Yes, I have definitely seen that phenomenon. (Family members, but mercifully, NOT ME!) It has always been around. But I don’t think that’s driving the, supposedly, from what everybody talks about, modern trend of Gen Y/Z/Millienials etc staying at home into their 30’s. Unless it’s just more of a “thing” among mostly Gen-X parents than it was with Boomers, Silents, and Greediest Gen. The way a sick obsession with owning a house was mostly a Post War phenom that we might be seeing peter out…?
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Maybe X parents aren’t as irritating as boomer parents? Folks that came of age in the 30s, and before, were indoctrinated in the “children are property” “traditional American family values”. It was so funny watching my grandparents try to tell my mom (born in 1920) anything. Her response was “I’m free, white, and 21. I’ll do as I please”. But her attitude toward me was 180 degrees. “shut up and do as you’re told”, when I was well into my 20s. In her mind, I was 'property" for life.
Steve
Very few people understand motherhood (as I didn’t until I became one). A child has a place in a mother’s heart for life…shifting over slightly to make room for a grandchild.
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Or balance sheet. Mom moved to Arizona when she retired. Her sister Dorothy still lived in Kalamazoo. Dorothy came back from visiting mom, and warned me. Mom was talking about trying to pressure me into quitting my job and moving to Arizona, so I could be her slave.
Steve
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yes, what Steve is saying is true of anybody who’s ever been apparent and even non parents can observe the behavior. But I don’t think that, rather common, predictable behavior, is behind “all these Millenials and Gen Z’ers still living at home.”
I put that in quotes because I get the sense that, while trends and social arrangements ebb and flow and vary over time, I’m not sure there are really all that many or that it matters as much as the “What’s the matter with kids today?” social and economic observers keep implying.
He did say homeownership is not cheap and a high hurdle. And he said renting was easy. I don’t think he has priced apartment rental recently.
A couple more informational data points.
The median age of US homebuyers is a shocking 56 years old — it was 31 in 1981.
Wait minute the US population aging. Gotcha.
Maybe not.
US median age 1980=30
US median age 2000=35.3
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I suppose it’s worth noting that the OP chart doesn’t mean that all these Millennial’s and Gen Z’ers are still living at home with their parents. It simply says that a very small number of them are both married and own their own home at 30, compared to years past. That would also include anyone renting and anyone who owns a home but is unmarried - not only “failure to launch” folks.
There’s probably lots of factors that contribute to those trends, not just the cost of housing. For example, Americans are delaying marriage compared to years ago - while the average American used to be in their very early 20’s at the time of their first marriage, now they’re about 30:
Chart: Americans Are Getting Married Older Than Ever | Statista
Which makes it a little unsurprising that only a small proportion of Americans are both married and own their own home at that age.
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Yes. I saw several bones to pick in his little exegesis on housing. I didn’t want to post them because I didn’t want to bias anybody else’s take-aways.
He notes that at 40 home ownership is about the same as it was 50 yrs ago (I think he said 50). Someone in this thread noticed some shocking crash in home ownership using age 30. Ok. People put off marrying and starting families longer. When you’re young and need to be flexible being saddled with a house is not a way to go. I see no problems.
here.
ARE houses too expensive. He actually says, ‘yes, they are.’ That made me think “So why are you trying to tell me it’s a myth?” Wages have not kept up with almost anything. The fact that houses used to be 900 sqft and are now 2400 sqft and therefore ought to cost more because you’re getting more is BS. If that’s the new standard they must be obtainable on the same basis as the old 900 sqft houses, or yeah buddy, you got a housing problem. It’s the same tired old marketing drool businesses use to up-sell you more than you need. IOW: Sure it costs more, but it’s a better ‘value’
All that said, as he notes in one statement ref Las Vegas, all those “unaffordable” homes were bought by somebody who afforded them
I think you and albaby pointed out some of where this is lacking.
Sure, homes are too expensive. Income inequality exacerbates issues for folks buying homes because of the shrinking middle class. The middle class disappearing is a reflection of the rich getting richer, and the poor getting poorer.
The specific demographic of “married and over 30” distorts the chart. 1poorkid’s best friend owns her own house, but is not married to her partner (and, apparently, no plans to do so). They also have a roommate to enable her actually to have bought the house (which is fairly small, and in an older neighborhood). 1poorkid has shown little interest in dating at all. That generation doesn’t seem to put a lot of emphasis on marriage. They do seem to form closer friendships than I ever did. And, yes, some of her friends still live at home.
Another issue is home inflation. People expect to sell their homes for more than they paid for them. With few exceptions, would you pay more for a used item than a new one? I know you’re also paying for the land/location. However, this attitude among sellers is contributing to the inability of many people to be able to afford anything.
IMHO, the crisis is a greater concentration of wealth amongst fewer people, and the resultant disappearance of the middle class. This will not lead to good things.
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Given the build quality of my aunt’s 1999 condo, vs my 1982 condo, vs the 1958 ranch house I grew up in, I see no appeal in new build. I couldn’t figure out why it was so stuffy in the bedroom of my aunt’s condo, when I had the door closed to keep midnight marauding cats out. Then I realized, there were no return air ducts. Conditioned air could not get into the bedroom, because there was no way for the stale air to get out.
Steve
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It’s easy for me to say now, because I oversaw the building of our home from scratch. But this is one of the things a buyer should be checking. If there is only one vent, there is a problem. Every room in our house has at least two…one intake, and one output, on opposite sides of the room. I would be surprised if your aunt’s condo was really up to code, given what you describe.
I learned a lot from the contractors that built our house. Our A/C guy was really good, and explained a lot to me.
I would be very fussy with a new build from one of the big builders. They just slap them up. Not to mention there would be an HOA, but that’s another topic. That’s why we went custom…same cost -approximately-, and a better build.
While I like the Zillow estimates on the value of our home, if I were a buyer there is no way I would pay that much for this house. Even though the A/Cs are new, and the water heaters are relatively new. But that’s what the market is doing. Which is part of the reason why most folks can’t afford a house.
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It’s up to code in Columbus. I was going to school in Columbus, for a bit, years ago. My roomies and I were in the back half of a duplex, also on a slab, like the condo. Same HVAC system: no return air ducts. Furnace sucked air through a louvered door on the closet it was in.
The punk HVAC system is only one thing. First time I was down there was 2012, so the place was 13 years old. My aunt mentioned they had already had to replace the furnace and windows, because what the builder put in was utter garbage.
Another detail of the HVAC: The closet with the furnace was next to the kitchen, at one end of the unit. The living room was at the other end of the unit. The two furnace ducts were in the ceiling…a cathedral ceiling, with no fan to push what warm air made it through those long ducts, down to where the people are. I was there a couple times in November, and froze in that living room.
Here’s another tidbit: at the front door, the storm door and main door were hinged on opposite sides.
Steve
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Just want to add a bit more data to this point. Note the light blue line indicating age of first-time home buyers
It appears that “childhood” has been extended by about a decade if we use metrics like marriage and homebuying as characteristics of “adulthood”. May have something to do with more people going to college.
I will throw in one other factor. I would bet that a much higher percentage of today’s 30 year olds where raised in homes >2000 sq-ft, with central air, and in suburban/urban areas than past generations. I’m guessing this generation has higher standards for what they will minimally settle for in a home with respect to size, amenities, and location.
On the other hand it is true that the percentage of unmarried first time home buyers has substatially increased.
I think if the older folks who are complaining about this trend had themselves had fewer divorces and less infidelity, marriage might be a more popular institution with their kids.
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