Millennials seem unlikely to purchase homes in the same numbers as my cohort did. So many are sharing an apartment or house and paying rent. It becomes difficult for them to build equity the way I did when we paid down a mortgage. There are other consequences of living with others in a shared apartment or house.
The worm has turned on millennial home purchases according to some. When student loan payments were paused during the coronavirus pandemic, newly available funds were directed into home-buying. According to CNN, “The Department of Education said Wednesday it has approved the cancellation of nearly $5 billion more in federal student loan debt, bringing the total amount of student debt relief provided under the Biden administration to $132 billion for more than 3.6 million borrowers.” This should be a catalyst for more home-buying in the millennial cohort. Maybe they will catch up.
The other part of this financial equation is the lack of good-paying jobs. In part, this is driven by consolidation and outsourcing of functions in the business world. Pay packages have changed so more of compensation goes into hourly wages or contractor fees. Thanks Ronald Reagan and the Republicans for this crappy economic environment for younger people.
The change in types of jobs available also has to do with automation. The automation revolution began some time ago, yet it is taking off with force in 2023. Anything that can be done by a computer or robot will be. Human workers? Not needed as much any more.
Stuck living together with unrelated others is an issue, in particular, during the continuing coronavirus pandemic. According to the University of Minnesota, older adults made up 90 percent of U.S. COVID deaths in 2023. While the younger people the virus targets may be less likely to die of COVID, they continue to get sick and it’s debilitating. A goal for mixed households is to prevent the coronavirus from entering the residence. If it does get in, isolating individuals so they don’t contract it in close proximity to each other is a priority. For some that means shutting the door to a private room if they have one and not leaving one’s room except to use the plumbing.
I had a conversation this week about what food could be eaten in isolation from COVID without going to the kitchen or refrigerator often. It came down to only items that could be eaten as is, or made with boiling water. It didn’t take long to develop something both nutritious and filling. I had some ideas to contribute to the conversation.
When I was younger, I rode buses a lot. From time to time I encountered Hispanic men heading North for agricultural work from Mexico and points south. They solved the food issue for a long journey by making a meal of two cans of food: one beans with sauce and the other some kind of vegetable. They carried the full trip’s supply with them in their bags. It was shelf stable, filling, and reasonably nutritious. They could eat them while standing in a bus station and did.
When my group of Army officers left Germany in 1979-80, one of my buddies was assigned to the U.S. Army’s Fort Natick Labs. He participated in development of meals, ready to eat (MREs). Modern versions of these are available to the public, yet are too expensive for a person who has to share an apartment in order to live in a large city. They make nutritional eating, and people keep them in their bug-out bags to use in case of an emergency. The reality is there exists a generation that can’t afford to live, even in the most ideal economic circumstances, let alone in difficult situations during a time of contagion.
Eventually all the housing stock will become available as older generations die off. Perhaps prices will decline enough for millennials to buy. When I was born, I came home to a three generation home where an aunt and uncle lived along with Grandmother, Mother and Father. It was how they coped with limited income from mostly menial or low-skilled jobs. If I believe being related to housemates makes a difference, it’s because I have experience it has. Multi-generational households are a tradition that goes back deeply into my Appalachian roots. My forebears were dirt poor in many cases.
Being unrelated to others in a shared house is something different, though. I don’t have good advice for those who must do so. What may be the first step is realizing shared households have become a permanent fixture in the American landscape, a significant change from what has been. With such acceptance may come peace of mind if not riches. Peace of mind is well needed in a modern society that evolved around wealth migrating to the richest among us. It’s become a place where we must fend for ourselves.
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