Living Arrangements of Young Adults

What percent of 18-24 year olds live with their parents?

• 10%

• 20%

• 30%

• 40%

What is a security deposit in the context of renting an apartment?

• A fee for cleaning services

• Money held by the landlord in case of damage

• A monthly rent payment

• A fee for using amenities

What is typically included in a lease agreement?

• Only the rent amount

• Rent amount, apartment policies, and move-out procedures

• Just the move-out procedures

• Only the apartment policies

What is the difference between a pet fee, pet deposit, and pet rent?

• They are all the same

• Pet fee is a one-time charge, pet deposit is refundable, pet rent is monthly

• Pet fee is monthly, pet deposit is non-refundable, pet rent is a one-time charge

• Pet fee and pet rent are refundable, pet deposit is not

What is the purpose of an application deposit and how does it benefit both the applicant and the owner of the rental property?

• It secures the rental property for the applicant and provides immediate income for the owner.

• It covers the cost of utilities for the applicant and ensures maintenance for the owner.

• It acts as a security deposit for the applicant and guarantees rent for the owner.

• It allows the applicant to negotiate rent and gives the owner a tax benefit.

Buying a home achieves which two financial goals at the same time?

• Providing a place to live, investing for the future

• Providing a place to live, paying for your college expenses

• Providing a place to live, bringing you great happiness

• Providing a place to live, paying off your consumer debt

Millennials are buying fewer homes than in previous generations for each of these reasons EXCEPT...

• They have to self-fund retirement to a greater extent

• They find apartments to be trendier and more fun

• They are paying down large student loans instead

• They prefer to spend money on travel experiences rather than homeownership.

How much money should you put toward your home's downpayment?

• Your entire emergency fund

• 3 times your monthly expenses

• 20% of the price of the home

• 5 years' worth of payments

You should meet each of these 3 requirements before you consider buying a home: (Choose three)

• You qualify for good mortgage terms

• You have enough saved for a down payment AND an emergency fund

• You plan to stay in the home for 5 or more years

• You are married and have children

How is it possible someone could pay their mortgage monthly for years without reducing their principal by very much?

• The real estate market changed substantially since they took out the mortgage

• The house's value increased so much that it's worth more than they agreed to pay

• In early years, most of the payments go toward interest

• The bank is pocketing that money instead of paying toward the loan