Monday, August 19, 2013
Rent free with the ‘rents: Number of “boomerang” kids at all time high
No one gets "empty nest syndrome" when the kids only fly as far as the guest house.
If you have a grown child living in your guest house, raise your hand.
If you’ve got your hand in the air, you’re not alone. Not by a long shot, in fact.
Now, why is that recent college grad living rent free back in the nest? Some say that there are just as many reasons kids come back to live with parents as there are “boomerang children,” which, according to a recent study from the Pew Research Center for Social Trends, is about 36 percent of young adults ages 18 to 31, or about 21.6 million people.
That is a lot of kids living in their parents' home, which no longer has the negative stigma it used to. That’s because unemployment among college-educated young adults is still at record highs, while marriage rates for this demographic are at all-time lows. These young adults often come back to live with parents to save money, pay off college debt, or have a free or low-cost place to live until they find work or while they’re in college.
If you don’t mind living with the ‘rents, it’s an ideal way to save money for a down payment on a home if you ask me. Tell us: Do you have an older child living at home? Why did your kid boomerang back to the nest?
Pegasus News Content partner - Candy's Dirt