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 business makes a big part of its revenue from its membership plans, and it hopes to bolster them
6 hours ago
A couple of videos that claimed so have gone viral on TikTok, causing the masses to panic.
7 hours ago
The host seemingly did not want the compliment at first, but his demeanor changed later on.
9 hours ago
Fans of the show were impressed with her skills, but the Bonus Round was a bit too tough.
10 hours ago
The rumor had never been substantiated with facts but it still swirled around for many years.
10 hours ago
The entrepreneurs did not want to disclose their costs on TV, which Mark Cuban did not take well.
1 day ago
While being energetic is good, fans want the contestants to be more genuine than they seem.
1 day ago
The item was a stick that had memories of the guest's grandfather carved into it.
1 day ago
The host had no idea about the popular cartoon series and his expressions were hilarious.
1 day ago
Despite messing up, the co-founders of Eco Nuts wanted a Shark to work 16 hours a day for them.
1 day ago
The contestant said she was bad at it but there is no excuse for mistaking a continent for a country
2 days ago
Corey Harrison did not know much about the jersey, but he got a lot of help from the expert.
2 days ago
The contestant would have become the first man to achieve the big prize.
2 days ago
The question was about some of the most popular boy bands of all time.
3 days ago
The guest did not create a fuss but was adamant about the authenticity of his item.
3 days ago
The host's speech made for a sombre moment but he found a way to make that funny as well.
3 days ago
Fans once again called out the puzzle, which, according to them, was too tough.
4 days ago
The guest wanted a five-figure sum at first but was left disappointed by Harrison's stubbornness.
4 days ago
Rick Harrison was not as careful with this item as one would have expected him to be.
4 days ago
The contestant got a couple of chances to answer, and Harvey was left unimpressed on both occasions.
4 days ago