Discussion about this post

User's avatar
Alison Dunn's avatar

I’m childless by choice, so there’s that bias admission, but I’ll share my perspective as a real estate agent. I started seeing this become an “issue” in 2021/22, and I thought it had a lot to do with COVID at the time (and don’t doubt that was part of it), but I had the young adult children of friends coming to me for help with rentals. Let me correct myself, the parents themselves were coming to me for help, the 22-24 year olds were not motivated and/or somewhat incapable of doing the outreach, confirming appointments, or doing paperwork. Was it because they truly were incapable? Or that they knew their parent (mother) would handle it so they sit back and let the “real adults” handle it? Tough to parse!

The next issue was that they wanted their own space, ideally a one bedroom but maybe a studio if it was big enough. They’re willing to spend a little more, but not enough - a one bed is a luxury, and a big studio is a rarity. But even worse is just that that is not the housing stock we have in place (Boston), we have ample 3 bedroom units great for sharing with two roommates, or even just one if you can swing it. But young people don’t want roommates, and they don’t want to share space. So mom and dad step up to pay way too much for their adult child to not be uncomfortable.

Flash forward to first time home buyers, these adults are now much more independent, and they’re making decent to great money, and maybe they even have a partner to double their budget. But they’ve been living in top of the line luxury rentals for 3-10 years, in professionally managed buildings where the trash is handled by someone else, as is maintenance and snow removal and basically any big and small inconveniences. These are buyers who have a real budget to buy a real place, but they don’t actually have the budget to buy something that looks like their luxury rental. So we go through a process of seeing what they can afford, hating it, seeing what they can’t afford, calling mom and dad, and somehow the budget expanded by 25-50%.

So now they’re buying a beautiful newer place with fancy fixtures and it’s time to negotiate inspection, and they think that every last little thing is going to be perfect like a luxury rental, but this is not a luxury rental, this is a home that has been lived in. No we can’t ask the sellers to buy a new hot water heater because this one is four years old and working just fine, same for the stove, and you’re just going to have to buy a new window treatments that you like because that’s not the seller’s problem that this isn’t your style. I wish I were kidding.

I think back to how I had the best computing and equipment in college, only to show up to my first job with a crappy computer and old equipment and having to share it. This was early 2000s, and I remember thinking then that college did a disservice to me in not training me in reality. And so I’ve seen a lot of related things through this lens since, and now it’s real estate focused. These fancy dorms and study rooms and gourmet dining halls and luxury lifestyle as college experience is creating issues down the line. Issues that smack up against hard realities, like housing stock, like realistic expectations about what renting and buying are like, what home ownership is like (don’t get me started on how you have to train adults how to do trash correctly when they’ve never had to do trash!).

Yes I’m biased, yes housing is too expensive, yes it’s a good thing that parents want to help their children and have close relationships with them, but not allowing any bit of discomfort or challenge or self reliance, or the fact that it seems like theirs is a whole generation who has never been denied the utmost in creature comfort and desires, it’s doing a disservice to them.

Expand full comment
Julie K's avatar

My heart goes out to the scholarship kids and first gens. Like it wasn’t uncomfortable enough before.

Expand full comment
367 more comments...

No posts

Ready for more?