Lol. How about pretty much everywhere in Asia? China? Singapore? Korea? The "norm" is to live at home until you get married, when you use all the money you saved living rent-free at home to put down a hefty deposit on a house. I know actual millionaires who still live with their parents!
Given the difficulty of affording a deposit for new home buyers who have been renting since 18 (like me - Aussie here), I can see the logic in it.
I would go so far to say that the only time this is not the norm is when children move to a big city to work, leaving their parents back in their smaller hometowns. Then they live as cheaply as possible in dorms that exist for this purpose. There's a whole infrastructure.
It's sounds outrageous to ears that value individualism and "independence" over community and family ties. Money is typically an enabler for independence in such societies, so a millionaire who doesn't use their money to acquire "independence" from their mom seems like an oddity.
yeah, on second thought, you're right regarding Asia.... to a degree. I worked in Singapore for a while and a lot of people my age didn't live at home, and a few did. Singapore was a bit different though, it's bloody expensive there.
In the Philippines I found that depending where you were from, depended on whether you left home as early as possible for better opportunities.
Never heard of the dorms thing though.
My wife and I will buy a house one day, but it won't be near any of the "big" NZ cities. Too expensive.
I see the logic too, but surely your mental health must suffer!
The reason people buy expensive houses in expensive areas is because of enhanced social networking and housing market stability. Strong communities tend to fare better in economic downturns. Moving to the countryside increases the probability of social isolation. This has far reaching consequences on mental and physical health.
Yes. It's much more expensive now to get one's own flat or share it with roommates in, say, London than it has been in the recent past. And it's only going to get worse.
I would assume it's the norm in most developing countries where young students cannot pay their own rent. At least it's the norm here (Venezuela), even before the crisis.
Interesting! I remember when I first went flatting, it was 4 of my mates. So rent+utilities divided by 4 people made it pretty easy. and it's not like NZ is cheap by any means.
Given the difficulty of affording a deposit for new home buyers who have been renting since 18 (like me - Aussie here), I can see the logic in it.
I would go so far to say that the only time this is not the norm is when children move to a big city to work, leaving their parents back in their smaller hometowns. Then they live as cheaply as possible in dorms that exist for this purpose. There's a whole infrastructure.