ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Rising Costs Have Forced Young People to Live in Vans; Here are Challenges They Face

Gen Z & millennials are embracing this unconventional lifestyle as they struggle to afford homes.
PUBLISHED FEB 11, 2024
Cover Image Source: TikTok | @alberseabundance
Cover Image Source: TikTok | @alberseabundance

With soaring housing expenses, affording rental accommodations in New York City and other places has become increasingly difficult. Faced with this reality, many young people have been forced to make sacrifices to address their financial woes, while others have opted for unconventional solutions such as living in vans to reduce costs. While some individuals find this transition enjoyable, the ones facing this situation grapple with the challenges it presents. 

Image Source: TikTok|@vanonamission
Image Source: TikTok | @vanonamission

Living in a van entails more than just finding a place to park, since it involves equipping the vehicle to serve as a functional home, with particular attention to stocking up on essentials. Many TikTok users have shared their experiences of van life, offering virtual tours and DIY videos detailing how they navigate life on the road.

Michael Alberse (@alberseabundance), a TikToker with 57,000 followers decided to move into a van at 22, shortly after completing college. At that time, he was working at Google. Despite facing significant financial challenges initially, his savings eventually allowed him to purchase a house. He resided in his van "Ted" for a year before selling it and relocating to Atlanta, where he bought a house.

Another well-known TikTok page, @vanonamission, is handled by Will and Meebs who share their van life journey with 86,000 followers. Through their videos, they highlight the harsh realities and struggles of living in a van, including feelings of isolation, loneliness, and the various hardships encountered along the way. Their experiences also shed light on the mental toll of extreme weather conditions, as they recount enduring a severe storm during their first few days on the road.

Image Source: TikTok|@vanonamission
Image Source: TikTok | @vanonamission

But Court and Nate, found financial stability after their van life experience, managing to save over $70,000 in the initial years of their journey. Their success story has inspired TikTokers like Summer Ginther (@summerginther), who, along with his wife, spent three years living in a van and saved enough money to fulfill his dreams.

For Summer, van life wasn't about enjoyment; it was simply a necessity to save money for the future. With housing costs skyrocketing and interest rates soaring in the United States, many young people are reevaluating their spending habits and embracing such unconventional lifestyles as a cost-saving measure.

Orlando-based realtor and TikToker Freddie Smith (@fmsmith319) highlights the financial challenges faced by Gen Z and millennials, with many unable to afford even an average-priced house.

Image Source: TikTok|@summerginther
Image Source: TikTok | @summerginther

Among the disadvantages of living in a vehicle are the inability to regularly see family, feelings of loneliness, missing out on social interactions with friends, network connectivity issues, unpredictable weather conditions, and more. Despite these challenges, many individuals are drawn to the lifestyle by the prospect of not having to pay rent and the potential for significant savings.

Image Source: TikTok|@vanonamission
Image Source: TikTok | @vanonamission

TikTokers like Dylan Gray (@dylan.mattgrey) decided to move into a van due to financial struggles and a desire for independence. Despite a challenging year in the vehicle, Dylan managed to pay off all his debts with the savings he accumulated and has since been living peacefully in his own home, leaving behind the van life. He embraces the motto that "life is what you make it, and the hard work you put in determines what you get out."

MORE ON MARKET REALIST
The entrepreneur defended her product and Greiner also chimed in with her take.
48 minutes ago
It all started with Carey joking about the model turning up in swimming trunks.
20 hours ago
Drew Carey has seen a lot of things on the show and he was still surprised by this.
22 hours ago
With a pink suit, a cowboy hat, and a thick Southern accent, this entrepreneur was hard to ignore.
23 hours ago
The veteran host didn't notice it at first but couldn't help but make a joke when he saw the print.
1 day ago
No one expects to see a tool that can be extremely dangerous on a show like "Shark Tank."
1 day ago
Out of all the criticism Seacrest has faced so far, this has to be the most outrageous.
2 days ago
Getting a deal on "Shark Tank" is a big deal and no entrepreneur wants to see that feat being belittled.
2 days ago
Things like these don't usually happen on the show but Drew Carey was ready with his feet.
2 days ago
The host won a lot of hearts with this gesture which will go down as one of the show's best moments.
2 days ago
Carey was smiling while Mary was scrambling for answers in a state of confusion.
3 days ago
The producers may not be with Harvey on stage but sometimes they join the fun.
3 days ago
Drew Carey tried his best to get something out of the contestant but to no avail.
3 days ago
Even the veteran host was caught off-guard by Rachel Reybnolds's lesser-known skill.
3 days ago
The contestant was loved by the studio audience who gave a massive cheer as she went on stage.
4 days ago
Fans complained that Carey maybe getting too old to take all the physicality during celebrations.
4 days ago
Everyone has their own preferences but few people ever talk about this stuff on national TV.
4 days ago
Drew Carey cares about his co-workers but he also doesn't hesitate to laugh at their expense.
5 days ago
It's a moment of happiness when someone gets a deal on the show but it doesn't always end well.
5 days ago
The models on "The Price is Right" are usually quite adept at their jobs but mistakes happen.
5 days ago