"I am 34 and I still live at home with my parents."
It was not long ago when a grown person said that there was probably something wrong with that person. But, here in the Bay Area, no one blinks an eye. The reason? No one can afford to buy a home in the Bay Area. I do not personally know anyone who has been able to buy a home in the Bay Area recently without some substantial help.
My youngest brother recently purchased a two-bedroom condo. He got help from my father and my aunt to pay for the down payment. He rents out one of the rooms to help pay for the mortgage. Even though he makes about 125% of the county's median income, he gets by with not much to spare.
As for me, I make about 75% of the county's median income. That is the main factor to why I can not afford to buy a home. But, all is not lost. I have made very good use of that time living at home. I do pay a "subsidized rent" to my parents. But, I have been able to save over half of my paychecks. This has allowed me to save a good amount of money for the pending down payment.
At this point, I am looking at two possible outcomes. One is to marry someone my equal, in financial status. I do know a number of people who were not able to buy a home before they got married but were able to buy a home after they got married. The other is simply to buy a home in another part of the country. Stay tuned as I continue to ponder upon this.
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hi prospect,
interesting entry! it is saddening that homeownership (and in many cases, just living at all) in the most desirable places in the country is out of reach for most of us.
what I find most interesting are your initial outcomes. do you consider marriage a socioeconomic inevitability? does shared financial success play a huge role in your friends' marriages? do you think a financially-equal potential partner would be affected by the fact that you live in your parents' home? Sorry if I'm being too personal, this is just an unusual idea to me. I know quite a few adults who have been back home at some time or another, but it seems like a transitional state, a period where they're finishing higher education or working on their emotional/physical health... things that require the protection and support of parents. But if you and your parents have a great roommate relationship, it sounds like an ideal way to build up your financial health!
Thanks. I will answer your questions and talk more about the subject in the future.
