How to fix it to sound more native?

A large number of people, in particular young people, tend to spend all of their income to enjoy themselves. However, when they graduate from college they are not even able to afford the luxury of housing. In other words, they cannot even pay the basic cost of living. In addition, the majority of these young people will form their own family and have kids in the future. However, they have no savings to afford a house. What will the lives of their kids would be like in this situation?

Here are a few suggestions to make this sound a little more natural.  I hope I still kept your meaning.  Nice job!