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> The top reasons given by respondents were a desire to save money (51%) and inability to afford rent (39%). Yeah 100% support this. The amount of money you ca
by lesuorac 4y ago
> The top reasons given by respondents were a desire to save money (51%) and inability to afford rent (39%).
Yeah 100% support this. The amount of money you can save for a down payment or just your general future is huge if you're not spending it on rent _just_ to be away from your parents.
> the national median monthly rent, which according to Rent.com in October was $1,980.
Yeah, take that 2k and times it by 12 and then 11 years (18 to 29) and you get 264k. That's a ton of money to spend on a house/downpayment/retirement by the time you're 30. This would also be post-tax money so it wouldn't've gotten smaller.
- maxerickson 4y agoThe overall national median probably isn't the right number in this case. Like a couple with good jobs isn't making their housing choice the same way that a single young person with a not as good job. And then there's the variability in housing markets across regions. Of course the better jobs available in high price areas are intertwined with the choices people are making about where to live, but the prices in New York aren't really a factor for someone that is interested in staying in the metro Detroit area.
- galleywest200 4y agoAgreed. As well it is common for people to have roommates to pay a lower bill. Our 3 bedroom house is $3100/mo but we split it three ways and it feels super affordable that way. Bit crowded at times, though.