Homelessness is still on the rise in many West Coast cities

Discussion in 'Economics & Trade' started by kazenatsu, Feb 3, 2019.

  1. kazenatsu

    kazenatsu Well-Known Member Donor

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    https://www.bbc.com/news/world-us-canada-45442596

    Yes, the unemployment rate is down from what it was 5 years ago, but rents and prices in many major U.S. West Coast cities are going up.
    For many of the jobs that are available, it's not easy for people to afford housing. That can put them in a precarious situation where they are more likely to go homeless if something goes wrong.

    There are some patterns emerging in the job market. The top 15-20 percent of jobs are well paid and have seen big gains in the past couple of years. The middle 30 percent or so are just doing okay, with an annual income of around $32,000.

    Typical apartment rents in surrounding metro areas are running around $1300 per month.
    Obviously working class people are finding "more creative" living arrangements and packing up in the same dwelling with multiple people, or living with other family members.

    There are some big education credential gaps, and some big generational gaps.

    5 years out of college, a typical new graduate has a 50 percent chance of earning more than 42,000.
    (That's not to say more people would be earning more money if more people went to college, but is pointing out strikingly different experiences in different groups)

    Of course only about 34 percent of the population between the ages of 24 to 29 in these West Coast states have a four year college degree.

    This must no doubt be having an effect on fertility rates because it's in the 24-32 year old demographic range where families are most likely to start and children come from.

    Perhaps most alarmingly what we're seeing is a big income inequality gap in the younger demographic, much of that driven by (or correlated to) lack of credentials or underemployment. Opportunities are picking up in the job market for those closer towards the top, but many others are being left behind.

    Just some personal observations, from what I've seen there are many young adults sort of "treading water" or struggling a bit to find their place. Many who find they can't afford to move out on their own anywhere in the region where their parents live. A few of them have had to get entrepreneurial, but are not really earning that much money.
    Maybe this has always been the situation, to some extent, and most of them will slowly improve their circumstances. Still, I see huge delays in starting families because the incomes in this age demographic just do not line up with the costs of living.
     
    Last edited: Feb 3, 2019
  2. kazenatsu

    kazenatsu Well-Known Member Donor

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    Looks like it's also a problem in Australia:
    https://www.yourinvestmentpropertym...ng-adults-cant-afford-to-move-out-236810.aspx
     
  3. kazenatsu

    kazenatsu Well-Known Member Donor

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    comment from one Millennial on reddit:
     
    Last edited: Feb 4, 2019
  4. kazenatsu

    kazenatsu Well-Known Member Donor

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    America’s Millennials Are Waking Up to a Grim Financial Future
    Job prospects, savings, safety nets, life expectancy—the data show just how bad a mess they face.

    The article goes into parents living longer - and keeping healthier - than the previous generation. 65 is the new 55.
    Older middle aged people are postponing retirement.
    The article also goes into how the diminished fortunes of the younger generation has been reflected in life quality indicators.
    It emphasizes that there is a generational gap.
    (okay, article not really that good but it touches on an important issue)

    However, things may not be so rosy for many of these older workers either.
    A study from AARP (May 2018 ) found that of Americans age 55 and older who were still working, only 23 percent had what were considered "traditional jobs with good pay". The article goes on to explain: "Many 55-plus workers are stuck in low-paying and unstable jobs because they lost their career jobs and took pay cuts in new ones."
    https://www.aarp.org/work/working-at-50-plus/info-2018/older-americans-unstable-jobs.html
     
    Last edited: Feb 4, 2019
  5. kazenatsu

    kazenatsu Well-Known Member Donor

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    Mental Health Issues increase significantly in young Americans in last decade

    Newswise -- WASHINGTON -- The percentage of young Americans experiencing certain types of mental health disorders has risen significantly over the past decade, with no corresponding increase in older adults, according to research published by the American Psychological Association.
    “More U.S. adolescents and young adults in the late 2010s, versus the mid-2000s, experienced serious psychological distress, major depression or suicidal thoughts, and more attempted suicide,” said lead author Jean Twenge, PhD, author of the book "iGen" and professor of psychology at San Diego State University. “These trends are weak or non-existent among adults 26 years and over, suggesting a generational shift in mood disorders instead of an overall increase across all ages.”
    The research was published in the Journal of Abnormal Psychology.
    www.apa.org/pubs/journals/releases/abn-abn0000410.pdf

    Wonder if economic factors could be playing a role?
     
    Last edited: Mar 14, 2019

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