An Orange County Register story says 18- to 25-year-olds are returning home in droves to live with mom and dad. As of 2006, the U.S. census said 52% in this age group lived with their parents.
And experts say that due to the cost of housing and rising unemployment, this may be just the beginning. They recommend setting up new rules of the house for these adult children with charging rent the most common recommendation.
We’d like to hear from you.
Should adult children at home pay rent?
You stay, you pay.
Kids should not pay rent at any age if you love them…try to convince them to save and teach them some simple rules to live by but do not charge them rent.
That is a non sequitor. Indy Mac failing left everyone holding all of their cash except for 1billion worth and that was given to them immediately at 50%. So out of 30 billion all but 500mil is going to be covered.
These stories are meant to distract and to drive fear into the masses.
FOCUS…the real issue is the lack of proper currency regulation. Wealthy globalists are making money on the simple change of currency valuation on a daily basis…it is corruption at its finest.
FOCUS…the senate passes a foreclosure rescue plan…we start the country to avoid taxes…we then tax for the good of all…we then tax to give to needy…now we simply have a tax system designed to even out the masses…that is communism, go look it up amigo.
Oh good, a discussion about the potential Fannie/Freddie bailout!
I am fundamentally opposed to any such bailout and reject the notion of an implicit government guarantee (no legal guarantee exists, “experts” have just speculated the government would intervene).
The US taxpayers should not pay this tab. Let the investors take the loss.
20 something living at home? Then you have failed as parents and raised losers. Money management should have been taught in their teens. 20 somethings living at home are nothing more than leaches.
Think 40 year old virgins.
In Europe this is fairly common. In America it’s happening more these days because everybody is broke and the parents can’t afford to send their kids home equity cash.
Imagine what this will do to rents and home prices if it becomes more common. “They’re not making any more land” could be countered with “they’re not bulldozing your childhood bedroom.”
I would add “25% of Income to a move out savings plan”
KirkH is right, Adolph (fitting name?) is wrong… it is a poor generalization to say no kid should be living at home in their 20s, and in regard to many family structures it is not wrong to automatically expect otherwise
RealtorDaveE:
That’s about the same response I got when I asked a certain high ranking member of the California state ways and means committee about the possibility of their municipal bond investments going belly up… and then the state going belly up. Same smug answer.
Of course, things have changed since then. Not that I’d blame any of this on the state government. I wouldn’t.
I blame my neighbors, who thought raping their houses was a great idea.
I bet Rant’s parents are wondering how to get him out of the house and he’s 45!!
I know of a adult child living at home situation where they paid the parents rent each month. What they didn’t know is the parents were setting that rent money aside and when the child decided he wanted to purchase a home the parents surprised him with the funds as a down. I think that is a good idea and something I may do for my boys in the future if we’re ever in this situation. That way if they don’t aspire to bigger and better things, they are at least taking care of their adult obligations and helping out financially as they should but if they are trying to get ahead (in a reasonable market of course) then it’s nice to be able to give them that leg up. Just my 2 cents.
I think charging them rent and saving it up is a great idea.
I think I’ll start charging my 7 year old twins rent! Get an early start on those down payments for 2020.
You really shouldn’t be so hard on adult children still living with their parents. Some make good use of the savings. Look at National Bubble. By not having to pay anything to live in his parents’ garage in Newport Beach, he can afford to have his own blog.
No offense to any of you, or Jon, but I am just a bit mystified as to why Indymac going under hasn’t received its own section of this blog, or major coverage on the front page.
Is everyone in Orange County on painkillers or something?
I mean, Indymac is a major OC lender who deals in mortgages, right?
And this is a mortgage blog, right?
Just checkin’.