A California couple earning $200,000 a year has decided not to have children due to financial constraints, joining a growing number of Americans opting to be child-free. With the cost of raising a child to 17 reaching $310,000, the couple, burdened by student debt and housing costs, found it financially unfeasible to have children. Financial experts caution that while being child-free may offer immediate financial benefits, it could lead to challenges in later life care. Declining birthrates in the US reflect a trend of couples citing financial concerns as a reason for delaying or forgoing having children.
High school seniors are factoring in state politics, particularly regarding reproductive rights, when deciding on colleges, with 73% of unenrolled young adults considering reproductive health laws in their decision. Other legislative concerns such as gun laws and LGBTQ+ rights also impact college choices. Financial considerations remain a priority, but students are increasingly vocal about the influence of state politics on their decisions, leading to tension within families and difficult compromises.
Homebuyers should carefully vet homeowners associations (HOAs) when considering a property purchase. HOAs are governed by elected board members who enforce rules and regulations and maintain common areas. Mandatory HOA membership can be costly, with fees as high as $1,000 per month. Buyers should review HOA paperwork, inquire about fees and budget history, examine reserve funds, check for liens and foreclosures, and attend board or annual meetings to assess the community's financial health and decision-making process. It is important to ask questions and gather information from various sources before making a decision.
The number of unmarried couples buying homes together has increased significantly, with 18% of all first-time homebuyers being unmarried couples, up from 4% in 1985. Financial reasons, such as housing affordability, often drive these decisions. However, unmarried couples should carefully consider the financial and legal implications before purchasing a property together. They may face challenges in terms of legal protections and financial responsibilities if one person decides to leave. To protect their investments, unmarried couples should consider titling the property appropriately, using legal entities like LLCs, and outlining their financial contributions in a property agreement. Additionally, unmarried couples should weigh the pros and cons of tapping into retirement accounts for a down payment and review their credit reports to secure the best mortgage rate possible.
