I graduated college in mid 2005. Even though I had a decent GPA, it wasn't high enough to even be looked at for the jobs my 4.0 finance-major friends were getting--they were going into investment banking, consulting, etc, hitting around 6 figures for starting salaries while I didn't even make 50K in the line of work I went into. Most of these same friends were going buying houses and condos immediately.

I remember feeling like a loser and I could always feel that slight sense of snobbery from them ("oh you're still renting that crappy apt? I just bought my pimped-out condo blah blah blah") But to be fair, I was the guy partying in college while they were studying, and they were working 80 hour weeks, so at some level accepted they deserved more financial success than I did and just did my best to be happy with my life as it was.

Then came 2008.

The majority of those same friends have now been laid off. Everyone that bought property naturally owes a ton more than the value. Some foreclosed on, others moved back in with parents, have been unemployed for over a year, or taking jobs like restaurant workers (nothing wrong with restaurant work, but with a 4.0 in Finance?) Their lives are devastated financially and spiritually. Their whole identity wrapped around their high-income jobs that they slaved and wasted their youth through college to get and are now gone.

I feel sorry for them and don't wish misfortune on anyone. But at the same time I can't help but be slightly amused. I spent more time partying and enjoying life in school, while they stayed in and studied up for financial jobs that I seriously doubt will ever return and screwed their credit by buying at the height of the housing market.

So not only do I have more life experience and memories, but now I find myself in a better financial situation than they are in too. How does that work? Thank GOD I did not buy...

Woah, careful there. your schadenfreude is showing.

Ron, I blame the helicopter mom's.

Ladies... don't be one of them.

The local governments need to change the occupancy laws to accomodate this, as this is the wave of the immediate future. With unemployment/under-employment between 10-25 percent, this will continue to be the norm until decent paying jobs can be created. Doesn't look like that will be happening anytime soon.

MrRational: I kinda blame the "BSD" (Big Swinging ****) culture of business schools and Investment firms.
Men...don't be one of them.

Lesley: point taken.

I refer to that bunch collectively as the amoral MBAs. And they do indeed have a lot to make up for.

We have one sibling living in with rels and another looks to be on the verge of doing likewise.
I can't see this as a blame game issue (as a mom-- where is my helicopter, anyway??), but symptomatic of a culture that puts a high value on independence. In many cultures/countries its more common, expected even. But here it's a source of shame and failure for the live-in and the taker-in, as well. This compounds the anxiety bred by the unstable economic scene.

My husband was laid off from his job on the Eastern Shore just over a year ago. We decided to come back to Baltimore area because job security is better here than on the Shore. Since January 2009, we (husband, 2 young kids, and me) have been living with our parents while we sold our home on the shore (finally...in August) and are now waiting for our new home to be built. It's been quite an adjustment for all of us, but the good thing is that it's temporary. We are blessed to have family that could and would help us during all of this. While it has been really tough at times, we also realize that we are very lucky in that we didn't lose our home to short sale or foreclosure and that we were able to get jobs up here.

This is not a new phenomenon. It's been the status quo in California for YEARS. School teachers who have to rent out garage apartments or live with their parents. Two or three families buying a house together (you've seen the houses with 7-10 vehicles out front).