There are 3.4 million
US adults living with parents. This is expected to get worse until these
non-self-supporting adults can afford to support themselves.
A few are families
temporarily displaced by hurricanes and floods. Some are divorced and just move
back home to regroup. Some have been evicted and need to finally learn
math. Most cannot afford rent and
utilities and are saving money and attempting to increase their earnings. Many
are underemployed and looking for jobs that pay enough to allow them to be on
their own.
Millennials who took
the wrong college courses are struggling to repay their student loans. Too many
took degrees for government jobs and those are shrinking due to deregulation.
There are single
adults who live with friends or roommates, but this is also hard to do. Most
single individuals want their own place and are working to be able to afford
it.
It requires at least
$40,000 per year to pay rent, utilities, transportation, insurance, food and
taxes. Most need a car and are required to have auto insurance. Monthly
apartment rental can cost $1000 and utilities can cost $500. At best you need a
roommate unless you make $50,000 per year.
Having off-shored our
economy in the 1990s, we are reliving the difficulties we faced in the 1800s,
when most adult children lived in their parents’ “family home” until they were
in their 30s. Many young men left home to “make their fortunes”. If they were
successful, they had enough money to build a home, get married and have a
family. Those who were able to form groups of sellers and buyers of “in demand
goods” were successful. Many were not successful.
Today, interest rates
are low and those who save their money to buy a home will be able to buy one.
The key to maintaining revenue is to provide goods or services that are in
demand and establish your own family business.
Norb Leahy, Dunwoody
GA Tea Party Leader
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