Still living at home: How long is too long?
A recent study looks at the growing trend of young people living at home after college and wonders: is 27 the new 18?
The recession took a toll on young adults, and many of them turned to their parents for help. They moved back home, into their old bedrooms, until they felt financially secure enough to live on their own.
After several years, some of them are still there.
Recent studies have quantified the trend. A Pew Research Center analysis found that the number of adults between the ages of 18 and 31 living at home rose to 36% in 2012 -- the highest percentage in four decades. Another report by the housing website Trulia found that household formation has been muted thanks partly to the reluctance of this generation to move out from under mom and dad’s roof.
But how long is too long to crash at mom and dad’s?
Five years after finishing college, according to a new survey from Coldwell Banker Real Estate, which polled more than 2,000 Americans on the topic.
That’s how long, on average, parents said it was OK for adult children to live at home.
And that’s how long millennials, those between the ages of 18 and 34, said was their limit to room with mom and dad.
Other parents won’t set a boundary on the time they’re willing to let their kids live with them: 24% of all parents polled think it’s fine for adult children to live at home as long as they want.
The reasons more kids are living at home longer are logical: “Some of these millennials are coming out and have huge college loans. And also the jobs being offered out there are very often temp jobs and part-time jobs,” said Robi Ludwig, a psychotherapist who worked with Coldwell Banker on the survey. These realities have helped remove the stigma that used to come with living with your parents as a young adult.
It’s almost like 27 is the new 18, Ludwig said.
At home longer than expected
That’s why Meredith Ingle didn’t give much thought to moving back home when she graduated. It was 2008, her graduating class had a 60% hire rate, and she was looking for work in her hometown area.
Still, she never envisioned living with her parents as long as she did.
Her plan was to pay off student loans and other debt, while saving for the future. In the beginning, her parents were excited to have her home. By the time she moved out nearly three years later, everyone was ready.
“Had I not been laid off and unemployed for a few months, then I would have been gone a bit sooner,” Ingle said.
The 30-year-old said she has at least five friends living at home still.
While extra time at home can enable young adults to get their financial footing before leaving the nest for good, the setup is not without potential consequences -- for the kids and their parents alike.
“There’s a point where it’s not healthy,” Ludwig said. The kids regress and postpone their journeys into the “real world,” while their parents may be dipping into their retirement money to help them.
As the economy gets stronger, stays at home are likely to be less common and will probably be of shorter duration, Ludwig said.
However, those of the millennial generation are known for having good relationships with their parents. That can make it harder to leave the nest -- even in a more favorable job market.
“Part of what can encourage millennials to move out of the house is the arguing. But millennials do look to their parents for advice. Getting along makes it much cushier,” Ludwig said.
For best results, set expectations
Families considering this arrangement -- or that already have an adult child living under the roof -- need to set expectations to ensure that the kids don’t stay for an unhealthy amount of time, Ludwig said.
“Underscore the expectation for your child to move forward and to use this time with purpose,” she said. “It’s a pause, but it is a purposeful pause.”
Seventy percent of Americans think that too many adults living at home with their parents are avoiding responsibility, while 65% say too many young adults who live at home after college are overstaying their welcome, according to the Coldwell Banker survey.
But 80% of Americans surveyed say it’s OK for an adult child to live at home if they’re saving money to buy their own home, 92% say they should help out with chores, and 82% said they should pay rent. Sixty-five percent said it’s time to move out once the young adult finds a job.
Having clear goals and ultimately moving out in a reasonable amount of time is important for the self-esteem and confidence of everyone involved.
More from MarketWatch:
- Stay at home kids strain Boomer finances
- 10 things Generation Y won't tell you
- Why Generation Y fears the stock market
I see many young people today working their behinds off to just make it and what is wrong with parents helping out, are we not all family?? I see many middle aged people having a ball..vacationing, going to parties, involved with activities...what is the matter?? It might kill you to help out your own flesh and blood..you produced these kids. I got news for everyone, families having to live together for a long time and sharing expenses may be the road of the future, so you better map out an extra bedroom or two.
If your adult kids don't want to leave, just stroll around naked. Takes about 2-3 trips and *poof*, the door won't hit them in the butt.
Works for me.
Shame on those of you who believe that ALL Millennials are lazy and just using their parents for housing and food. I am a millennial, and I am busting my a$$ to be able to create a good, successful life for myself. It is not easy, and my mother has welcomed me with open arms to stay with her until I can find a good job when I graduate from college. Will I stay with her forever? NO! It is just the best option I have for now, and she appreciates me being at home with her because I actually do chores and all that jazz. I shouldn't have read all the comments about how we are all lazy people that don't want to get jobs and such. I have worked just about every damn day since I was 16 years old. I have helped support my family's living expenses since I was 16. I deserve to hang out with my mom... you know why... She loves me unconditionally. Get off my a$$ you opinionated bastards... go worry about something else that doesn't involve judging true families and how they live just to get by. Now, I have to go to class and learn something... because I am a successful Millennial.
Millenials should get jobs.... any jobs... and work hard to save money for college. Then once in college they should take "real" majors such as Mechanical and Electrical Engineering -- not these "Mickey Mouse" majors like Sociology and others of the "Underwater Basket weaving" class.....
Most Millenials do not have the background for "real" majors because when the "going got tough" for them in the past, they ran to "Mummy and Daddy" for comfort and security. Any discomfort or stress caused by difficult classes and a large workload was handled by dropping the tough classes and taking classes necessary to achieve easy A's. Now these people are grown and acting in the very same way that was acceptable to "Mummy and Daddy" in the past. Bottom line -- the vast majority of Millenials are "soft" and have been "coddled" their entire lives.
Can the Millenials ever "turn it around"? YES but it will require tough decisions, taking responsibility for past mistakes and then rapid deployment of a "recovery plan". Parents -- kick these grown "kids" out of your houses and then they will be forced to take action!
As long as my kid was putting out effort to go full time to school, or had a full time job (no matter if it paid peanuts) I would help them out by letting them stay with the folks until there was a time they could comfortably pay for their own place. Also, I would not let my kid go without health insurance.
Times ain't what they used to be... even with an education, jobs are limited. Help the ones you love as long as you can, if you can. Life throws us enough hard knocks.
what if a parent gets cancer and needs there son or daughter to live with them forever, make room for your mother, she's your ****ing mom you selfish ****, my mom is sick so I will live with her and help her around the house forever, if my wife or girlfriend don't like it, they can kiss my white ****, im still single because I want to be, but if I do get married mom stays as long as she is sick
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Tired of your wallet taking a beating at the grocery store? Here are some creative ways to save big on food costs.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'