These days, housing affordability is a struggle for nearly everyone.
But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own.
Nearly one-third, or 31%, of Generation Z adults live at home with parents because they can’t afford to buy or rent their own space, according to a recent report by Intuit Credit Karma that polled 1,249 people age 18 and older. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens.
“The current housing market has many Americans making adjustments to their living situations, including relocating to less-expensive cities and even moving back in with their families,” said Courtney Alev, Intuit Credit Karma’s consumer financial advocate.
Overall, the number of households with two or more adult generations has been on the rise for years, according to a Pew Research Center report. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago.
Yeah, but it has gotten worse.
Especially since Id wager near a majority of those Millennials are still looking for houses too.
I’m looking, but there’s no way I’m paying those prices. I’d rather rent and have the ability to leave my job for another job when I can get more money.
Which is exactly what the investor class wants. Keep generating wealth for the landlords and no generational wealth because houses are too expensive.
Yup. Kill the rich. Cap home prices.
It would have to be a really low cap considering how low wages are now, but I’d be okay with that. I just doubt the U.S. government would allow it to happen.
Nothing is going to get better at this point. I think the rich know they can just do whatever they want, as usual. The power of the middle class is almost gone. The only solution is the mass extinction of billionaires as a message, and I doubt a single one will be removed in my lifetime.
And we’re only getting started!