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
Fans of the show caught on to the trick the host was talking about, although he didn't reveal it.
3 hours ago
At one point, it seemed like the contestant would fail to win the car.
4 hours ago
Experts expect buyers and sellers to find common ground while negotiating in 2026.
7 hours ago
Individual and bankruptcy filings have been on the up towards a return to pre-COVID levels.
9 hours ago
One GoFundMe page raised over $480,920 for the Ford employee within 24 hours, while another raised over $330,055.
12 hours ago
"Iceland? I am jealous!!! Oh, yeah, I'm jealous of the $40k, too, LOL. Gr8 solve, Mat!" a fan reacted.
16 hours ago
Despite widespread economic concerns, big banks who posted big profits remain bullish.
1 day ago
One simply has to look at the number on the product tag to gauge its quality.
1 day ago
The contestant was quite nervous towards the end but played the game perfectly.
1 day ago
The retailers were part of a group that sued banks and credit card companies two decades ago.
1 day ago
The President signed an executive order about the name change back in September.
1 day ago
The company laid off more than 5,500 employees and that affected its income for the year.
1 day ago
"We're going to have tremendous workforce availability. We're also going to have robots helping us," Trump had stated earlier.
1 day ago
"He almost had it, that was so close," an upset fan said about the disappointing loss.
1 day ago
The President reiterated that believes the affordability crisis is a Democrat hoax.
2 days ago
The contestant was at the show's taping for the first time and was a big fan of Carey's work.
2 days ago
AI is making online shopping easier, but it’s also helping scammers steal more money.
2 days ago
The trend in investors selling US stocks and diversifying in European stocks is growing.
2 days ago
BlackRock is also ready to bet big on the AI boom as it feels the tech is here to stay.
2 days ago
The products were sold both in stores and online, but no illness has been reported yet.
2 days ago