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
There has been speculation about the host's future after a disastrous ratings dip this year.
9 hours ago
The entrepreneurs claimed to have invented what would become the future of wireless charging.
13 hours ago
All hope seemed lost for the contestant at one point but she pulled off a miracle.
15 hours ago
Wildwonder boasted of $1.4 million in revenue and had a successful run rate of $2.5 million during the time of the valuation.
1 day ago
Few contestants have ever played this game with this much perfection in the past.
1 day ago
The expert said that the watch's value was $2,600 than what it could have been.
1 day ago
Kevin O'Leary, Daymond John, and Robert Herjavec tried to stop her from making the offer.
1 day ago
She was able to impress viewers with her trivia knowledge but wasn't able to win the game.
1 day ago
All hope seemed lost for the entrepreneurs who had come up with an innovative health product.
2 days ago
Fans compared Jennings' laid-back style with late television host Fred Rogers.
2 days ago
The offer being made to the entrepreneurs by O'Leary also seemed to be a bit unfair.
2 days ago
The guest said that she had received the item from her grandmother who had inherited it.
2 days ago
The "Pawn Stars" were aleft impressed by the only basketball signed by the OGs Jordan, Phil Jackson, and Kobe.
3 days ago
Turns out that Mr. Wonderful was ordained by the state of California to do the job.
3 days ago
Fans did not expect to see a person with such a striking resemblance to the former Vice President.
3 days ago
Rick Harrison wasn't trying to this item for a low price as it was historically significant.
3 days ago
Despite offering $1.5 million, Harrison was unable to make a deal for the historic item.
4 days ago
Kevin O'Leary hailed their salesmanship after coming to a $600,000 valuation.
4 days ago
The star also followed it up with a second shoutout seeking another chance for her on the show.
4 days ago
The clock was a piece of art and its mechanism was as intriguing as it gets.
4 days ago