Americans are shocked: More and more young people in the United States are choosing to live with their parents. For some reason, this also arouses great interest in Poland, although it is an increasingly popular solution in our country. It is expected that half of people between the ages of 25 and 34 will use it. But is this really something to worry about? In Polish reality, there is often no other way.
Even Americans are increasingly abandoning the idea of “independence” as quickly as possible.
Living with parents is still considered almost a symbol of helplessness in life. Most often, this type of opinion is expressed either by representatives of slightly older generations, who by chance own at least one residential property, or by tenants who are proud of their supposed adulthood. Meanwhile, it turns out that at least half of young people in Poland either have little choice or consciously choose to stay in their family home.
Eurostat data for 2022 shows that 51 percent of people aged 25-34 live in Poland with their parents. In the case of people between the ages of 18 and 29, this percentage may reach 75%, according to some statistics. It must be admitted that this is not a particularly typical phenomenon for our country. The average age for gaining independence in Poland is 28 years. It is one of the highest rates in Europe, but we are slightly behind the leaders in Croatia, Slovakia, Malta and Italy in this regard.
Now, according to Business Insider, Americans are in for a shock. In the United States, home of the myth of the “self-made man,” more than half of Americans between the ages of 18 and 24 live with their parents. Over the past two decades, their percentage has increased by up to 87%. We face a similar situation in Great Britain. As you can easily guess, the publication of these statements is accompanied by almost ritualistic complaints that young people will regret. They will be emotionally burdened, viewed as children, and will pay for it with their lives, or at least with depression.
I think we can all agree on the reasons why living with parents is becoming increasingly popular. The realities of the real estate market and, more broadly, the economy that the younger two generations face are quite specific. Or to put it another way: Housing has become hideously expensive, while the entire economy has been drifting from one crisis to another in recent years. It also seems that their grandparents' and parents' generations are responsible for a lot of the problems.
Let's be clear: Poles have caused their own problems with the housing market
I realize that it has become fashionable to blame older generations for all the planet's potential misfortunes. But let's think carefully about why apartment prices are so high now? Yes, we can place a lot of blame on successive governments, which have based their entire housing policies on partnerships with development companies. Cheap residential apartments are being built at a price well below market demand. In addition, subsequent government housing programs turned out to be somewhat of a failure.
However, it is impossible not to notice that ordinary Poles also contributed to the problem. The required “passive income” from rent requires the purchase of an additional apartment. It is a very expensive investment, so smart people quickly appeared trying to maximize their profits. An example of this is the division of large apartments into several narrow rooms. This is how the track developer was born in Poland, and this is the pinnacle of her achievements for now “Apartment” with an area of 8 square metres.
Only now should we add to this the activities of pseudo-hotels, flippers and foreign investment funds that may have already been expelled from Poland. There are basically two outcomes to this situation. First of all, if the “old people” and “rich people” bought apartments for young people, how can we expect these young people to become independent now?
Getting a mortgage in post-inflationary times is not that easy. At the same time, I completely understand people who don't want to make a serious financial commitment for a significant portion of their lives. Why would they do that if living with their parents was the alternative available to them? Proving adulthood to people they don't know or care about can't be considered a priority.
Living with your parents is simply lucrative, especially compared to the alternatives available to young people today
The second consequence of real estate market failures is particularly interesting. After all, the alternative to trying to buy your own apartment on unprofitable terms is renting. In Poland, most rented buildings are still owned by individuals. The same people who look with disdain on young people “adopted” under the care of their parents and who previously bought such an investment property when prices were more favorable than they are today.
If young people en masse choose to live with their parents, the dream of passive income will begin to crumble. After all, an empty apartment only makes money when we treat it like any other speculative commodity. To benefit from the investment, you will first have to sell the building to someone. We can dream of the rent falling into our pockets without tenants. So the question is: Why exactly do young people decide to make someone else's money, and not necessarily in accordance with their own well-understood interests?
From a purely financial point of view, living with your parents is often the most profitable solution. A family of three usually has several sources of income and one bill to pay. You don't have to struggle to pay your mortgage. This way, it is easier to make some savings and an acceptable standard of living on a daily basis.
The issue of possible daily inconvenience depends on the person's relationship with his or her parents. Each case may be different. Yes, it is possible to make mistakes and submit to the system of overprotective, authoritarian parents. We can also have a normal, healthy relationship and partnership. However, no one can guarantee that we will not endure the “landlord’s” jokes and antics in the rented apartment. The same people who became independent as quickly as possible often complain about them.
Living with your parents is actually one of the many ways to adapt to the current economic reality. In fact, you might be wondering who the “reckless one” really is here.
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