Authored by Katabella Roberts via The Epoch Times,
Amid surging rental prices, nearly 30 percent of Americans born in the late 1990s and early 2000s still live at home with their parents or relatives, according to a new survey.
The survey was conducted by Qualtrics on behalf of Credit Karma, from June 10 to June 15, among 1,022 U.S. adults between the ages of 18 and 25.
It found that 29 percent of those surveyed who are in the Gen Z age range—between 18 and 25—are living at home with parents or other relatives, and described this as a long-term housing solution as the cost of living across the country soars.
Another 27 percent said they live with a romantic partner, and just 13 percent live in a household with one or more roommates.
The survey comes as rental prices across the country have surged amid increased inflation, particularly in big cities like New York and Los Angeles, leaving many of those in the younger generation forced to reassess their living circumstances and tighten their belts.
June’s inflation figures showed that the rent index rose 0.8 percent over the month, the largest monthly increase since April 1986.
Of those surveyed who have successfully moved out of their family home, 32 percent said half of their monthly income goes toward rent or a mortgage, while 27 percent said they spend a quarter of their monthly income on housing and another 21 percent said they spend a third of their income on paying for their home.
Overall, 61 percent of those surveyed said they have a household income of $50,000 or less.
Soaring Inflation Impacting Saving
However, the average monthly housing cost for those surveyed was around $1,060, lower than the national average of $1,295.
A separate report by Zumper National, in June, found that U.S. rental prices are beginning to decline across several American cities this summer following an upward trend this past year.
Still, with the 12-month Consumer Price Index (CPI) hitting 9.1 percent in June (pdf), “zoomers” (as the Gen Z cohort is called) are still left unable to put aside much in terms of savings, according to the study, which found that 28 percent of respondents are not able to save right now.
More than half of those who are unable to save money said that this is due to inflation, while 47 percent said this is because they are not earning enough and 40 percent said that inflation is outpacing their earned income.
“Right now, many zoomers, especially recent graduates, are attempting to make their first real transition into adulthood. For some that includes starting their first job or moving to a new city and for others that means simply moving out of their family home,” said Colleen McCreary, consumer financial advocate at Credit Karma.
McCreary added that these milestones are being hampered by increased costs and the current volatile economy, which she said is “making it harder than ever for young people to become financially independent.”
While the White House has admitted that inflation is “unacceptably high,” Biden administration officials are still optimistic that an impending recession is not on the horizon.
White House economic adviser Jared Bernstein, on Sunday, pointed to strong consumer spending, which he said is bolstering the economy.
However, the latest survey published by Credit Karma showed that 40 percent of Gen Z respondents are relying on credit cards and other forms of credit to pay for their purchases due to increased inflation.
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Well, bad as it is, they haven’t been drafted into the military and sent to some miserable lonely shithole risking their life being paid peanuts. I’d have traded places with them if I could have. By the way, I had to live in shithole houses built before the 1920s I guess (cold as heck in Winter and hot as heck in the Summer), and drove a shithole car on bald tires (probably 75% of my friends had no car; I had one because I’d been a well paid RR Strike Breaker), ate a starvation diet four years while I went to college to survive on a poverty budget with no government assistance; so why can’t the Gen Whatever Snowflake Soyboys get by with substandard housing etc these days? They usually seem to drive good cars, live in Condos, and eat well all on generous government assistance yet still complain. The jobs are begging guys; it’s a workers Market; you got no excuses really (other than Affirmative Action and maybe that fucking liberal CV-19 Clot Shot Mandate). .
“(other than Affirmative Action and maybe that fucking liberal CV-19 Clot Shot Mandate). ”
Those are pretty big deals, wouldn’t you say? Did you have to deal with those?
Yes Sir they are serious; Shots of course not but AA was screwing up the Military before I left. Vietnam was about a 20% death risk (unless you were a Chopper Door Gunner, God have mercy on their young Souls) but that SOB Death Shot since 2020 might be a 50% killer or worse; and we could go to Canada back then but y’all can’t escape The Shot.. Don’t take the Shot whatever you do. We’re going to end AA someday somehow; probably won’t be voluntary for the Maggots and won’t be pretty; tough shit for Minority HS Dropout useless idiots when America becomes a Meritocracy again…Take a job now; the Cream will rise, eventually.
Day all goes smartphones…yo?
The thought of living with my adoring and wonderful parents one second after
I could be on my own was unthinkable. I Lived like a fucking gerbil for more than a few
years becoming an accomplished artist. Worth every second of gerbildom.
I scrounged furniture off the street, ate ramen and peanut butter in my rathole apartments in the
uncoolest parts of Denver and New York. ( Still, I hit on Debbie Harry at CBGB in 1979 and got shot down. THAT doesn’t happen living with mommy and daddy)
Plus, I didn’t have to explain the lovely talent other than Debbie trying to sneak out of Mom’s place at 5 in the morning.
Shame on the parents for not giving them the heave-ho too. My wife and I made
it clear for our 4 boys, “You are always welcome home whenever you wish, for a dinner or a night.”
Then, ” Bye, see you next time…”
Parents do a MASSIVE disservice to the most precious thing they ever had by keeping them
unadults.
Get a JOB – yeah, with 50+ applicants per position, no one is qualified, everyone throwing resumes against the wall seeign what wil l stick, background checks, pre employment screensings (weed – good lcuk finding anytoen who doesn’t smoke these days). Wuesitons, cover leter, quizzes, personality traits, non copetes, NDAs. It’s not that non one watns to work, it’s that no cone can.
If all you see are obstacles, you never focus on finding a path to success.
You’re not thinking creatively enough, or have set your expectations unrealistically high to find fair compensation for the skills you might bring to an employer, for mutual benefit.
Kids these days are jumping ship as soon as they can leave to get a raise or are turning down job offers if they don’t like them. Shouldn’t be a buyers market. A hungry dog is an obedient one
My neighbor brought home a hungry hog hunting dog once that tried to bite me when I brought it a bowl of goodies; damned mutt got off its’ chain and attacked my ewe; one carefully placed shot = no further problems.
My wife has had $150,000 cash to burn since Feb2022 and went thru 3 contractors before one agreed to add on to our house 5 months ago. She has 65 jobs going and needs workers; hasn’t hit a lick here yet. Get your ass to Tallahassee and get to work.
What a pantload of absolute shit.
You GOTTA be in mommy’s basement.
I recognize that whiny shit instantly.
“White House economic adviser Jared Bernstein, on Sunday, pointed to strong consumer spending, which he said is bolstering the economy.”
This White House?
Jared? Bernstein??
No doubt, an older, experienced, seasoned veteran of interpreting trends that explain truths about the health of the economy. /s
Shaking my head, rolling my eyes, and exasperated that so many people are gullible enough to pay attention to anything…this current crop of people in government has to say.
Maybe Katabela included Jared’s economic conclusion to reveal the flawed side of an argument, so to bolster the opposing viewpoints.
Still, (((they))) piss on your head, and tell you it’s raining, which helps your green garden grow.
Far too many consumers spend money they don’t have, on things they don’t really need, to impress people that don’t really matter.
Gen Z young adults still living with their parents most likely will not understand the folly of that kind of habitual economic slavery.
You’re referring to the parents, right?