Parents of millennials: Your children are living with you because you’ve stacked the deck against them.
Remember the three-bedroom “starter house” you bought in your 20s for $200,000?
It now lists for $600,000, has 10 bidders, sells for $700,000, and requires a 10 to 20 percent down payment.
Even a two-bedroom duplex rents for $2,500 per month, which, using the standard factor of three, requires an annual salary of $2,500 x 3 x 12 = $90,000 to be sustainable. Can you imagine making $90,000 a year and just scraping by in a 950-square-foot duplex that you don’t even own?
So why are housing prices and rent so expensive?
The reason is simple: Many of you have decided that in order to retire, you must own two houses.
While your parents gave you a better life, you’ve given us a supply-and-demand nightmare.
The high cost of living raises tuition, food and gas prices to the breaking point.
Some of your children have rebelled and forced you to take ownership of the society you’ve given us.
Their outside-the-box solution is far more brilliant than you give them credit for.