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Nobody Is Moving, Especially Millennials (nymag.com)
For a fun new entry into millennials are lazy, consider this: According to new data tracked down by Richard Fry for Pew Research, just 20 percent of 25- to 35-year-olds (Old Millennials, if you will) reported having lived at a different address the previous year. From a report on NYMag: In 2000, a full 26 percent of Gen-Xers -- then at the same age range -- had reported making a move in the previous year. In 1963, members of the Silent Generation moved at a 26 percent rate, too. The census data being used here doesn't include college-dorm moves prevalent with 18- to 24-year-olds, so those young'uns are left out of the analysis. The 20 percent rate is the lowest level of young adult mobility in half a century, Fry reports, and all this with millennials getting married, owning homes, and having kids less than previous generations. Student debt and less favorable lending rates may be driving down homeownership -- imagine that -- which further reduces movement. Psychologically, this also means that young adults are more stuck with their personalities and faded of memory compared with their more mobile peers.
sure you might make more money cash wise, but you're going to be a perpetual renter aka sharecropper with nothing to your name
putting down roots means you can buy property at a younger age which means you will pay it off faster and have kids at a younger age. the perpetual movers will be the people having their first kid at 45 and no spare cash from having their rent increase all the time
Psychologically, this also means that young adults are more stuck with their personalities and faded of memory compared with their more mobile peers.
Practically, this means that the writer of this article is a psychobabbling fool.
We're waiting for the bubble to burst again. Hopefully this time they don't bail out the banks and and the idiots who bought mcmansions. The bailouts (including "Keep Your Home California") prevented me, a responsible, financially stable adult, from owning a home. Prices are over double what they should be in my area.
People don't have roommates, they have roomfamilies.
Millenials have fewer job prospects in general and are less wealthy than their parents were at the same age. This is true by a variety of different metrics. See e.g. http://www.usatoday.com/story/money/2017/01/13/millennials-falling-behind-boomer-parents/96530338/. In the last few years, something, it isn't clear what, has been drastically reducing the resources available to young people. This is combining with cost disease http://slatestarcodex.com/2017/02/09/considerations-on-cost-disease/ in a way that is leaving many people in the young age bracket with far less effective purchasing power than their parents would have had for many things. It isn't completely the case; some goods such as computers and cell phones are far cheaper (and often weren't even available to their parents) but that's a relatively small fraction of their total goods. Some other trends are clear positive, such as the reduction in poverty in the US, and the overall trends throughout the world are mainly positive. See e.g. https://singularityhub.com/2016/06/27/why-the-world-is-better-than-you-think-in-10-powerful-charts/. But the US specific young people are clearly going through a bad time in general.
"young adults are more stuck with their personalities and faded of memory "
what?
Clearly we need to mock and make fun of millennials more, previous disrespect has been inadequate to make them flourish just like the good ol' days.
In a slightly more serious note, this was predicted. A fair number of reputable economists warned us of our own lost generation after the 2008 crash. The bottom of the ladder got pulled and the replacement jobs available to low experience young folk are not as relatively good as what was available for other generations. So you have low wage earners with stacks of debt from surviving (how dare they!), and from getting a college degree like they were told was the only good path thousands of times (suckers!).
But it is easier to make fun of how they dress different, and use funny new words (like EVERY generation of young folks before them) than to fix the lack of good entry level jobs, low wages, expensive healthcare, and over priced tuition. It looks to me like society has failed a generation and they have made rational choices to live within their means to the extent possible.
Anyone that has kids has pretty much forfeited their ticket to the good life. Why anyone would waste hundreds of thousands of dollars bringing more people into an already overcrowded world that will surely disappoint them is completely beyond me, particularly when you consider the mobility and quality of life you will be sacrificing to make this happen simply to follow a biological imperative.
So this may sound crazy, but I wonder why today's twenty-somethings don't just simply default on their loans.
I'm a Gen Xer. I graduated college in 2000, just in time for the dot com bubble burst and 9/11 to mess with the economy. The only job I could find was as an overnight janitor at a hotel. I made $8 an hour.
There was no way I could afford both rent and student loans, so I simply didn't pay the loans. Sure it ruined my credit, but at $8 an hour it's not like anybody would be giving me loans anyways.
3.5 years later I got a job making $14 an hour, which allowed me to start paying the loans back again. As my career has progressed I've gotten promotions and raises and whatnot. Now I'm financially secure, the loans are all paid off and my credit score hovers around 750.
Careless lending by the banks is a big reason the economy is in the mess it's in today. Why pay them money before taking care of yourself? Maybe if banks were feeling some pain we'd actually see some social programs to help young people out.
Most of the stuff mentioned I can agree with. But less favorable lending rates? Only a Millennial ignorant of history would think that. Mortgage interest rates are the lowest they've been in 60 years. My generation (gen-x) had to deal with mortgage interest rates double what they are today. My parents had to deal with 17% interest rates. You have to go all the way back to 1955 to see interest rates as favorable as they are today.
With a 4% interest rate on a 30 year mortgage, 42% of your payments over the life of the loan are interest.
With a 8% interest rate, 62% of your payments are interest.
With a 17% interest rate, 81% of your payments are interest.
For just about anyone alive today, there has never been a better time to get a mortgage to buy a home.
Freedom in America is largely defined by Economic Freedom. Without the ability to obtain a disposable income, Millennials are unable to live their life on their terms. They are effectively Wage Slaves, shackled to and controlled by Debt and most of them will prove powerless to overcome that slavery. We will see the middle class die within the next decade, and with it, the rise of chronic underemployment, and the end of the nuclear family as multi-family and multi-generational households will become the new norm
There are plenty of reasons to marry and not have kids, such as saving on taxes, insurance, or even just making sure someone has the authority to make medical decisions if something should happen to you.
Also...if you're living in your parent's basement, it is often difficult to convince them to move to where your next job offer comes from....
Light travels faster than sound. This is why some people appear bright until you hear them speak.........
You forgot to add... "And get off my lawn!"
-Unresolved symbol? Byte me!
My wife and I make over $100k together and we can't yet afford a 2b/2ba condo in Orange County, CA within a 30 minute commute to work. That kind of place with a garage goes for ~$500k. Thus, if you don't want PMI, you need to have $100k in cash on hand PLUS financial buffer and moving costs. So we rent. We pay ~$1,845/mo for our 1b/1ba. And there's a catch-- lease renewal increases are around $50, but the increase is lower than the ~$90/mo annual market rental increase over the last few years. So, if you want to move, you're almost guaranteed to be moving into a more expensive apartment.
And there still isn't any inventory to buy. There are too many people buying to turn around and immediately rent out those places.
So, despite out income and despite our savings, we're staying put.
I've been trying to move to CA from the Midwest for years now (my wife's family is in CA and she needs to take care of an aging parent), but it's tough since no company is willing to pay for a move unless you have a very specific skill they're looking for that they can't find locally (I'm very good at my job, but I'm nothing special as far as skills go). Trying to interview long distance is also difficult, even with things like Skype (assuming they even will do it). Our current options appear to be either A. Blow our life savings on a move across country and hope I can get a job before we go broke, or B. Find a company that is willing to hire long distance and hope they don't decide to lay me off before our finances recover from the move. As much as my wife wants to be back in CA, she won't risk our future on it.
I've always been curious about how people are able to jump from one side of the country to the other and support themselves with no problems. Maybe it's because the people who do it are usually young with no real possessions to weigh them down? At my age (40), the risks start outweighing the benefits in many cases.
I have had a 270 sqft apartment for most of my life.
I came across a YouTube video of a 82sft apartment in Tokyo.
https://www.youtube.com/watch?v=TYVJbupG3Xg
I never really got why apartments have to be larger than they really have to be.
After my father passed away and 99.9% of what he owned got tossed out, I started tossing out the clutter in my life. That was five years ago. I could probably move into a smaller studio apartment (200-sft or less).
Being married does not save on taxes.
Not by itself, but there are plenty of opportunities for tax savings, such as-
Low-income + high income salary averaging out to a slightly lower tax rate overall
Low-income partner can take more advantage of Roth retirement plans, maxxing out their plan (up to either the maximum yearly limits, or their own salary, whichever is less).
1 tax return instead of 2, savings on filing costs and time
Transfer of assets tax-free upon the death of one partner in 99% of cases
Benefit shopping between 2 employers, can be used to lower taxes in some cases etc
Even those who arrange and design shrubberies are under considerable economic stress at this period in history.
In 1977, the median income for a 30-year-old man was about $10,000, or $41,500 adjusted for inflation [1]. Today, the median income for a 30-year-old man is about $35,000 [1]. The median home sale price in 1977 was about $49,000, or $203,000 inflation-adjusted [2]. The median home sale price today is about $325,000 [2]. In 1977, a 4-year college degree at an in-state, public institution cost less than $4,000, or about $16,000 inflation-adjusted for tuition and fees [3]. Today, that's $38,600.
These are only a few rough indicators, but the point is this: a millennial or gen-xer today makes 84% in real terms of what his counterpart did in 1977; his education costs more than twice as much and has gone from something he could pay for completely with a summer job to more than a full year's salary; the house he's looking at has gone from 4 years' salary to nearly 10 years', and a 20% down payment has gone from about 3 months' salary to about two years'.
These, for example, are reasons that millennials have it tougher than previous generations.
[1] https://cps.ipums.org/cps/
[2] https://www.census.gov/const/u...
[3] https://nces.ed.gov/programs/d...
[4] http://www.collegedata.com/cs/...
Anyone that has kids has pretty much forfeited their ticket to the good life.
I counter your assertion with the opposite: Anyone who doesn't have kids has forfeited the greatest experiences life has to offer.
I've raised (or am still raising) four kids. The youngest is 15, the oldest 23. They're not perfect kids, by any means. Being a parent has been -- by far -- the most challenging thing I've ever done, and I think I've done some hard things. It's also simultaneously the most heartbreaking and most incredibly rewarding. There's a lot of truth in the idea that the deepest joy to be found in life comes from serving others, and there is no deeper, more thorough, more enduring or more dedicated service than that a parent gives to a child. I don't think the biological link has anything to do with it, either; raising an adopted baby to adulthood would be the same (I didn't do that, but I know several who did raise both biological and adopted children).
What it's about is caring for another human being from the time they're completely helpless until the time they can become independent and succeed on their own, and on their own terms. It's about loving them and building a unique and very human bond. And when I say "unique", I mean that it's different for every parent and child. My relationship with each of my children is very different, because they are very different people. It's about living through their heartbreaks and joys, their failures and victories, and supporting and encouraging them through it all. It's also about teaching them the ways of the world, and about right and wrong and good and bad.
Oh, life certainly has a lot to offer those who don't have children. I've been economically successful enough that my wife and I do a lot of the things that DINKs do and enjoy. We do have the "good life". We have hobbies, we travel and we have nice things, and all of those are good.
But all of those experiences are... shallow. Nothing like the challenges and joys of raising children. I make enough money that I didn't really have to choose, but if I did, knowing what I do, I'd take the kids and give the "good life" a pass.
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