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
Harrison didn't think much of the helicopter at first since it was badly mangled.
1 hour ago
The shark wanted to work with entrepreneurs who would never take no for an answer in business.
2 hours ago
The object in question was a letter written from the battlefield by legendary poet Walt Whitman.
5 hours ago
Turns out that the expert had an original wanted poster for Booth, and Rick was interested in it.
7 hours ago
Vanna White seemed worried when she learned what the former host had done.
1 day ago
Chumlee went out to handle the whole deal by himself and committed another blunder.
1 day ago
The movie in question is considered legendary and has the iconic Harrison Ford as the lead.
1 day ago
Their product would make life a lot easier for a lot of fitness enthusiasts, and the sharks saw that.
2 days ago
The painting's value had increased exponentially over the past century when the guest's parents got it.
2 days ago
The founder of Lumio had a decision to make when every investor wanted a piece of his company.
2 days ago
The player made a complicated-looking puzzle look like a walk in the park.
2 days ago
Even the expert had never seen such an iconic sporting trophy in front of him before.
2 days ago
Another contestant followed with a very absurd comparison that was not on the board as well.
3 days ago
He eventually made it as a contestant on "Wheel of Fortune" but his story was still hilarious.
3 days ago
Posters don't usually sound like items worth thousands of dollars, but in this case, things were different.
3 days ago
It has been a long time since anyone has won the Bonus Round and fans are not happy about it.
3 days ago
Memorabilia of the NBA legend has been valued at millions by auction houses.
4 days ago
She also opens up about other experiences with contestants on the show over the years.
4 days ago
The Spicer family did a 'herkie' during the game, a cheerleading posture named after National Cheerleaders Association founder Lawrence Herkimer. 
4 days ago
The fans were not happy that Seacrest accepted an answer even as the player threw in extra words.
4 days ago