Biden's America... August 13, 2023 By Anna Kodé - New York Times Good morning. To afford rent, young American adults are making tough choices. Adult reality An enduring image of urban...

Blurryeyed Loc: NC Mountains.

August 13, 2023
By Anna Kodé - New York Times

Good morning.

To afford rent, young American adults are making tough choices.

Adult reality

An enduring image of urban American 20-somethings is one of carefree living with friends in spacious apartments, as depicted in shows like “Friends” or “How I Met Your Mother.” That portrayal, never really all that close to reality, is growing further from it in part because of one factor: high rent.

For years, we’ve been told that what you pay for housing shouldn’t exceed 30 percent of your monthly income. I knew that sticking to that maxim was getting harder for many people because housing costs have soared in the past few years, which I’ve written about as a reporter for The Times’s Real Estate section. Still, I was struck by a recent report that found that a median-income American household would need to break the 30 percent rule just to afford an average-priced apartment. If that was the case, how realistic was this principle?

Not very, especially for many Gen Z adults who have recently moved into their first homes and are early in their careers. My colleague Karen Hanley and I spoke with dozens of them across the country for a story that recently published about how they’re living with high housing costs. Many were setting aside the pursuit of certain passions or career paths, migrating out of big cities or moving back home with their parents. Most said they couldn’t imagine a future in which they owned a home; some even laughed at the prospect.

One 24-year-old, Ives Williams, who lives in Baltimore and spends half of his monthly income on rent, said the only way he could see himself owning a home one day was if he bought one with friends. It’d be like “one big sleepover,” he joked.

We also wanted to learn what it feels like to be spending such a large chunk of income on rent. Is this how young people imagined adult life?

Savannah Scott, a 23-year-old renter in Reno, Nev., told us that she spends about 75 percent of her monthly income on rent. She limits her driving to once a week and buys only basics at the grocery store (“brown rice and beans”). Kellie Beck, 25, in Brooklyn, spends around 40 percent of her income on rent. She shares a room with her partner in an apartment with two other roommates and said she turns down opportunities to spend time with friends. “One night at a restaurant wipes out my spending for the week,” she explained.

Most of the conversations we had carried an air of hopelessness about homeownership. For many Gen Z adults, it is a dying part of the American dream.

thom w Loc: San Jose, CA

Blurryeyed wrote:

August 13, 2023
By Anna Kodé - New York Times

Good morning.

To afford rent, young American adults are making tough choices.

Adult reality

An enduring image of urban American 20-somethings is one of carefree living with friends in spacious apartments, as depicted in shows like “Friends” or “How I Met Your Mother.” That portrayal, never really all that close to reality, is growing further from it in part because of one factor: high rent.

For years, we’ve been told that what you pay for housing shouldn’t exceed 30 percent of your monthly income. I knew that sticking to that maxim was getting harder for many people because housing costs have soared in the past few years, which I’ve written about as a reporter for The Times’s Real Estate section. Still, I was struck by a recent report that found that a median-income American household would need to break the 30 percent rule just to afford an average-priced apartment. If that was the case, how realistic was this principle?

Not very, especially for many Gen Z adults who have recently moved into their first homes and are early in their careers. My colleague Karen Hanley and I spoke with dozens of them across the country for a story that recently published about how they’re living with high housing costs. Many were setting aside the pursuit of certain passions or career paths, migrating out of big cities or moving back home with their parents. Most said they couldn’t imagine a future in which they owned a home; some even laughed at the prospect.

One 24-year-old, Ives Williams, who lives in Baltimore and spends half of his monthly income on rent, said the only way he could see himself owning a home one day was if he bought one with friends. It’d be like “one big sleepover,” he joked.

We also wanted to learn what it feels like to be spending such a large chunk of income on rent. Is this how young people imagined adult life?

Savannah Scott, a 23-year-old renter in Reno, Nev., told us that she spends about 75 percent of her monthly income on rent. She limits her driving to once a week and buys only basics at the grocery store (“brown rice and beans”). Kellie Beck, 25, in Brooklyn, spends around 40 percent of her income on rent. She shares a room with her partner in an apartment with two other roommates and said she turns down opportunities to spend time with friends. “One night at a restaurant wipes out my spending for the week,” she explained.

Most of the conversations we had carried an air of hopelessness about homeownership. For many Gen Z adults, it is a dying part of the American dream.

August 13, 2023 br By Anna Kodé - New York Times ... (show quote)

This trend started years before Biden. Welcome to capitalism.

DennyT Loc: Central Missouri woods

Blurryeyed wrote:

August 13, 2023
By Anna Kodé - New York Times

Good morning.

To afford rent, young American adults are making tough choices.

Adult reality

An enduring image of urban American 20-somethings is one of carefree living with friends in spacious apartments, as depicted in shows like “Friends” or “How I Met Your Mother.” That portrayal, never really all that close to reality, is growing further from it in part because of one factor: high rent.

For years, we’ve been told that what you pay for housing shouldn’t exceed 30 percent of your monthly income. I knew that sticking to that maxim was getting harder for many people because housing costs have soared in the past few years, which I’ve written about as a reporter for The Times’s Real Estate section. Still, I was struck by a recent report that found that a median-income American household would need to break the 30 percent rule just to afford an average-priced apartment. If that was the case, how realistic was this principle?

Not very, especially for many Gen Z adults who have recently moved into their first homes and are early in their careers. My colleague Karen Hanley and I spoke with dozens of them across the country for a story that recently published about how they’re living with high housing costs. Many were setting aside the pursuit of certain passions or career paths, migrating out of big cities or moving back home with their parents. Most said they couldn’t imagine a future in which they owned a home; some even laughed at the prospect.

One 24-year-old, Ives Williams, who lives in Baltimore and spends half of his monthly income on rent, said the only way he could see himself owning a home one day was if he bought one with friends. It’d be like “one big sleepover,” he joked.

We also wanted to learn what it feels like to be spending such a large chunk of income on rent. Is this how young people imagined adult life?

Savannah Scott, a 23-year-old renter in Reno, Nev., told us that she spends about 75 percent of her monthly income on rent. She limits her driving to once a week and buys only basics at the grocery store (“brown rice and beans”). Kellie Beck, 25, in Brooklyn, spends around 40 percent of her income on rent. She shares a room with her partner in an apartment with two other roommates and said she turns down opportunities to spend time with friends. “One night at a restaurant wipes out my spending for the week,” she explained.

Most of the conversations we had carried an air of hopelessness about homeownership. For many Gen Z adults, it is a dying part of the American dream.

August 13, 2023 br By Anna Kodé - New York Times ... (show quote)

What does that have to do with politics ?

ArtzDarkroom Loc: Near Disneyland-Orange County, California

What point are YOU trying to make?

Rent is expensive?

Triple G

ArtzDarkroom wrote:

What point are YOU trying to make?

Rent is expensive?

That happens when there are shortages of anything!

https://www.marketwatch.com/story/stubborn-housing-inflation-pushes-cost-of-living-up-in-july-but-economists-argue-that-its-already-slowed-down-6db69ee8

https://www.theguardian.com/us-news/2023/may/10/us-housing-market-prices-increasing

The largest issue in the cost of finding shelter is supply. According to Freddie Mac, the United States has a deficit of 3.8 million units needed to meet current demand.

“Builders have not built enough to meet demand,” Fairweather said. “We had fewer homes built in the 2010’s than any decade going back over the 1960s. But the net demand has continued to increase, especially as millennials have entered into home buying age.”

https://www.pbs.org/newshour/nation/5-reasons-housing-is-so-expensive-right-now

DaveO Loc: Northeast CT

Off and on old news.

Really reaching.

Kraken Loc: Barry's Bay

DaveO wrote:

Off and on old news.

Really reaching.

It could be Blury needs a nap.

DaveO Loc: Northeast CT

Kraken wrote:

It could be Blury needs a nap.

Lol, just sayin'!

gorgehiker Loc: Lexington, Ky

The conservatives on this site love to mock Biden for being a weak, old man. They also say that Biden is so powerful rhat he is responsible for every bad thing in this country and most of the world.

DaveO Loc: Northeast CT

gorgehiker wrote:

The conservatives on this site love to mock Biden for being a weak, old man. They also say that Biden is so powerful rhat he is responsible for every bad thing in this country and most of the world.

There are very few true conservatives on this site and trump worshippers should not be mistaken as such.

Racmanaz Loc: Sunny Tucson!

gorgehiker wrote:

The conservatives on this site love to mock Biden for being a weak, old man. They also say that Biden is so powerful rhat he is responsible for every bad thing in this country and most of the world.

The Lefturds on this site love to mock Trumpfor being a weak, old man. They also say that Trump is so powerful rhat he is responsible for every bad thing in this country and most of the world.

Works both ways doesn’t it?

DaveO Loc: Northeast CT

Racmanaz wrote:

The Lefturds on this site love to mock Trumpfor being a weak, old man. They also say that Trump is so powerful rhat he is responsible for every bad thing in this country and most of the world.

Works both ways doesn’t it?

Actually they mock trump and his cult for being slime ball t*****rs.

Kraken Loc: Barry's Bay

DaveO wrote:

Actually they mock trump and his cult for being slime ball t*****rs.

That shoe fits Rac perfectly.

Racmanaz Loc: Sunny Tucson!

DaveO wrote:

Actually they mock trump and his cult for being slime ball t*****rs.

Yeah, but they been mocking him for the last six years. Both sides do it.

DaveO Loc: Northeast CT

Racmanaz wrote:

Yeah, but they been mocking him for the last six years. Both sides do it.

Lol, it has become so American and will never end!

Lest we forget Obama, Bush…