Millennials and Gen Z are living with their families longer than previous generations. From saving money and avoiding rising rent costs to getting rid of some debt, here are 17 reasons why millennials are moving back in with their parents.
The stats
According to a study from RentCafe.com, 20% of 27- to 42-year-olds and 68% of adult Gen Z-ers aged 18 to 26 live with family members. Millennials in particular have made their way out into the world, just to come back home temporarily or long term—it’s not just for Hallmark movies.
Saving money
The most obvious reason is the need to save money. Whether it’s for a specific purpose like buying a house, paying for a wedding, or just having a nest egg, living with family can take the edge off of adult expenses. Over 40% of young adults are moving back home to save money.
The rising cost of rent
When renting a studio or one-bedroom apartment can easily cost over $2,000, depending on where you live, cutting costs on rent is a no-brainer. 28-year-old Sojourner White told Insider she moved in with her family in 2020, and shared, “Until I see rent become a reasonable price, which honestly I’m not convinced is ever going to go down, I plan on living at home.”
Paying down debt
Student loans can soar well into the 6-digit range, especially for those who went on to post-graduate degrees, meaning even those with high-paying careers can feel strapped for cash while those loans are being paid. Even if student loans aren’t on your debt sheet, spending time at the family home can help pay down credit cards and other high-interest loans.
Recovering from emergency costs
Life happens, and sometimes life happening is expensive. Medical expenses, car accidents, lawsuits, back taxes—you name it and I’m sure someone has been charged for it. When these things hit and need to be paid now, living independently may have to take a backseat.
Losing a job
According to a study by Harris Poll for Bloomberg, about 10% of respondents mentioned moving back home due to job loss. When you’re out of work, cutting as many expenses as possible is necessary.
Fear of the economy
Inflation is out of control. The cost of everything has skyrocketed. And honestly, do we know if it’s going to get any better? Some millennials would rather be safe than sorry and hunker in for the foreseeable future.
Financial security
In generations past, people would get married out of college, buy a house, and save for retirement. The current working class is lucky to live paycheck to paycheck on one job, and many have a “side hustle.” It’s not as easy to feel secure about the future when there’s nothing left to build on when the bills are paid.
Delayed milestones
Traditional milestones such as buying a car, marrying, and buying a home are happening much later in millennials’ lives, especially marriage, with many opting to get married in their late 30s—if at all—instead of their early 20s as their parents did. With all of that coming later in life, it follows the trend that they’ll also be moving out later in life.
Divorce/breakup
You have your life built, living with the one you love, and think everything is settled. Then, boom, a breakup or divorce happens. Unless the breakup was your decision and there was time to plan, this can leave you out on the curb. Mom and Dad’s to the rescue.
Caring for a child
One of those delayed milestones for millennials is having children. Women are waiting until their “geriatric pregnancy” years and, oftentimes, deciding to do it on their own. With the price of childcare often being a full salary or rent payment, it can be helpful to have grandparents around to spoil the little one and help out.
Caring for parents
Let’s face it, their parents are aging. With aging comes health issues, mobility issues, and the need for some help around the house. Instead of putting their parents in assisted living, millennials are opting to move home and be there themselves.
Personal health
Even when it’s just a cold, it’s nice to have your mom. When serious health issues arise, like cancer or other issues that affect day-to-day life, it’s easier and more cost-efficient to move home than to have a home health aid or even hope your friends are willing to help out.
Pandemic hold-overs
When the COVID-19 pandemic swept the globe in 2020, everyone but essential employees or those who could work from home were out of work. Since the shutdown didn’t end after two weeks, as we had hoped, people began to move home until life went back to normal. Some just chose to stay.
Less social stigma
With about 1 in 3 millennials living with family and even more of the generation after, the stigma of “Oh, they still live at home with their parents” has lessened. It no longer means living off your parents or being lazy, though some may beg to differ on dating sites.
Don’t know how to cook
According to a study by Porch, only 5% of millennials say they’re confident in the kitchen. Ordering food delivery can take that $8 up to a $40 spend. Enter the resurgence of family dinner.
Roommates are terrible
If you’ve ever had a roommate, you know what a nightmare this can be—or maybe you were one of the lucky ones. They eat your food, don’t wash their dishes, and walk around in their underwear. Your mom cooks your food, washes your dishes, and possibly still walks around in her underwear.
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