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Is living with your parents the new American dream? | Freethink
- Published on: Tuesday, March 1, 2022
- Is living with your parents the new American dream
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Tae and Monica Kim began their marriage with over $100,000 dollars in student debt.
It’s an albatross around the necks of many young Americans: how to pay down debt, create savings, afford to start a family — childcare, food, clothing — and own a house? “We couldn’t afford a house,” Tae, a financial blogger, says. “We couldn’t afford childcare. It kind of felt like you got one or the other.”
A decade after beginning their life together, however, the Kims have two children, a Golden State home of their own, and no more debt, having cleared the ledger in just three and a half years.
The key for them was to not be beholden to the classic vision of the American Dream — strike out on your own, find a home, begin a family — and to instead find and live their version of the American Dream. And what does that dream look like?
The Kims live with Tae’s parents, an arrangement which allowed them to afford to keep both of their careers, put them in a house of their own, and provided access to childcare. Financial burdens were lessened — one set of utility bills, one mortgage, a whole kitty to help pay for groceries — and social support was built right into the arrangement.
Read the full story here ►► https://www.freethink.com/series/hack-the-dream/intergenerational-living
This video was created in partnership with Million Stories Media.
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- Source: https://youtu.be/MxOnHPpPRMQ