'Boomerang Kids' Circle Back to Where They Started
There used to be a stigma attached to living at home into one’s twenties and thirties – but not so much these days.
Blame it on rising housing prices, or dwindling employment opportunities for grads – but nowadays, young adults between the ages of 25 to 34 are feeling more comfortable about moving back in with their parents.
According to a recent Pew Research Center report on the so-called “boomerang generation,” three out of 10 young adults have moved back home in recent years, thanks to a weak economy.
The good news concerning multi-generational households is that it looks like all parties are benefiting from the trend. Of the 2,048 adults surveyed nationwide, 48 percent have reported paying rent to their parents and 89 percent say they help with household expenses, like utilities.
As for family dynamics, the report shows that 48 percent of boomerang children show no difference in their relationships with their parents since moving home. The report also says parents with kids at home are just as satisfied with their relationships as parents with kids living elsewhere.
But the majority of young adults sharing space with their parents aren’t living the high life. In fact, 78 percent of those surveyed say that they don’t currently have enough money to live the life they’d like to. You can compare that to 55 percent of their same age peers who aren’t living at home that feel similarly about their finances.
It remains to be seen whether multi-generational families will continue to rise, or level off as the economy improves. But the number of multi-generational families is currently the highest since the 1950s, and leaped by roughly six percent from 2000 to 2010 (from 15.8 percent to 21.6 percent).
Pew Research isn’t the only group to note this trend: Forbes, Huffington Post, and other publications have suggestions for parents looking to nudge their kids out the door. Parents looking to cut the cord better hurry too: fall gradation is just about 45 days away.