Posted on 04/02/2017 7:34:18 AM PDT by george76
Los Angeles rents are some of the worst in the nation, and don't even think about buying a home here. Resourceful millennials have found one solution, though: living at home with mom and dad.
A new analysis of U.S. Census Bureau data for America's largest cities found that 41.5 percent of Greater Los Angeles millennials either still live at home or have moved back in. In the Inland Empire, that figure was 44.5 percent, according to the "Not-So-Empty Nests" report by apartment listing site Abodo.
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Greater L.A., including Orange County, ranked fourth for U.S. metro areas with the largest percentage of people born between 1982 and 2003 who live at home, according to the analysis. L.A. was topped only by Miami (first), the Inland Empire (second) and New York (third). "
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the price of going it alone is so high in the market that millennials would have to spend about 97 percent of their median monthly income ($1,975) just to get into a median-priced, one-bedroom unit in L.A., the site found. Only Washington, D.C., had a higher demand on millennial income (110 percent) for one-bedroom renters
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Many millennials are not only earning less than their parents did as younger adults, but the majority of millennials who pursue college degrees are eventually saddled with an average student loan debt hovering around $30,000
(Excerpt) Read more at laweekly.com ...
To pay off my student loan those many years ago, I taught for 5 years after getting a credential. On the basis of signing my first contract, which was about $9,000, I qualified for and bought my first home, a nice 3-bedroom home in Claremont, CA for $19,000. That house today is probably about 550k. I am guessing a starting salary for a teacher is around 40k. There is the problem. From about twice the yearly salary to almost 14 times the yearly salary to buy a house.
Because we have maybe 5 million people in SoCal who don’t belong here, supply and demand dictates high housing prices and high rents.
I’ve never questioned why young adults stay home, and living here in NJ with our high property taxes, I never questioned why it can work out for parents as well.
We were told 25 years ago that the standard of living here would fall; this is just a symptom. When decent jobs become scarce, the standard of living we have is only a step up for people from the Third World. Young Americans have to make do...
The Inland Empire (I.E.) is a metropolitan area and region in Southern California. The term may be used to refer to the cities of western Riverside County and southwestern San Bernardino County. A generally broader definition will include eastern Los Angeles County cities in the Pomona Valley, and/or the desert community of Palm Springs as well as its surrounding area; a much larger definition will include all of San Bernardino and Riverside counties.
You see, other States have problems with ghosts, goblins, bogeymen, underground sand worms, clown monsters, and tyrannosaurus lizard creatures, racists and Nazis.
STAY IN CALIFORNIA!
For your safety, other States have evils.
Cap the rent and lower the supply of apartments. Liberals are incapable of comprehending such complex concepts.
Thanks to the Federal Reserve and $ Trillions of increases in their balance sheet
Looks like our Seattle mayor’s constituents living under miles of freeways.
You really know how to raise your children to survive in this world.......excuse me........your world.
What’s going to happen when the day comes that they are actually going to have to improve their skills, get a good job, move away and become self-sufficient adults?
I feel that day will never come because you are ensuring it for them.
Exactly. what if mommykins and daddykins get hit by a car? What then? Even if you have a will it is much easier if an adult child can take care of him/herself on his/her own and is living independently.
This is really pretty funny when you consider these same places are sanctuary cities. Is there a higher concentration of low IQ humans anywhere on the planet.
The modern model of “parenting” today is to be your kid’s best friend but also support your kid financially at the same time. Soon you have an adult toddler on your hands. Yeah they may “help” you but it’s still sheltering them from the real world—problems with neighbors, tax assessments, rent hikes, etc.
If you want a job that pays bills you better have a skill most do not have...... and don’t be a whiner.
(advice for the younger set)
also the “three generation” model of family structure was always in lower socio economic groups our of sheer necessity. Not just for the sake of knowing Junior will be coming home every night.
Democrats have caused the socio economic scenario to go BACKWARDS, ensuring a perma-poverty stricken class amongst the millennials which forces many of them to live with their aging parents.
Outside of that if the AGING PARENTS are encouraging the basement living model, it’s just filling an emotional need for the AGING PARENTS which the adult children shouldn’t have to bear.
I couldn’t WAIT to move away from home at age 17—which I think is a more normal state than wanting to live in BFF mommykin’s basement permanently. My parents did not befriend us—to this day there is still that invisible barrier between adult and child, so as it should be and they’re in their mid 80’s.
It’s not so high for the Invaders, who live 10-15 under one roof.
They are just modeling the low socio economic structure of the family. You know, when illegals go shopping or to the doctor’s office, the entire extended family shows up.
In this way, the millennials can feel less “white” and “privileged” thereby less “guilt.”
Omaha N 90th -120th area was a blast in 1970-72.
My son and DIL are millennials. They live in DC. in a quaint 650 sq ft. row house, but rents are over $2K a month, fortunately his salary can compensate for that rental rate.
first time posting ,hope this works:). my son works a full time job,is not a snowflake or a slacker! I raised him right.
four years ago i was diagnosed with throat cancer,he moved in with me as Iam on my own and have been pretty sick and I’am thankful every day for him.he helps with rent and bills and is there when I’am feeling sick or need to see the doctors.I couldn’t ask for a better Son.
Omaha N 90th -120th area was a blast in 1970-72.
The influx of extra people doesn't help, but a second issue is that the eco-weenies do not allow development of housing anywhere near them.
DW and I made a pretty penny on rental real estate when I realized that the idea of people commuting 90 minutes each way to live in a McMansion was not sustainable when older, small houses in reasonable areas were relatively cheap 20 years ago.
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