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John Donna Choi 

Joined: 04/11/2011 Posts: 515
Likes: 1

What's this?

I'm 28, I wish I stayed at home longer


If you charge rent, you might want to put the money in an index fund to help save for your kids downpayment etc.

21 is actually around when I started working on this site. 2011 or so. So I'm pretty lucky compared to my peers, they are way worse off than me.

The transition through your 20s are really quick. There isn't too much difference between life at 35 and life at 45, but at 22 youre in college, at 28 you need to think about starting a family.(Birth defects happen if you wait too long).

I'm married now, looking to start a family(delivery is around $8,000 these days). Because I didn't save through my early twenties, I'm in a situation where I have to rapidly save for a down payment, money for the baby in 2-3 years, and plan my retirement. I pay $350 a month just for health insurance for my wife and I. Its the crappy kind too... It wont cover pregnancy.

Right now houses are sitting around $200,000 for something pretty small. 1500sqft Minimum wage hasn't been raised in 11 years even though my rent has gone up 50%.

In 2012 my rent was 800/month. Now its 1365/month for the same size place in Richmond.

Theres this really interesting article I read yesterday about how rent was done in 1978 for young people.

1/4 of your monthly pay should go to rent. Rent was $150/month, and you could get a job at $240 a week.

If you worked minimum wage 40hrs a week right now, you'd make $1,160/month.

When I was a salaried programmer, I made 56,000, about 3k takehome pay a month. So I'm looking at closer to 50% for rent as a PROGRAMMER if I include electric. That doesn't include anything else.

Most of my friends have $400/month student loans at insane interest rates on top of having to pay the $300/month in health insurance.

At those insane rent rates, it's basically irresponsible to move out. I should have stayed home, helped out more around the house, and saved. I totally could have had $60k(needed for downpayment) saved by now.

My other young married friends, some do have houses(They have masters degrees in engineering mind you). But they pay $300/month in mortgage insurance to the bank so they can have houses.

The apartment place I'm living in just raised rent this week 35% from 1217/month to 1365 for 1000sqft. They get you in at a lower rate, then next year raise rent 30% because they hope you will be too lazy to move out. Virginia has no rent control, so its totally legal for them to do this.

Hope this helps! I'd love to answer more questions




(In response to this post by Monk of McBride)

Link: What rent used to be like


Posted: 03/15/2019 at 10:28AM


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Current Thread:
 
  Charging your kid rent -- Monk of McBride 03/15/2019 09:13AM
  It could be worth it to have him see a therapist to work on why he's not -- hucareshokiesrul 03/15/2019 1:07PM
  Out of curiousty, does your son go by the name of Billa? ** -- One4VT 03/15/2019 12:58PM
  Thanks for all the input -- Monk of McBride 03/15/2019 11:08AM
  I think it's fair -- HokieMacDaddy 03/15/2019 10:42AM
  Former neighbors had sons pay rent and kept raising until they movec ** -- VaAkita 03/15/2019 10:37AM
  Charge him rent, and ... -- Beerman 03/15/2019 10:28AM
  I'm 28, I wish I stayed at home longer -- John Donna Choi  03/15/2019 10:28AM
  It was not as easy as that article -- VaTechie 03/15/2019 11:12AM
  Did you put him through college? -- EDGEMAN 03/15/2019 10:26AM
  We put aside 529 for him -- Monk of McBride 03/15/2019 11:00AM
  3 months he pays portion of the grocery bill.. @6 months full room & board -- One4VT 03/15/2019 10:06AM
  Times have really changed. I graduated in mid eighties -- VaTechie 03/15/2019 10:00AM
  $500 seems high to me if not qualified for more than entry level (inside) -- FfxStationHokie 03/15/2019 09:54AM
  When my daughter graduated -- VTUD 03/15/2019 09:50AM
  My oldest graduates in May and I told her she has until 9/1 to live ... -- vt90 03/15/2019 09:41AM
  Tell her to come on down, the water is fine! :) -- EDGEMAN 03/15/2019 10:30AM
  Shun (for Stork) ** -- 48zip 03/15/2019 10:05AM
  Not happening ... especially for Stork. ** -- vt90 03/15/2019 10:13AM
  Ha. When I graduated, I was gone in 2 months. 1 VERY LONG month. -- 48zip 03/15/2019 10:19AM
  When I graduated headed to nova for my first job a couple of days after -- fordham 03/15/2019 11:26AM
  It took me 15 months to leave home. -- EDGEMAN 03/15/2019 10:44AM
  Good job, EDGE. -- 48zip 03/15/2019 11:03AM
  She hated contractors? Should have been happy you were in the building. -- EDGEMAN 03/15/2019 11:54AM
  She hated trucks, especially with my last name on the side. -- 48zip 03/15/2019 12:45PM
  Sounds like fun! ** -- EDGEMAN 03/15/2019 2:44PM
  Oh, it was. Now not so much. -- 48zip 03/15/2019 3:04PM
  We'd love to have her down here. ** -- Stork 03/15/2019 09:56AM
  What my parents did.... -- HokieForever 03/15/2019 09:37AM
  That sounds fair, thats less than he would pay for rent, utilities -- Betabeachbum 03/15/2019 09:28AM
  Congrats on raising the next Jeff Spicoli ** -- darnellm 03/15/2019 09:27AM
  Look at 1-2 bedroom apartments in your area. Charge him half of that. -- Hokie360 03/15/2019 09:19AM
  if he's never paid before, start lower ($250) then raise it up at 22/23/24 ** -- kingofcassell 03/15/2019 09:18AM
  My parents charged me rent when I was asked to take a semester off from VT. -- Freddyburg Hokie 03/15/2019 09:18AM

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