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Is this an American thing? It's pretty common in Germany, but I remember that foreigners often see us as the 'renters'-country (meaning the majority rents inste

by grx 10y ago

Is this an American thing? It's pretty common in Germany, but I remember that foreigners often see us as the 'renters'-country (meaning the majority rents instead of owning a property), so there might be a difference. Just wondering why this seems an increasing thing in your cities. It's also no big secret that parents often support their children far beyond the school time if they are not able to apply for student loans (Bafög).

clamprecht 10y ago
I think owning your own home is (or was?) part of the "American Dream." See e.g. http://www.nytimes.com/1988/09/11/realestate/in-the-nation-why-owning-a-home-is-the-american-dream.html?pagewanted=all http://www.nytimes.com/1988/09/11/realestate/in-the-nation-w...
manarth 10y ago
The renting is a bit of a red herring; the headline could easily read "Their parents help with the bills" (and in the article, it actually says "receive some financial assistance from their parents for living expenses", rather than rent specifically). It is a surprise to me that it's also common in Germany though: the perception that it is a 'renters'-country led me to believe that the rents were relatively affordable (as a result of protections like rent control). But I guess even "relatively affordable" can be challenging for an under-25 in today's economy.
DanielleMolloy 10y ago
One significant difference is of course that in Germany universities are free, so the overall financial burden of education is not nearly as high as in the U.S. If you stay away from the expensive cities (Munich, Hamburg) or their centers and live in outskirts or other cities with good universities like Berlin or Leipzig, rents are not really that expensive. I paid 150€ / month for a small central room in a shared apartment in a German university town, which I could pay for completely with a student assistantship. Most rents for rooms in shared flats are in the range 200€ - 450€ (depending on the area). Btw, BAFöG has been such a successful model for Germany that one wishes every country would introduce such a system.
istorical 10y ago
It's a thing because it signifies the decline of American purchasing power. If we used to all be able to afford to pay our own rent, but now we can't and are relying on our parents, it's a sign that young people's purchasing power is going down. In the same vein of young Americans feeling distraught that their parents could pay off college loans working a summer job mowing lawns, or that they could afford to put down a down payment on a house by age 30. Young Americans feel like they can't measure up to their older generations financially. Salaries may be trending up numerically, but adjusted to inflation and cost of living increases it feels like we're stagnating or moving backwards.

by grx 10y ago

clamprecht 10y ago

I think owning your own home is (or was?) part of the "American Dream." See e.g. http://www.nytimes.com/1988/09/11/realestate/in-the-nation-why-owning-a-home-is-the-american-dream.html?pagewanted=all http://www.nytimes.com/1988/09/11/realestate/in-the-nation-w...

manarth 10y ago

The renting is a bit of a red herring; the headline could easily read "Their parents help with the bills" (and in the article, it actually says "receive some financial assistance from their parents for living expenses", rather than rent specifically). It is a surprise to me that it's also common in Germany though: the perception that it is a 'renters'-country led me to believe that the rents were relatively affordable (as a result of protections like rent control). But I guess even "relatively affordable" can be challenging for an under-25 in today's economy.

DanielleMolloy 10y ago

One significant difference is of course that in Germany universities are free, so the overall financial burden of education is not nearly as high as in the U.S. If you stay away from the expensive cities (Munich, Hamburg) or their centers and live in outskirts or other cities with good universities like Berlin or Leipzig, rents are not really that expensive. I paid 150€ / month for a small central room in a shared apartment in a German university town, which I could pay for completely with a student assistantship. Most rents for rooms in shared flats are in the range 200€ - 450€ (depending on the area). Btw, BAFöG has been such a successful model for Germany that one wishes every country would introduce such a system.

istorical 10y ago

It's a thing because it signifies the decline of American purchasing power. If we used to all be able to afford to pay our own rent, but now we can't and are relying on our parents, it's a sign that young people's purchasing power is going down. In the same vein of young Americans feeling distraught that their parents could pay off college loans working a summer job mowing lawns, or that they could afford to put down a down payment on a house by age 30. Young Americans feel like they can't measure up to their older generations financially. Salaries may be trending up numerically, but adjusted to inflation and cost of living increases it feels like we're stagnating or moving backwards.