Despite reaching an age marked by self-reliance, Millennials are flocking back to their parents homes in droves. While it is not the societal norm to return home, something is compelling these young adults to go against the grain, the question is what is the reason? Let’s dive into a few reasons that could be compelling Millennials to return to the nest.
Cost Of Living At All Time High
Inflation, especially in terms of rental and home cost is at an all time high. This ever rising cost of living makes it extremely challenging for young adults to thrive on their own..
As it continues to rise, so does the percentage of Millennials returning to their families abode. After all living with mom and pops seems a lot nicer than a cardboard box on the sidewalk.
Severe Financial Hardships
It’s no secret that we don’t exactly have a thriving economy, and this economic downfall is especially difficult for young Millennials still trying to create a life for themselves.
Many of these young adults stepped into the job market at a time of global financial crisis, not really giving them an opportunity to thrive. It isn’t for lack of effort, more a situation of unfortunate circumstance.
Postponing Marriage And Family Building
As the trend to get married and start a family at a young age falls to the wayside, so does the urgency to leave the home and create their own foundation.
It is more common now to wait till later years to settle down and have a family, making it increasingly more difficult for parents to encourage their young adult children to fly the coop.
Supporting Elders
As the parents of millennials age, so do their needs, and this responsibility falls heavily on these young adults.
As the need to care for their elderly parents increases so does their urgency to return home. This mutual support is a win-win for both parents and their adult children.
Shifting Focus
In recent years there has been a massive uptick in the need to experience life through doing instead of sitting around and dreaming about it.
Personal fulfillment through backpacking foreign countries, driving cross country, and even studying abroad has become the priority for many millennials. They would much rather live through experiences than adhere to the social standards of buying a home. As each adventure comes to an end they find themselves wandering back to their parents homes where they can re up and head out again.
Pandemic Woes
Although it’s been a few years since the pandemic hit, many are still blaming this as the reason for many of life’s downfalls, including this.
With a wave of job loss, housing cost rising, and an uncertainty in what the future may hold, many young adults returned home to find sanctuary. Problem is the pandemic has long since passed, yet these kiddos still haven’t left the comforts of moms spare room.
Shift In Cultural Norms
Cultural shifts have significantly altered the way people are viewing living with your parents. What was once a taboo has quickly found its place as the new standard.
That said, all of these changes in cultural attitudes and family arrangements have significantly influenced millennials’ thoughts on living with their parents.
Future Planning
Many Boomers chose to go against the grain of their predecessors and allowed their millennial children to reside in the home well past 18.
Parents have found that allowing their children to stay provides them with the foundation they need to make tactile financial decisions, setting themselves up for a more fruitful future, and I would have to say that I agree. Parents that give this opportunity deserve a huge pat on the back.
No Cost Effective Housing
Rental costs these days are astronomical! According to a Real Trends report millennials spend 45% of their incomes on rent alone.
The lack of adequate affordable housing in decent areas has left millennials with no other choice but to move back in with their parents.
What Job Security
Millennials are far more interested in non-conventional jobs, they enjoy the flexibility of remote work and the gig industry.
However with that line of work comes a certain level of inconsistency, which leads to job insecurity and financial irregularities. These circumstances make it really hard for millennials to make commitments to their long term financial well-being, and well when you aren’t financially stable the safest place to be is your parents. At least there you know that you will have a place to rest your head.
Mounds Of School Debt
Is it even possible to walk away from your twenties without a mountain of school debt? If you are amongst the few that don’t consider yourself extremely lucky.
Many bear the burden of immeasurable student loan debts, creating a serious financial hardship and not allowing them to save up for their own home, let alone being able to pay for their monthly expenses. So it’s back to mom and dads to live in their highschool dwelling space once again.
Overall Wellbeing
Mental health and taking care of our overall well-being has become a hot topic in recent years, and more and more people are getting comfortable with the idea of catering to their mental wellness.
With the financial pressures of today’s world it’s no surprise that more young adults are choosing to live with their parents and relieve some of that mental and emotional pressure. Having a solid built in support system has become far more important than having the status of being out on your own. It makes staying with mom and dad not so bad.
