I don’t blame them living with parents especially now that housing costs are through the roof especially in the DemoMarxist cities.
I grew up in New York city and my first apartment cost me $400 a month in Queens 1985. My 2nd apartment cost me $640 a month in 1995. Now they cheapest you can get is around $2500 to $3000, that’s the CHEAPEST.
Something happened in those 27 years causing rents to speed past the inflation rate and I really think it has to do with illegal immigration. The neighborhood I grew up in Woodside looks like Mexico now. There are so many illegals in NYC now that housing costs have skyrocketed solely due to supply and demand. And it’s only going to get worse under the Biden occupation.
How do the size, trimmings, condition and locations of those apartments compare? Real inflation has jumped over 50% in the last 24 months alone.
1973 I got a 3 room on the top floor of a 4 story walk-up (really a 5) pre-war for $125 in Woodside, North of Queens Blvd. Landlord was great. Parade Magazine did a cover spread on him and his son-in-law partner as “New York’s Favorite Landlord”. At the time they owned several 4-6 story buildings in the area. When I left in 2002 the rent was over $700, still very reasonable. The neighborhood however was well on its way out. Only one of the store owners I used to frequent was still there.
When I look in on Google Earth now, especially along Roosevelt Ave, it is unrecognizable.
My oldest just graduated college, got married, and moved in with his wife’s family. He has about $23K in college debt. I expect that he will pay that back within a year and then start saving for a house.
My middle child is in college. Pays for his own car, phone, gas, repairs, clothes, dog, entertainment, and helps around the house. I expect that he will stay with us till he graduates, pays off his debt, and gets enough together for a down-payment on a house. Even now, outside of necessities, he spends very little. He likes to save money.
My youngest is still in high school. He has Asbergers. I expect him to never move out.
I don’t mind my kids living under my roof for several years after graduating college. The more time they spend building savings for their own home instead of paying a landlord, the better.
It also helps that they are loving, kind, hardworking, quiet, respectful, and help around the house since my health took a turn for the worst.
Rents are high because of property taxes which are put on landlords and they have to be passed on. Section 8 housing since it is paid for by government inflates the cost of other housing by taking a large portion of rental properties out of competition. Rent controls don’t help because they make rents go way up between tenants because you can’t raise rents on current tenants. Then there’s the difficulty in eviction of delinquent or destructive tenants. A lot of damage can occur when a tenant is unhappy or unwilling to cooperate. And the Covid era rental moratoriums that were mandated but not compensated have left big holes in landlords’ pockets.
Illegal immigrants probably don’t help much by competing for available housing because they pay their rents and don’t complain much making them much more desirable as tenants.