What do we do with our ADULT kids? I wrote last week how the housing shortage is causing affordability issues nationwide. The price of housing to buy and rent has exploded. When average home prices top $300,000.00 and rents for a 3 bedroom home average $1300.00 per month, it’s hard for young adults to live on their own.

           The solution is they are living at home longer. Uhh! As adult parents, I don’t want my 30 year old or my 22 year old boy’s living at home anymore. My wife and I have gotten used to living back on our own. The freedom it gave us back was amazing. However it’s a real dilemma for us and many others when they get out of school to have no job or a low paying job. They can’t afford to rent their own place because of high rents. According to NAR (National Association of Realtors) 40%of us worry about this. Frankly I think that is low.

           What is the solution? The solution is; Don’t make it too comfortable at home. They need to pay some rent. They need to do chores. They need to contribute to the household. Another solution; Find roommate’s and share rent. Live with their friends. Let them have tough times. They need to learn to budget and scrape by. Last solution – Supplement them with payment. I’m not a big fan of this as they might get too dependent. Structure it as a loan though, so that they feel some responsibility.

           Bottom line, we need more affordable housing options. Builders won’t build it because it’s not profitable. It’s not a good situation. I hope we find a solution!