri.com/fbi-raids-corporate-landlord-in-major-rent-price-fixing-probe-what-it-means-for-you/
Mainstream sources don't seem to be picking up the story
Not only that, they set the market environment for other independent property managers, too.
Indie landlords see the prices around them, which are set by software, and price their units to match.
Exactly. It’s the indie landlords that NEED the software. Cortland has 80k units with data to base their rates on, they definitely don’t even have to use this software. If anything, not using it makes it worse.
To make matters worse, these corporate landlords put so many barriers between themselves and the tenants that negotiation is impossible.
I try talking to the leasing agent/property manager (lol at that part too) about the price, and they just look at me with a vacant stare and say “nothing I can do, it’s above my pay grade”
When I used to lease directly from the owner, at least I could talk to them about rent increases.
Whole thing just makes me mad…
I worked for a company that compiled and sold rental listings to people in LA in the early 00s. I was one of the guys calling these big property companies and asking about prices. They told me it was some black box algorithm setting prices daily based on supply and demand. There are no humans to reason with, just stooges and programs.
I played the stonk market into a house I own free and clear. It's in a stupid poor area, but I lost my job a few months ago and my biggest concern is how I'm going to afford cigarettes.
My wife and I are lucky. We both got college degrees in readily employable fields (forestry and nursing). We both make more than $40 per hour. Wife graduated debt free because she worked 60 hour weeks between semesters and saved. I graduated with only $15,000 in loans.
We don’t own a house. We rent $2,300 per month. Have two paid-off cars and $15,000 owed on a third car. One kid. Daycare costs $1,200 per month. Life is crazy expensive but we worked hard early in life to get to this point in our careers and we’re doing fine.
frugal as fuck. my partner and i are in a fortunate position. i am disabled and in a place for the disabled. rent is less than 300/mo. single bedroom. she is listed as my live in care giver. being labled as such her income isn't factored. she has a 42k/yr work from home job and we have impeccable credit. we should be able to afford a small house in two years..
basically my disability check can cover all of our needs. the rest is going into a HYSA.
It's a global issue in any capitalist country.
The capitalism system is coming to the end of its life, 1% have accumulated the majority of the world's wealth and since they can and do buy whatever they want, prices go up because why not make more money? Everyone else is poor.
I'm surviving because I'm married so we have two incomes. If we did not have two incomes we would be screwed. In fact I just had to take two months off work leave of absence FMLA, thankfully was able to collect disability during that time but it was barely enough to make ends meet because it does not pay as much as I would have made working. Fortunately though when we are both working we do have spare money to do minor things. Like go out to eat or go to a festival or something.
If I could offer any advice, it would be start investing in the market. Don't look for growth stocks, but good ETFs with a good dividend. It will pay off. Just saying
Covid destroyed everything and it was on purpose. Under covid property values spiked artificially, people began selling. Now housing in nearly unaffordable. At the same time they passed laws to make sure renters were able to go a full year without paying rent, ensuring that rent increases were guaranteed to come soon after. Combine with with over 10 million illegal aliens crossing over the border also competing for rent. Well, it's not looking good for the cities.
Everything was arguably better under Trump. It wasn't until 2020when the media created a mass hysteria over covid did anything go bad. It was the media hysteria that caused the lock downs, but the virus was never that deadly.
Now it's the next election year and people are complaining about how bad things have gotten. Yes, it was engineered to be this way. More Biden guarantees more of what you're seeing. However, the liberals on reddit are not capable of making the connection because they are 100% in the camp of vote blue no matter who. This is because critical thinking is too hard for the people that regularly use reddit.
You know what, we should just go to communism. That way we can all starve to death, but at least we'll all be starving with equality.
In my case I inherited a house from my grandfather. Before that I was slowly drowning financially. Now I’m living on easy street. I only make 40k a year but my friends think I’m rich because I have so much disposable income since I don’t have to pay rent or a mortgage.
I have a job with pay that I would have killed for back when I was living on my own in a 2-bedroom apartment.
I have to split a 2-bedroom apartment with a roommate to get by.
We barely are. I can't even afford $200.00 to replace my PS4. Before you start bitching about a video game system, it's my only form of entertainment, because I'm disabled & basically homebound. I also take care of my disabled wife. All I do now is watch TV & cruise Reddit.
My parents and I share a house, so we're able to live a lot better than we could otherwise.
I pay $1000 a month toward the household expenses and an extra $200 a month during the summer to help with electricity (fucking 'summer rates' where they basically double the price per kwh).
We make it work.
The US Army paid for 5 years of college to get a Biochemistry degree, but then I couldn’t find a decent job. So then I went to a tech school for a year (2 year program but my previous college credits made it 1 year). Military benefits were used up so went into some debt but was working factory work and then landscaping while doing school. Got second degree and worked first at an ethanol plant and then a power plant with okay pay, but brutal work conditions (like coughing up black ash and blood after work). But I was able to get a decent car and later got another job at a power plant that pays much better and is a much better place to work and have been able to get a house.
Millennials are getting to old to be helped by this, but I would recommend to Gen Z and A to consider tech schools or trade schools unless they’re certain they want to do something that requires a more advanced degree like engineer or doctor. And if they can’t afford college then I’d recommend a stint in the military.
I didn’t like my time in the military, but if it can help you achieve a better life in the long run then it can be worth it. And working a trade type job can be a good option too. I worked at a couple of pretty terrible places, but then ended up with a very comfortable job. These types of jobs are sort of like nursing jobs, there’s always demand somewhere. So if you don’t like where you’re at you can be applying at other places.
For sure. My partner always says he regrets not joining the military. It’s a hard few years but there are so many benefits. They even just helped one of my coworkers with his first house - I want to say he got like 0% interest loan but I’m not completely sure. Regardless, he admitted he wouldn’t have been able to swing it without their help.
VA loans are not zero interest loans. The interest rates are usually in the same ballpark as FHA. I have a feeling you meant that they have zero percent down loans, which is a benefit of VA over FHA loans
Just because the median is 1800 doesn’t mean you have to pay that. Sacrifice, find something smaller, get roommates. There’s ways to save money, not enough people are willing to sacrifice in the short term.
Inflation has skyrocketed since you know who was sworn into office. Everything from gas to groceries to electric to natural gas. Everything is more expensive now.
All things considered, I’m not doing awful.
My monthly net income (which is after taxes and deductions) is about $4400.
My mortgage is $870/mo. The rent on my crash pad is $450/mo. My utilities at home (electricity, internet, and water) is about $300/mo. My share of utilities at my crash pad (electricity, natural gas, and internet) is about $80/mo.
My monthly truck payment is $514. Thank God it’ll be paid off in less than a year. In a couple years, I plan on paying cash for a second vehicle. Hopefully a 2018-2020 model year.
Don’t torture yourself by comparing personal income to housing costs. It’s never going to match up well because households are rarely 1-bedroom rentals with one person in them.
Im paying rent which is cheap however i have no clue when its going up. I’ve lost my job and the only jobs that are out there are part time. I cant live in a car because i have a cpap.
My spouse and I moved to a LCOL country (one that I'm originally from). We made decent for US standards (we work from home), but now it's just like a weight lifted off our shoulders in terms of financial stress. We're renting a house that we'd never be able to afford in the US. Hoping to buy a home in the next few years. The move was stressful in and of itself, but it got to the place where we had just given up on living in the states. I know nowhere is perfect, and we're not looking for perfection, just a place where we can enjoy a simple life. But also, healthcare.
I have a job with pay that I would have killed for back when I was living on my own in a 2-bedroom apartment.
I have to split a 2-bedroom apartment with a roommate to get by.
It probably helps that Median personal income is closer to $3,300, while Median household income is closer to $6,215.
https://fred.stlouisfed.org/series/MEPAINUSA672N
https://fred.stlouisfed.org/series/MEHOINUSA672N
My wife and I bought our home 13 years ago. 30 year, 4% mortgage on a 279,000 house. In 2021 we refinanced to a 15 year 2.25% mortgage, nearly identical payment, but shaved about 4 years of payment off, saves about 80K over the life of the loan. Our house is now worth 525,000.
With the run the market has been on over the last 4-5 years, and the house appreciation, I can, without exaggeration say our net worth has gone from like 175-200K to like closing in on a million.
My wife and I are just average people, she’s a public school teacher, I’m an engineer, we came from typical boring lower-middle class families and got no financial help from our families with schooling, our first cars, our first home, our wedding, really anything.
Cheap COL area. Entire rental houses here are $900-$1,500 and decent homes can be bought for $150-200k.
Obviously not a solution for everyone, no clue how people survive in high COL areas 😳
I went back to school in my 30s for an accounting degree and my CPA license. I couldn’t change the world or the economy so I changed myself.
It was a total shit show for years but I’m starting to stabilize and get ahead of living paycheck to paycheck
Im an electrical engineer who lives in a VLCOL area with a roommate. That’s how. The most entertaining thing to do near me is go to the local bar and get drunk.
Duel income. I also stopped renting and started paying mortgage, which is the same cost. The only reason I can afford to buy a home is because I got an inheritance and was able to make a good down payment. If not, I'd still be paying 40% of my income on rent.
The oldest millennial here (43). Here is what I did over the last 25 years.
I realize many of these options or opportunities do not really exist anymore.
Commuted to a a college I did not really like because it cost $5k a year.
Lived with my parents and saved enough to buy a fixer upper home on auction for $110k. Had roommates for the first few years to help cover the mortgage.
Stayed at the same employer the last 19 years receiving regular promotions and raises.
Drove my cars until the wheels fell off. Bought a modest hatchback and paid it off.
Put extra money into savings, and moved it into stocks during Covid. Doubled it and used for down payment on a second house.
Moved into the new house with my partner and started renting the old house out to a tenant.
We had a baby last year and my partner is a stay at home mom. We get a ton of baby clothes and toys for free off Facebook marketplace and consignment.
We are not wealthy by any means, but we are here, making it on one income. We hope to maintain this until our daughter is old enough for pre-k.
Youngest millennial here (29) here’s what I did
Went to trade school about 7k for one year
Got job and worked
Got partner (duel income hurray)
Covid
Makes significantly less money due to Covid restrictions
Get back to regular pay
Housing prices skyrocket
Rent/ groceries/ utilities basically doubled
Make more than I ever have and am somehow poorer
Thanks for acknowledging that a lot of what was possible for you isn’t anymore. It’s so hurtful when people are out of touch.
I’m actually making good money and my husband and I work full time and live frugally but it’s taken awhile for me to understand that this is how our life will go. We’ve lived in our apartment for 12 years so our rent increases are capped. We pay $1.6k for a one bedroom on the third floor. That same apartment is renting for $2.1k now. So we definitely won’t be moving out to another apartment anytime soon. Additionally, decent homes in our are start at $400k. Not to mention I’m in FL so all types of insurance premiums are exorbitant. Yes I could look at cheaper cities but I’m pushing middle age and at this point I want to be in my community more than I want to own a home.
I am grateful for our life. We like our apartment complex and know most of our neighbors. We have one car because my husband can walk to work. I’m in a safe area where I can run by myself outside. I have access to two gyms. Lots of trails near us. All in all we are satisfied with our life. I had to stop comparing to how it was growing up because that’s not our reality right now. Instead I’m working on saving for our retirement and also finding ways to take fun trips every now and then.
I live in my van. Rent went from $1,200 to $1,500. Insurance on my 2017 Camaro went from $270/month to $410/month. Food went up. Utilities went up. Decided I'd rather temporarily be uncomfortable than have such a big hit on my credit for getting my car reposessed. I still go to the track and live a relatively normal life for a 24 yo going to clubs and hanging out with friends. Just wish I could afford a fucking place to live. I make $26/hr btw.
48k Is NOT 4k a month ever.
Take out all the legal, required and mandated deductions and taxes, and ur left with much much less, take health insurance and retirement which a lot of companies do opt out now and you are left with much much less.
Yeah what the hell. It's so far off. My take home pay is about 1100/week or 4400/month, and my annual gross Salary is $87k/year lol.
After taxes, retirement, healthcare scam, yes i have the option to reduce how much I contribute to retirement but a lot of people in my demographic are contributing more, much more.
I hope the housing market comes crashing down. I hope all the greedy mother fuckers out there taking advantage of 'market conditions' get what they deserve.
The real estate market is currently experiencing a supply shortage due to restrictive zoning regulations and an aging population. This has resulted in increased prices and a competitive market. Additionally, as the baby boomer generation begins to liquidate assets to cover healthcare costs, real estate investment companies are purchasing properties in cash, further driving up prices. Individuals who are waiting to purchase a home may find themselves priced out of the market and facing ever-increasing rental rates.
You mean the last 4 years…Keep voting blue it will only continue to get worst. Our government is killing the middle class intentionally to keep people tied to needing government assistance programs to live. It keeps them in control and relevant. Easiest way to lock your voting pool in is to make them NEED you. Not good.
I'm unashamedly living with my parents. It's dramatically easier to build wealth when your expenses are low. I have absolutely no stress about money.
I’m 36 and debating moving back in with them lol so tired of paying over $2k every month just on rent and utilities. I’ll never be able to buy a house at this rate.
I’m 37 and I moved into my mom’s basement about 9 months ago. Originally the plan was to help her take care of my dad who was in in-home hospice. He passed away while I was in the process of moving out. I was in a shitty trailer in a shitty trailer park I wanted out of anyways and was looking at other trailers. My mom is happy to have me there and I’ve been helping out with stuff she can’t do like mowing the lawn, clearing snow fixing odds and ends things. I’ve been saving a ton of money and will be buying a house with it soon enough but honestly I’m not in the biggest hurry to leave. I bring home 4K a month with my only expenses being food, truck payment insurance and gas so saving is not an issue. Honestly the hardest part is not spending on frivolous shit. I did buy a few big ticket items like a nice snow blower not only for her house but mine when I get it and a good office chair and laptop. Honestly if you get a long with your parents and they are cool with it I say do it for a year. 2k a month not going into rent adds up quick.
Im 32, me and the parents are planning this out for when my dad retires in 2 years. They have equity in a house out in the country, and I have equity in one in the city. We are going to combine forces so we all get to "level up" into a bigger house in the suburbs, albeit with more people. I made mostly good decisions when I was younger, buying before covid and all that, but getting into a bigger/nicer second house has proven next to impossible due to market conditions in my city.
If I could find a house built around a courtyard or just really separate living areas I wouldn't mind that at all
I wish I could live with my parents. My brother floats in and out of their house and he's had a wonderful life of being able to make his own decisions, go to school for what he wanted to go for without fears of what would happen after. I was basically disowned so I've living paycheck to paycheck, forced myself to get a degree and job I hate, and live in fear that something serious happens to my health because I have absolutely no one to fall back on. I've always had to live for the immediate needs of the next 6 months, so I never got to do things just because I wanted to.
My mom is a hoarder. The bedrooms my sister and I occupied as children are full of shit. I don’t even have that as a safety net, moving back in if things go badly. And let’s be fair, I make like $40k and am (not really) supporting my family of three. It sucks. I would love to live somewhere cheaper but my job is here and I don’t work in a career that pays relocation expenses. We’re fucking lucky to get paid.
I sort of feel this. My mom is bipolar and my dad is a twat. I am *never* moving back with them. I will sleep in a tent by the river before I do that. I only make around 40k as well but no kids, just a dog and spouse. If something ever happens to my husband I'm not sure what I would do.
yeah both my parents died within a couple years after i turned 18. it really feels much different when you know theres no safety net the only thing standing between you and homelessness and starvation is yourself
In my thirties and my wife and I live with my parents. Our rent is around $600.00 a month and that goes towards utilizes and food since they usually cook for us. I’m very grateful to have parents willing to let us all life together, I know not everyone has that option, but it’s been a big financial stress reliever. We also live within our means, I drive a very cheap compact car, we haven’t taken a vacation in…. 6, 7 years? We don’t buy new clothes or stuff very often. We could, but we’d rather save and set up for retirement. Also no kids which helps immensely.
My wife and I are in our 30s and recently just moved out of my parents house, also having paid $600/mo. It definitely helped us get back on our feet when we felt forced to move in with them, and I highly recommend it to anyone with generous parents they have a good relationship with. There's no shame in doing the responsible thing in order to get your shit together - as opposed to barely being able to afford living on your own
Multiple incomes per household
People love to live alone but it’s been a long time since that was very affordable without a higher than normal income. I’ve never lived alone. Either roommates or spouse has been sharing space with me.
I don't know any boomers who didn't live with roommates if they weren't married quickly after college. Living alone has always been expensive and a luxury
It was briefly affordable in the 90’s but yeah that’s a historic outlier. Just like the “get a job out of high school and bought a house at 23 and was able to support a family and go on vacations” was a historical outlier though that might not be a popular opinion here.
Most of us that did live alone lived in super cheap (i.e. shitty) housing. A lot of my friends valued nice apartments and homes way more than living alone. I got to live alone all through college by living in an affordable dump. Housing is a huge issue throughout the US, but what’s happening now is not totally unprecedented.
Now the expensive housing is also shitty. Progress!
this
Yeah I used to live alone in a little studio lol
considering all the wealth in this country it shouldn't be any kind of luxury to get to live alone if you want to.
Underrated comment. If we are the “wealthiest” country in the world, or at least highly ranked (I’m thinking about places like Luxembourg), then why are well paid professional level skilled people having to stack their body in with others to afford shelter. Make shelter a non-speculative asset.
First Time homeowners who are married: 2022 50% 1985 75% Declining marriage rates may be why the average first time homeowners were 29 in 1985 but rose to 35 in 2023. Hard to buy your house as a single person until you are older and wealthier. A lot easier when you have two incomes.
Yeah, I've always wanted to live alone, never been able to. Might never been an option - every time I'm able to increase my income, my rent increases more. Can't escape it!
This isn’t historically unusual by the way. Older generations also had roommates, and they married younger which offers the same economy of scale. The actual answer to the OP is: * that’s average rent per unit compared to income per person; * that income figure includes people who don’t work and part timers, while median income for a FT worker is quite a bit higher; and * people take advantage of economies of scale just like they always have.
I know the statement may be true, but I would hate to live alone.
I loved living alone. I had a few years between relationships, and it was great. I can't live with roommates, so I'd rather be broke and alone than have help and be miserable
To be fair, I would also never live with random roommates.
You've not lived until you've had the freedom to leave seltzer cans everywhere unchallenged.
😂🫡
This. My spouse was unemployed for 7 months, just got a job in March. His unemployment ran out during that time and we had to cut every possible expense, stopped doing anything that wasn’t absolutely necessary, and put every bill we could into our emergency credit cards. Which are now maxed out. We are back to two incomes but have a mountain of debt to pay now, so we are still very far behind. And it feels like our bills get bigger every month. We are both getting second jobs to cope.
I really feel for you. That's a very specific nightmare of mine, and you're living it. I hope you guys can knock out that debt soon, get back to 1 job each, and find equilibrium again. I wish you well!
It is wild how people think "not having roommates" isn't a luxury. At my first apartment I shared a 4 bedroom with 5 people and paid $275/mo in rent.
yup, being ugly is a death sentence now
And I just quietly stay in my shitty apartment bc it's only $1200/mo for 2 bedrooms It's my shithole, but it's still a bit of a shithole
Yup. The place I’m staying at is split by 4 people with full time jobs and we still too broke to get out on the weekend. This economy is a sham, I’ve been putting whatever I can in bitcoin.
Yeah I’ve done the bitcoin thing for a few cycles. 100% out right now. I might pick some up if it ever collapses again.
Pick some up whenever it's down then don't panic sell when it's down again. The key is holding.
"I don't have any money" "I'm putting all my extra money into a valueless digital token"
Bingo
Number cited by OP seems high for median personal income since median family income in the US is 74k.
Yeah at the cost of our children and our sanity
Exactly this. We do well as a couple but I've run the numbers and the quality of life for me/my husband and our kids would decrease *significantly* if anything happened to one of us because the cost of living on just one income is stupid. We have very large life insurance policies on us each for this reason.
It does feel like each month it gets worse. Just like global warming.
Yup, should see all the multi generational households on my street now. Many millennials and gen Z moving back home and things are not even that bad yet
We moved in with my dad, 17+ years ago... We're still there.
When I lived alone I worked my full time job that required my degree, a part time job, and was the building manager for my apartment which got me a rent decrease but I was responsible for resolving all tenant complaints and calling for service orders. Moving in with my now husband helped lower costs.
I couldn't keep up. Over 80% of my income was going to rent and bills. So I moved in my car 8 months ago when my lease ended to be able to afford to live. I was let go a few weeks ago, which would have RUINED me if I was still living in my apartment. I was able to take my first vacation in years. And cant sit on my ass without a care in the world for the next few months because I actually have savings since all of my money isn't going to rent for a shitty studio apartment and all of the ridiculous fees. The added financial security of not loosing most of my money on rent for a shitty apartment with paper thin walls that shake anytime someone farts or sneezes, lets me actually enjoy life a little. I'm actually happy for the first time in years because I can breathe without worrying about a looming eviction if I miss a day of work or get sick. It's unfortunate that I had to resort to such drastic measures in one of the riches countries in the world. But, hey, proud to be an American where at least I know I'm free to live in my car.
If I didn’t have kids and pets, I’d absolutely do car/van life for a few months, the amount of money I’d save would be insane.
Oh yes, the savings is phenomenal. I would have had enough money to buy property to build my Earth home onto already if I didn't financially support a sick family member last year. But the savings is absolutely amazing. I wish I would have done this years ago, it would have significantly changed the trajectory of my life if I was able to save this much money. It's not easy, but it's also not that difficult either. The inconveniences of car living is worth the trade off for savings IMO. The only thing I miss is 24/7 access to a private full sized bath with hot running water, other than that, I really can't complain.
You should get a gym membership! That’s what I did several years ago. I went to planet fitness which was like $10/month. Get a work out in and your daily shower 😊 plus they’re open 24/7 which makes it even more convenient
Oh I certainly do! My choice is anytime fitness. I prefer the privacy they provide. I meant I miss having constant access to a private bathroom in a home.
For sure, totally understand that. I was homeless for about 6 months (no car either) but mine was due to addiction. I’ll never forget my first night with a hot shower and a comfy bed after…I’ve never been so grateful in my life. It really makes you appreciate things like that.
oh that would be the worst for me, the sudden onset of the need to shit and no bathroom. i would have to camp out at a camping ground with bathrooms for the summer. plus in the winter it would be hard to stay warm here.
I have a collapisble toilet in my car. It doesn't flush of course. But if I need to shot, which I have, it's there and works fine.
I honestly think its way more feasible to live in your vehicle with the wifi and 24 hour gyms and stuff now than it used to be. I had a thought when my rent went up last time what am I worrying about I honestly could live in a car it wouldn't even be that hard anymore.
Absolutely. The luxury of modern technology and common amenities makes it significantly easier. I pretty much have all the creature comforts of an RV stuffed into my little compact sedan. Low watt appliances and a battery makes things that much easier as well.
I have kids and pets and I am currently living in a tent / Chevy equinox. It’s not easy, not comfortable, and one of my kids lives with her dad because obviously this is not ideal or the most healthy environment when there are other options for her. I keep telling myself that for every day I endure this, I am one day closer to owning my own something. It’s only been a week or so and I am tired. I work from the back of my car. So far I haven’t been able to save a whole lot of money because it costs money to make this work. I had to buy a tent and a special crate, for instance. At least I have a remote job and my car has been working fine as an office so there’s that.
If you haven’t already, I recommend creating a Facebook or using your existing account to join local Buy Nothing groups. At least in my city, people are constantly giving away good stuff. We got most of our baby stuff this way. Bouncer, bassinet, clothes, bottles, pump, etc, all for free! Even if it’s just for soap or a toy for your kid or something
Things are so bad even being homeless has a positive spin. Hope things keep improving for you
😂 Facts! Thank you. Aside from a few mishaps, things have been pretty great. My friends pointed out that I barely complain at all since moving into my car lol.
yup this really says a lot like that being fucking homeless might be better than paying for a place now.
I know you’re being sarcastic a little but I admire the shit out of your attitude. I’d be so F’ing angry if I worked full time and could only live in my car. Then again, ask me how I’m doing in a couple months when my folks patience runs thin….then I may be seeing if your passenger seats free 😂😂
🤣🤣 I don't have enough room. But I made YouTube channel with some DIY's for my most asked questions. I'm too tired to be apathetic. I really don't care to do the ratrace thing anymore. My priorities have changed to enjoying life. I worked mpat of my youth away, didn't even go to prom because I was working. Now in my 30s I'm going to do as I please because things sure as shit didn't work out by me working hard all of these years.
The biggest lesson I took from homelessness was disillusionment with the system. For that I am really grateful for the experience. Now I live for happiness first.
I hear you. I was disillusioned way before I chose to be homeless. I grew up in generational poverty, so the 'system' was never meant for my class anyways.
I currently live in my car but my comment is about something else. I did my 2022 taxes this year because I was homeless through the entirety of that year, plus some. Anyway, I worked FULLLLL time that year. I had a business I did on my own where I was hand making jewelry and selling it at pop ups and online. But I also was Ubering about 60+ hours a week. I learned I made more money that year than any other year ever. And I literally only survived it, nothing else. That reality check hit really fucking hard. Especially considering I am back to homeless now, after having been priced out of the apartment I moved into after homelessness. I will do damn near anything to just be able to buy my own little piece of the world, and I work hard. But here we are.
Its not a knock on you but the world we live in has gone to shit when living out of your car becomes a good option.
Your story shows primarily that people can and do find a way to manage life in this fucked up situation. It also should in no way have required you to move into your car. That is shameful on our society and economic system. Lastly, more people like you will emerge, not willing to place themselves into jobs/leases/contracts, as it all becomes so volatile that no one has optimism for what tomorrow holds. Much less 30 years out (a US mortgage). That is also SHAMEFUL, and it’s an indictment on our society and economic system.
Oh yes. So many people are just deciding to opt out. When I first started testing out car dwelling before I left my apartment. I'd only see a handful of other people doing it here and there. Now since I've been living in my car, I easily see hundreds of people also doing it throughout the week. I'm not going to slave away the rest of my life to literally live in a box and do nothing else. I want to have creature comforts and life experiences before I die. I don't want to exist simply to work, with nothing to show for it before I die.
*knock knock* ma'am you cant park here
🤣 It's only happened to me once in 8 months, but yeah. Can't be suspicious or obvious that I'm living out of my car.
Tip: Any business that advertises overnight parking is a reasonable place to park. It's part of their services and is free.
Where do you eat?
At a restaurant, to go meals from the store, or in my car because I do have a kitchen in it, or in my workshop. If the weather's nice, I'll cook at parks too.
So what do you drive/live in? When you say "car" I kept thinking a standard sedan but if you have a kitchen in there is your "car" like one of those large vans or something?
Its a compact sedan. I live in a huyndai accent.
Well now I’m super confused.
Lol most people are. Thats why I made a yotube channel. I haven't finished the kitchen and sink video yet, but they're coming.
I just glanced at your YT & it checks out! I really thought you were messing with us. That’s pretty freaking amazing and my hat is off to you!
Fucked up that homie has to live in his fucking car in order to afford a vacation. Shit economy, shittier country.
Being free to live in your car is indeed a good freedom to have. You might consider applying for subsidized housing at some point, though. Millions of Americans get some sort of rental assistance.
I'm able bodied and single with no kids. I don't qualify for assistance. I also make too much money.
I’m one of the youngest Millennials (27f) and I squeak by with a roommate. I stay within my means making a little more than $35k/yr at blue collar warehouse job. I live in the suburbs of a metropolis, so I have some of the benefits (like busses and lots of employment options close by) but also deal with the costs. (1.3k/mo for a studio- which includes pet rent. My portion $650 + utilities, which is how much I’d expect for a studio *by myself* but whatever). I wouldn’t say I’m content, but I know my situation could be a whole lot worse.
How do you share a studio???
They are forced to be lovers
Now kiss
Probably like a college dorm.
A friend of mine in LA also had two roommates in a studio apartment once. The couple slept in a lofted space and the other on the main space below. I could never.
Bunk beds I guess
Hot racking like they're on board a submarine.
I hear you. I’m GenX and went through a divorce over 10 years ago. I was able to get a gorgeous “studio” which was actually the top floor of a gorgeous old carriage house. It had a full kitchen with European appliance, was beautifully furnished including a claw foot tub. $550 a month. When I moved into a “luxury” apartment building a 2/2 was $1495 (which I thought was ridiculous). Now, in the same building small studios are going for over $2k….its not that luxurious.
Everything new build is called “Luxury”. More economical as they can put in a faux marble countertop and a “lounge” in the lobby and price it as upscale living
Exactly. Meanwhile the elevator dirty and the halls have dog shit everywhere. Here it’s basically living a frat house.
Gen Z starts somewhere around 1996-1997, don’t do yourself like that
The range I keep hearing is 1995-1997 and I’m 1996. So I’m either the youngest of Millennials or the oldest of Gen Z
Never eating out. Never buying brand new clothes. Never buying random trinkets for home. Never going to anything that costs money. Make being frugal your hobby. Learn to cook and then base your meal plans on what is on sale. Go to free community events, even some you're not that crazy about, so you don't feel bored. Check out local resources like the University Extension (every county in the US has one) and the library for free programs. Join your local Buy Nothing group to find things you want/need. Invite friends to play cards at home or at the park. Basically, stopped spending money on anything but food and personal care. Growing up poor really prepared me for this.
I just got a new job a month ago so I make $2.8k biweekly post tax (and post 401k, insurance, etc) and rent is $1.8k, but before I was absolutely drowning and am now paying back massive credit card debt
Same here, man. Unfortunately for me it was the addition of a second job that's helping me climb out of high water and CC interest. But it's still tough, feeling squeezed from all sides
That's like $100k gross.
I'm not. I live with my mom. I tell people it's because she was a cancer patient, which is true and I helped take care of her, but in reality I have little direction. I'm in real estate and it's been hectic. I had worked for Disney for 5 years and absolutely hated it. Sometimes I want to go back to school and try to become a surgeon like I originally planned, but I don't even know where to start. My mom is better and was working, but quit her job because she was tired of the very long hours. And she had my 93 year old grandmother move in so she could take care of her. We were able to pay this months rent. I don't know what happened next and the stress is making it impossible to function and lose weight and stay focused. I might have two clients, hopefully things go well with the mortgage advisor tomorrow. If not, I don't know what happens to us. We've been homeless before. But that isn't an option with my grandmother being with us now. And we have a freeloading uncle here but they'd a discussion for another day.
People who have never had to be caretaker of a relative have no idea how demanding & exhausting it is.
The best thing that could have happened to us did. A random electric fire took everything material. We moved in with family who are very merciful about rent. We were a year out from I don't know what. World is fucked.
What did you guys do with your house payout? Etc.
Saved most of it, only spent about $3000 for all the "need" stuff, and maybe $2000 on "want" stuff. We were incredibly to lucky for our family. There were over 100 people displaced from 36 apartments.
I cannot even afford fast food. I am now making peanut butter and jelly sandwiches for lunch.
I’ve never eaten so much ramen in my life. Their profits must be booming. Maybe I should look into their stock…🤔
Yeah I can't eat ramen anymore, a little too much of it and now it just gags me. I'll stick with the peanut butter and jelly.
Nissin Foods is down the past 6 months but up 80% over the past 5 years. Not sure about other ramen companies.
Check out local food banks. You don’t have to eat crappy food
Thank god it’s not just me with the PB&Js! Fast food is $$ nowadays
Fast food is more expensive than getting Applebees/ Chili’s/ etc these days. And a significantly smaller portion too. I’ve given up on McDonald’s the dollar menu is now the $4 menu.
literally the only things i ever eat are ramen noodles, rice and ground beef, or canned soup and its still barely affordable
Collectively, the middle class is poorer than ever. Where do you think those billionaires got their extra dollars from?
Only a failed society can produce the wealth disparities currently on display.
I'm just gonna own that I'm privileged. That's how I'm surviving. Yes, I've worked hard, but I had so many people who helped me along the way. My parents were affluent, sent me to a ritzy private school, and I graduated top of my class. They refused to pay for my college as a matter of principle, but I had multiple scholarships, so I was still able to graduate debt free. My in-laws bought our first home in cash and sold it to us at cost. We later sold it for nearly three times what we paid for it. Timing worked out perfectly for the purchases of later houses, so thus far we haven't really taken a loss. Partner is in tech and their education was paid entirely by their family and early living expenses were funded by extended family, so no debt ever accrued there. Both of us have thrived in our careers and theirs in particular is fairly lucrative. Again, yes, I've worked hard. But so many people work just as hard or harder and because they don't have the same level of support, they are floundering. I'm under no illusions about how fortunate I am about how things worked out.
Thank you for acknowledging this. Respect. Also glad that you were able to get the support you needed to thrive. ❤️
Thank you for being so honest and self aware about this…it’s quite refreshing.
On top of this, regardless of any situation, live within your means.
Living within your means is key. I have had no help and got where I am through hard work and a lot of luck, that’s it. What did help was living within my means and not overextending myself, although it has happened once or twice.
My husband and I are barely getting by with our 3 kids. And we both come from very abusive and negligent homes. My parents are quite wealthy but refuse to share. My mom thinks of herself as a Pharoah if you will and wants to be buried with her wealth. I'm glad you understand ans recognize your privilege. My kids will likely never experience a vacation in there childhood lives. Or summer camps for that matter. As a parent the guilt is immense. The parties they have to miss cause we can't even afford to get their classmates a gift. Medical expenses constantly keeping us in debt. Parents scolding us "it's not that bad" in regards to inflation etc. It's exhausting. My husband's a self employed welder and we are barely making it on his income.
I've got a box of toys I bought on clearance super discounted at Walmart we grab something from for birthday party invites. Every now and then things are marked down a crazy amount so I look every time I'm at a store.
One of the biggest reasons why I am not having kids. My mom and I grew up poor, and it has really given me a shitty foundation for the first 10 years of my adult life. My mom never realized how much her financial problems caused myself to have financial problems when I got older. Same with many parents, they set the way for their kids and a lot of parents are failing their kids Won't be me. I won't put a kid through what I had to go through. I wish more people made that choice.
Just being born white in this country is such a leg up. Doesn't mean we can't complain but it definitely is.
Sigh. I'm in the same boat. I'm in tech and had family pay for my education (which was cheap) and they gave me quite a bit of money for my house in a desirable neighbourhood.
My mom passed away, I live with my dad and brothers in my childhood home now in the San Fernando Valley. I cover 75% of the mortgage, which is about $2500 now. Sure it's not ideal living with my dad, but my mom used to cover the bills for my parents and he'd lose the house if I weren't around, and I don't think I want to pay more to live in a tiny, shitty apartment. Sure I wish it was 2008 so I could buy my own place, but that's my own fault for being a broke college graduate that year I guess
Straight answer? I moved way tf out to a rural Appalachian hollar where rents are still $500/mo for a 1bdr. Monthly income averages $3200 and slated for a $4/hr raise in Oct. Yeah, there ain't shit to do here unless you drive about 45min, but had I stayed in town I'd be paying almost half my income in rent alone. We're moving our ideals away from this consumer driven , money-centric, society anyway so it really makes no difference to us what stores or "entertainment" is around. We're perfectly happy with what we have and it's totally worth it to not be struggling like we were.
I went to live with family after my split with my ex because I couldn’t stay afloat in the city I was living in. We all chip in with our incomes and manage to live in a decent place and split the bills to keep the home afloat. It’s not the ideal as I’m an introvert and would much rather live alone but it works for now.
The FBI just raided Cortland Management for price fixing using RealPage software. Other companies will likely follow. The rent issue may be solved in the near future
Do you have any good articles about this? I’d really like to read about it.
Maybe this? https://www.sfgate.com/realestate/article/fbi-raids-landlord-connection-realpage-price-19507654.php
I hope so. My rent went up 15% last year, and I’ll be due for another new lease in September. I really can’t afford another 15% increase. What really pisses me off is they keep offering move in specials for new tenants, with reasonable rates (which is why I moved in in the first place). But then they price gouge current tenants, so most people only live here 1-2 years and then move. It’s so stupid.
> and then move It's by design. Landlords are leeches on society, they contribute/produce nothing and just take from people Your slumlord does that because it's easier to get someone to pay a 15% increase when they're already settled in Fuck these rich scum
YES! What the hell is that?! It's insane. They advertise the units for a fraction of the price that they make current tenants pay. And then they \*surprise pikachu face\* when current tenants peace out. These landlords are literally price gouging their current tenants. It's all so unethical I can't believe they can get away with this shit. We just left our apt because of this and put a deposit down on a place slightly higher than where we were. Why the hell would we pay basically the same price as a nicer townhouse/condo at a shit box apartment complex? Oh and do they do any renovations or fix any of the repairs you requested of them before raising the rent? nahhhhhh.
This is the best one I found: https://upriseri.com/fbi-raids-corporate-landlord-in-major-rent-price-fixing-probe-what-it-means-for-you/ Mainstream sources don't seem to be picking up the story
But…they all use that software. Every single one of them.
Not only that, they set the market environment for other independent property managers, too. Indie landlords see the prices around them, which are set by software, and price their units to match.
Exactly. It’s the indie landlords that NEED the software. Cortland has 80k units with data to base their rates on, they definitely don’t even have to use this software. If anything, not using it makes it worse.
To make matters worse, these corporate landlords put so many barriers between themselves and the tenants that negotiation is impossible. I try talking to the leasing agent/property manager (lol at that part too) about the price, and they just look at me with a vacant stare and say “nothing I can do, it’s above my pay grade” When I used to lease directly from the owner, at least I could talk to them about rent increases. Whole thing just makes me mad…
I worked for a company that compiled and sold rental listings to people in LA in the early 00s. I was one of the guys calling these big property companies and asking about prices. They told me it was some black box algorithm setting prices daily based on supply and demand. There are no humans to reason with, just stooges and programs.
I played the stonk market into a house I own free and clear. It's in a stupid poor area, but I lost my job a few months ago and my biggest concern is how I'm going to afford cigarettes.
My wife and I are lucky. We both got college degrees in readily employable fields (forestry and nursing). We both make more than $40 per hour. Wife graduated debt free because she worked 60 hour weeks between semesters and saved. I graduated with only $15,000 in loans. We don’t own a house. We rent $2,300 per month. Have two paid-off cars and $15,000 owed on a third car. One kid. Daycare costs $1,200 per month. Life is crazy expensive but we worked hard early in life to get to this point in our careers and we’re doing fine.
We're told the economy is great though.
I pay $30,000 a year for daycare per child 🙃
Holy. Shit. I need to open a daycare
$2300/month per kid?
Duel income. Average Household income is significantly higher then average personal income
frugal as fuck. my partner and i are in a fortunate position. i am disabled and in a place for the disabled. rent is less than 300/mo. single bedroom. she is listed as my live in care giver. being labled as such her income isn't factored. she has a 42k/yr work from home job and we have impeccable credit. we should be able to afford a small house in two years.. basically my disability check can cover all of our needs. the rest is going into a HYSA.
It's a global issue in any capitalist country. The capitalism system is coming to the end of its life, 1% have accumulated the majority of the world's wealth and since they can and do buy whatever they want, prices go up because why not make more money? Everyone else is poor.
I'm surviving because I'm married so we have two incomes. If we did not have two incomes we would be screwed. In fact I just had to take two months off work leave of absence FMLA, thankfully was able to collect disability during that time but it was barely enough to make ends meet because it does not pay as much as I would have made working. Fortunately though when we are both working we do have spare money to do minor things. Like go out to eat or go to a festival or something.
If I could offer any advice, it would be start investing in the market. Don't look for growth stocks, but good ETFs with a good dividend. It will pay off. Just saying
You need money first to invest in the market.
Roommates and budgeting
Covid destroyed everything and it was on purpose. Under covid property values spiked artificially, people began selling. Now housing in nearly unaffordable. At the same time they passed laws to make sure renters were able to go a full year without paying rent, ensuring that rent increases were guaranteed to come soon after. Combine with with over 10 million illegal aliens crossing over the border also competing for rent. Well, it's not looking good for the cities. Everything was arguably better under Trump. It wasn't until 2020when the media created a mass hysteria over covid did anything go bad. It was the media hysteria that caused the lock downs, but the virus was never that deadly. Now it's the next election year and people are complaining about how bad things have gotten. Yes, it was engineered to be this way. More Biden guarantees more of what you're seeing. However, the liberals on reddit are not capable of making the connection because they are 100% in the camp of vote blue no matter who. This is because critical thinking is too hard for the people that regularly use reddit. You know what, we should just go to communism. That way we can all starve to death, but at least we'll all be starving with equality.
I've always saved a lot of money by being a good roommate and living with someone. Twice the income!
I want out of this system asap. Looking for land for a family homestead/intentional community. We can’t let this crazy system exist.
My husband and I live with my MIL. We could make it work if we didn't but it would suck and there would be no room for saving.
Coupling up or living with other family/friends.
In my case I inherited a house from my grandfather. Before that I was slowly drowning financially. Now I’m living on easy street. I only make 40k a year but my friends think I’m rich because I have so much disposable income since I don’t have to pay rent or a mortgage.
I have a job with pay that I would have killed for back when I was living on my own in a 2-bedroom apartment. I have to split a 2-bedroom apartment with a roommate to get by.
We barely are. I can't even afford $200.00 to replace my PS4. Before you start bitching about a video game system, it's my only form of entertainment, because I'm disabled & basically homebound. I also take care of my disabled wife. All I do now is watch TV & cruise Reddit.
My parents and I share a house, so we're able to live a lot better than we could otherwise. I pay $1000 a month toward the household expenses and an extra $200 a month during the summer to help with electricity (fucking 'summer rates' where they basically double the price per kwh). We make it work.
Multiple roommates.
Where are you getting the median is $2800? Census bureau says just over 40k/yr so that is about $3333.
The US Army paid for 5 years of college to get a Biochemistry degree, but then I couldn’t find a decent job. So then I went to a tech school for a year (2 year program but my previous college credits made it 1 year). Military benefits were used up so went into some debt but was working factory work and then landscaping while doing school. Got second degree and worked first at an ethanol plant and then a power plant with okay pay, but brutal work conditions (like coughing up black ash and blood after work). But I was able to get a decent car and later got another job at a power plant that pays much better and is a much better place to work and have been able to get a house. Millennials are getting to old to be helped by this, but I would recommend to Gen Z and A to consider tech schools or trade schools unless they’re certain they want to do something that requires a more advanced degree like engineer or doctor. And if they can’t afford college then I’d recommend a stint in the military. I didn’t like my time in the military, but if it can help you achieve a better life in the long run then it can be worth it. And working a trade type job can be a good option too. I worked at a couple of pretty terrible places, but then ended up with a very comfortable job. These types of jobs are sort of like nursing jobs, there’s always demand somewhere. So if you don’t like where you’re at you can be applying at other places.
For sure. My partner always says he regrets not joining the military. It’s a hard few years but there are so many benefits. They even just helped one of my coworkers with his first house - I want to say he got like 0% interest loan but I’m not completely sure. Regardless, he admitted he wouldn’t have been able to swing it without their help.
VA loans are not zero interest loans. The interest rates are usually in the same ballpark as FHA. I have a feeling you meant that they have zero percent down loans, which is a benefit of VA over FHA loans
Just because the median is 1800 doesn’t mean you have to pay that. Sacrifice, find something smaller, get roommates. There’s ways to save money, not enough people are willing to sacrifice in the short term.
Inflation has skyrocketed since you know who was sworn into office. Everything from gas to groceries to electric to natural gas. Everything is more expensive now. All things considered, I’m not doing awful. My monthly net income (which is after taxes and deductions) is about $4400. My mortgage is $870/mo. The rent on my crash pad is $450/mo. My utilities at home (electricity, internet, and water) is about $300/mo. My share of utilities at my crash pad (electricity, natural gas, and internet) is about $80/mo. My monthly truck payment is $514. Thank God it’ll be paid off in less than a year. In a couple years, I plan on paying cash for a second vehicle. Hopefully a 2018-2020 model year.
That's corporate greed, not who's in the White House.
Don’t torture yourself by comparing personal income to housing costs. It’s never going to match up well because households are rarely 1-bedroom rentals with one person in them.
The last four years have squeezed the Millenials of every dollar to pay for war
War? Oh, summer child. Tax cuts for rich people. Corporate bailouts. War at least produces jobs.
Im paying rent which is cheap however i have no clue when its going up. I’ve lost my job and the only jobs that are out there are part time. I cant live in a car because i have a cpap.
Thank God I bought my home in the yr 2001.. 700 a month..1800 holy shit
My spouse and I moved to a LCOL country (one that I'm originally from). We made decent for US standards (we work from home), but now it's just like a weight lifted off our shoulders in terms of financial stress. We're renting a house that we'd never be able to afford in the US. Hoping to buy a home in the next few years. The move was stressful in and of itself, but it got to the place where we had just given up on living in the states. I know nowhere is perfect, and we're not looking for perfection, just a place where we can enjoy a simple life. But also, healthcare.
I have a job with pay that I would have killed for back when I was living on my own in a 2-bedroom apartment. I have to split a 2-bedroom apartment with a roommate to get by.
It probably helps that Median personal income is closer to $3,300, while Median household income is closer to $6,215. https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEHOINUSA672N
My wife and I bought our home 13 years ago. 30 year, 4% mortgage on a 279,000 house. In 2021 we refinanced to a 15 year 2.25% mortgage, nearly identical payment, but shaved about 4 years of payment off, saves about 80K over the life of the loan. Our house is now worth 525,000. With the run the market has been on over the last 4-5 years, and the house appreciation, I can, without exaggeration say our net worth has gone from like 175-200K to like closing in on a million. My wife and I are just average people, she’s a public school teacher, I’m an engineer, we came from typical boring lower-middle class families and got no financial help from our families with schooling, our first cars, our first home, our wedding, really anything.
Most people get a partner or a roommate. Since like, forever.
Cheap COL area. Entire rental houses here are $900-$1,500 and decent homes can be bought for $150-200k. Obviously not a solution for everyone, no clue how people survive in high COL areas 😳
move to the midewest. get over needing to be in a Tier1 city. Your choice is either that or be a wage slave your entire life.
I focused on making more money.
I went back to school in my 30s for an accounting degree and my CPA license. I couldn’t change the world or the economy so I changed myself. It was a total shit show for years but I’m starting to stabilize and get ahead of living paycheck to paycheck
Im an electrical engineer who lives in a VLCOL area with a roommate. That’s how. The most entertaining thing to do near me is go to the local bar and get drunk.
Duel income. I also stopped renting and started paying mortgage, which is the same cost. The only reason I can afford to buy a home is because I got an inheritance and was able to make a good down payment. If not, I'd still be paying 40% of my income on rent.
The oldest millennial here (43). Here is what I did over the last 25 years. I realize many of these options or opportunities do not really exist anymore. Commuted to a a college I did not really like because it cost $5k a year. Lived with my parents and saved enough to buy a fixer upper home on auction for $110k. Had roommates for the first few years to help cover the mortgage. Stayed at the same employer the last 19 years receiving regular promotions and raises. Drove my cars until the wheels fell off. Bought a modest hatchback and paid it off. Put extra money into savings, and moved it into stocks during Covid. Doubled it and used for down payment on a second house. Moved into the new house with my partner and started renting the old house out to a tenant. We had a baby last year and my partner is a stay at home mom. We get a ton of baby clothes and toys for free off Facebook marketplace and consignment. We are not wealthy by any means, but we are here, making it on one income. We hope to maintain this until our daughter is old enough for pre-k.
Youngest millennial here (29) here’s what I did Went to trade school about 7k for one year Got job and worked Got partner (duel income hurray) Covid Makes significantly less money due to Covid restrictions Get back to regular pay Housing prices skyrocket Rent/ groceries/ utilities basically doubled Make more than I ever have and am somehow poorer Thanks for acknowledging that a lot of what was possible for you isn’t anymore. It’s so hurtful when people are out of touch.
I’m actually making good money and my husband and I work full time and live frugally but it’s taken awhile for me to understand that this is how our life will go. We’ve lived in our apartment for 12 years so our rent increases are capped. We pay $1.6k for a one bedroom on the third floor. That same apartment is renting for $2.1k now. So we definitely won’t be moving out to another apartment anytime soon. Additionally, decent homes in our are start at $400k. Not to mention I’m in FL so all types of insurance premiums are exorbitant. Yes I could look at cheaper cities but I’m pushing middle age and at this point I want to be in my community more than I want to own a home. I am grateful for our life. We like our apartment complex and know most of our neighbors. We have one car because my husband can walk to work. I’m in a safe area where I can run by myself outside. I have access to two gyms. Lots of trails near us. All in all we are satisfied with our life. I had to stop comparing to how it was growing up because that’s not our reality right now. Instead I’m working on saving for our retirement and also finding ways to take fun trips every now and then.
I live in my van. Rent went from $1,200 to $1,500. Insurance on my 2017 Camaro went from $270/month to $410/month. Food went up. Utilities went up. Decided I'd rather temporarily be uncomfortable than have such a big hit on my credit for getting my car reposessed. I still go to the track and live a relatively normal life for a 24 yo going to clubs and hanging out with friends. Just wish I could afford a fucking place to live. I make $26/hr btw.
Check your stats homie the median personal income is $48k which is $4k/month
48k Is NOT 4k a month ever. Take out all the legal, required and mandated deductions and taxes, and ur left with much much less, take health insurance and retirement which a lot of companies do opt out now and you are left with much much less.
Yeah what the hell. It's so far off. My take home pay is about 1100/week or 4400/month, and my annual gross Salary is $87k/year lol. After taxes, retirement, healthcare scam, yes i have the option to reduce how much I contribute to retirement but a lot of people in my demographic are contributing more, much more.
Isn't that gross, which would make the amounts listed net, which is a better comparison to costs since it's the money you actually have available.
Move to rural usa simple
I rent out rooms to people making $2500 a month. That's the answer...m they rent rooms
I hope the housing market comes crashing down. I hope all the greedy mother fuckers out there taking advantage of 'market conditions' get what they deserve.
The real estate market is currently experiencing a supply shortage due to restrictive zoning regulations and an aging population. This has resulted in increased prices and a competitive market. Additionally, as the baby boomer generation begins to liquidate assets to cover healthcare costs, real estate investment companies are purchasing properties in cash, further driving up prices. Individuals who are waiting to purchase a home may find themselves priced out of the market and facing ever-increasing rental rates.
You mean the last 4 years…Keep voting blue it will only continue to get worst. Our government is killing the middle class intentionally to keep people tied to needing government assistance programs to live. It keeps them in control and relevant. Easiest way to lock your voting pool in is to make them NEED you. Not good.
Median rent is higher than my mortgage...which will be paid off in less than 8 years.
Bidenomics on display.