As a parent, kids flying the coop to begin life as an adult can be bittersweet. As much as you love and will miss them, there is a part of it that brings relief that you did a job well done. Due to the economic atmosphere and employment conditions, many Millennials are finding themselves back in the place they started, their parents' home. Once children move out, the family dynamics necessarily change. Although not always the ideal, these are reasons Millennials are returning to the coop.
Student Loan Debt Out of Control
College used to be the roadmap to a lucrative future. College tuition has continually increased year after year, which means that many can’t afford it without student loans. What seems doable when you begin your college career is usually not doable at all when it comes to repayment terms. Record-high student loan hardships are making it hard for even a go-getter to get a job that will pay for living expenses and monthly loan payments.
Housing Costs Sky High
The cost of living has gone up significantly over just the past couple of years. One area where things have certainly skyrocketed is housing. In certain areas of the US, prices for homes have practically doubled. With interest rates also climbing, that is making for a housing affordability crisis. Buying a home for many Millennials is simply not attainable, and throwing rent money away seems like a waste.
Job Uncertainty
Job uncertainty, when combined with gig economy opportunities, has made it difficult for many Millennials to find and retain gainful employment. Many are taking on side gigs just to get by. Although the flexibility of being able to work remotely is a definite advantage, it does make contract work less stable and reliable. When you aren’t sure if you will be employed from day to day, it makes it difficult to commit to living on your own and the expenses that come with it.
Delaying Marriage
Many Millennials are delaying marriage, sometimes out of necessity and sometimes out of preference. Marrying timelines have increased substantially since Boomers tied the not. Many Millennials wanting to start married life off on a comfortable foot are moving home to save up their money. They hope to make their first years of marriage less rocky, at least financially.
Passions Don’t Always Pay
Reports tell us that Millennials are more passionate about causes and their future. Not many are willing to sacrifice their happiness for the nine-to-five paycheck. Remote working allows them to pick and choose what they want to do and what they aren’t willing to do, but it does not always come with a healthy or stable paycheck. Many are moving home so that they can get their footing and find what makes them fulfilled without having to take a position that they really aren’t interested in.
Shared Living isn’t Viewed Negatively
In previous generations, it was often frowned upon when someone lived with their parents. Nowadays, shared living is no longer viewed in a negative light. Many who move home are not only doing so for their own advantage; they are helping their parents with chores and combining resources to make living easier for all. Gone are the days when you moved your parents to a nursing home or left them to fend for themselves. Many Millennials are happy to pick up the cause and share the load of household musts.
The American Dream
Owning a home has been the American Dream for generations, and there is still the ideation that you have made it when you can be a homeowner. Many Millennials wanting homeownership see the best way to do it by returning home and saving up their money by living with their parents for a while. Renting is a huge drain on someone’s financial situation. By avoiding the monthly rent cost, they can build their nest egg quicker to afford a nest for their future.
Being a Business Owner
It takes a lot of capital to own your own business. Millennials waiting to build their fortune and be a small business owner are saving up their money for startup costs. It usually takes several years for businesses to be in the black. If you have bills to pay, putting money toward growing your dream isn’t possible. By living with their parents, Millennials can invest in themselves by growing their entrepreneurial style.
Wanderlust
If you don’t travel when you are young and single, you probably never will. For those who have wanderlust, moving from place to place means that playing for a place of your own is just a waste. By moving their things to their parents, they have the freedom to jet-set, and they also can save money for their next excursion. Technically, the only thing occupying space for many Millennials are their possessions because they are traveling from place to place.
Home Cooking Rocks
Not only do Millennials moving home get to stay rent-free, but they also get to enjoy home-cooked meals for free too. Nothing is more comforting about having a meal cooked just the way you remember it as a kid. No rental costs and meals delivered hot and fresh on the daily, why wouldn’t you?
Laundry and Hospitality
Statistics tell us that most first-year college students don’t know how to work a washing machine. That number probably isn’t that much off of the mark for Millennials. What is better than free home-cooked meals and rent? Laundry and hospitality services. Many Millennials are getting their whites bleached, colors separated, and their shirts ironed. That not only saves money; it gives you extra free time from chores.
Spending Time With the Entire Family
Many Millennials have families that span decades, which means that the older children moved out before the younger children were old enough to remember them. By moving back home, many are rekindling, and some are just getting to know extended family and siblings, and, in some situations, nieces and nephews. You can’t get the time back that you missed when kids were young, so it is an excellent way to make familial connections for everyone’s benefit.
Learning While They Can
When you are in your teens and twenties, you tend to focus on things outside the home and be very unappreciative of what your parents have to teach you. When you get to your thirties, you finally realize that your parents won’t be around forever. Many Millennials want to return home to learn family recipes, record their parent’s story to tell to later generations, and just spend the time that is so fleeting with the people they love.
Being In Between Careers
College and post-graduate studies are expensive. Many who already have student loans are not done yet and want to continue with their educational or career goals by attending classes. By living with their parents, they can focus on being the best in their field without putting themselves in so much debt that they can’t ever find their way out. For those who want to find a career they are passionate about, cohabitating with their parents for a while is no sacrifice.
Broken Relationships
Your twenties and early thirties are usually a time when most people tie the knot. Unfortunately, not all marriages or cohabitation relationships last. When they don’t, it usually ends with one person not being able to afford rent or having a hard time finding a place to stay. Also, those relationships that might not necessarily be over don’t want to move entirely out. They just need some space to work on the relationship. Parents' homes are a great way to find sanctuary to weather temporary storms in life.
Cultural Norms
Although Americans tend to see adulthood as a time of dependence where people are expected to move out and make their own road, some cultures celebrate multi-generational living situations. In other cultures, generations living under the roof are not decisions made for financial convenience; they are decisions that people make intentionally to help their families and elders. Older children living at home with their significant others and even with children is the norm in many other cultures.
Hitting Hard Times
With the economy being uncertain, many are finding that the soaring cost of living is not manageable for anyone. It is beneficial for many families to combine resources and live under one roof to share expenses. If you get along with your family and have a deep respect for your parents, then cohabitating with the elder generations is a very smart financial move.
Millennials differ in many ways from previous generations in the way they think and the decisions that they make. There is a trend for many Millennials to move back home for various reasons. Say what you will about the Millennial generation, but there is one for sure: they do what they want without fear of being labeled. They also aren't afraid to buck societal norms and pressures. If it makes sense for them, they do it and should be commended for their bravery.
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