Boomerang Kids: How Long Is Too Long To Be Home

Blog, Market Updates
Remember when kids couldn’t wait to move out of their parents’ house? Well those days are over. Once they have graduated from college, how soon should your children be out of the house and living on your own? The younger parents are more forgiving of their kids living at home post-college than older parents. Overall, 20 percent of Americans say it’s OK for adult children to live at home as long as they want, while 13 percent said it’s never OK to live at home with mom and dad after college, according to the study. “In terms of transitioning into independent adulthood, it’s almost as if 27 is the new 18,” said psychotherapist Dr. Robi Ludwig. “Living at home can be a great opportunity for young adults who need some time to get on their feet, but it’s only beneficial if the time is used wisely. Our twenties are a very crucial time because the decisions we make and the lessons we learn then influence who we become as adults.” Not only do these boomerang kids think it’s okay to hunker down with mom and dad, but many of them are actually doing so.Trulia recently released a survey showing that 44% of jobless 18 to 34 year-olds live with their parents, while nearly a quarter of those with jobs have yet to leave the nest. The problem is that all of those 20- and 30-somethings living at home has weighed on the housing market’s recovery. With little-to-no track record paying rent or establishing the credit they need for a mortgage,there are fewer first-time homebuyers entering the market. And that seems to be having an impact. Homeownership, at 65%, is at its lowest level since 1995, according to a recent report from the Census Bureau.