Now 1 in 3 young adults live with their parents.
You can go home again. In fact, Chance the Rapper encourages it.
The 23-year-old Grammy-winning artist revealed he’s considering crashing with his folks again, like 1 in 3 other Millennials.
“Like, I’m honestly, in real life, thinking about moving in with my parents right now,” the “No Problem” rapper and new father of a 1-year-old daughter recently admitted to Complex. “I think, anybody, if they were in my position – if they were 23 with a kid for the first time and were working – they would find comfort in being able to stay with their parents.”
But even 30-somethings without kids are willingly returning to the nest.
On paper, 32-year-old Ashley has her life together: She works for a hedge fund and lives on the upper East Side.
But this fall, she’s moving back to Rockville Centre, L.I. to stay with her parents. Her lease is up, and she’s ready to switch jobs and finally start squirreling away some money instead of spending it all on rent.
“I would love to save about $10,000 in five months,” she said, noting that many friends and colleagues in the New York tri-state area are doing the same.
“Our generation is not given the opportunity to save. Student loan debt overcomes you so much,” she said. “So if you’re over the age of 30, and you can find a way to go home and save an extra 10 grand – the thought of that is pretty tempting. And pretty smart.”
No wonder crashing with parents is now the most common young adult living arrangement, according to a recent survey by the Pew Research Center. This backs a complimenting report analyzing Census data that found more 20-somethings are living with parents, stepparents, grandparents and relatives today than in the past 75 years.
It’s not that Millennials are lazy. Quite the opposite. More than half (56%) are saddled with student loan payments largely responsible for their failure to launch. Or they’re in school longer. Some 8% of 30-year-olds were still working on their degrees in 2015, which is eight times the number of 30-year-olds continuing their education in 1975.
And sometimes life just throws a curveball – and who better to help you swing at it than your folks?
Alexandria Finfer, 23, was living and working with her boyfriend in Los Angeles. But after both their food truck business and their relationship fell apart, Finfer moved back to Philadelphia to stay with her mom. She commutes to Manhattan for work, and says there’s “no way I’d be able to support myself” making $2,000 a month in the TV and film industry.
It helps that she’s not alone. “I used to be embarrassed about it, especially when I’d go on dates,” she said. “But you’d be surprised how many times, when I tell guys I live at home, they tell me ‘Oh, I do, too.’”
And sometimes coming home is just as much about emotional support as it is about finances.
Dylan’s five-year marriage ended three years ago, and her ex-husband saddled her with more than $10,000 in debt. The 37-year-old was grateful that her mom and dad welcomed her back into their upper Manhattan apartment while she got back on her feet.
“It’s nice to have people to talk to about all of this stuff that was going on. I’m lucky to have that soft landing place and that emotional support,” said Dylan, who’s worked and saved enough to pay down almost all of that debt. She plans to move into her own apartment with her new boyfriend this summer.
“There’s less than $1,000 to go, and living with my folks allowed me to do it,” she said.
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