The trend of young adults moving back in with their parents has steadily risen in recent years, with Millennials at the forefront of this movement. While this phenomenon might seem a step backward, it’s driven by a complex mixture of economic and personal factors. Here are 21 reasons why Millennials are increasingly choosing to return to the nest:
Student Loan Debt
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Millennial borrowers carry any generation’s highest average student loan debt, often exceeding $40,000. This significant financial weight makes independent living and affording necessities like rent, groceries, and healthcare extremely challenging. Moving into their parents’ basement after graduation is an excellent way to prevent more debt and allow for as much student debt as possible to be paid off.
Rising Housing Costs
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Soaring housing prices and rents, fueled by limited supply and high demand, have made it increasingly difficult for young adults to afford independent living. This strain disproportionately affects Millennials, already dealing with other financial challenges like student loan debt.
Underemployment
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The prevalence of an unstable job market and the gig economy often leads to inconsistent income, making it difficult to secure stable housing. The underemployment experience can be frustrating and limit financial growth, potentially leading to delays in achieving financial independence and contributing to the decision to move back home.
Lack of Affordable Healthcare
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The high cost of health insurance, especially for those without employer-sponsored plans, can be a significant financial burden, pushing young adults back into their parents’ health insurance plans. This is especially the case for millennials who are experiencing health concerns of chronic illnesses.
Delayed Marriage and Childbearing
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Millennials marry and have children later in life compared to previous generations, often due to economic factors, leading them to rely on their parents’ support during these life stages. Having to take time out for maternity care and the early years of a child’s life can be very stressful for new parents, so sharing financial responsibility makes sense for lots of families.
Childcare
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The average cost of childcare in the U.S. is rising far more than inflation in many states, placing a significant financial burden on families. The high cost of childcare forces Millennials to make difficult choices, like reducing working hours, leaving the workforce entirely, or relying on family support. Moving back home so parents can share childcare duties makes sense to many Millennials.
Appreciation for Family Values
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A growing emphasis on family closeness and multigenerational living arrangements can make cohabiting with parents more appealing to many Millennials. In many European countries, such as Italy, this has been the norm for many years, and now the U.S. is following suit.
Technological Advancements
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Remote work opportunities and advancements in communication technology make it easier for young adults to live with their parents while pursuing careers. Young people’s security while living at home means they can dedicate their efforts to rising up the employment ladder and eventually becoming financially independent.
Personal Growth and Self-Discovery
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Many young adults value personal growth and exploration, finding travel an escape and a chance to learn and gain new perspectives. For some people, this means returning home as an opportunity to save money, pay off debt, and focus on personal development before venturing on their own again.
Caregiving for Aging Parents
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With an increasingly aging population, the demand for eldercare is proliferating. Many families are choosing to provide care themselves rather than relying on expensive assisted living facilities.
Life Events
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Events like divorce, job loss, or illness can necessitate moving back home as a temporary measure or for long-term support, both financially and emotionally. For many Millennials, it is a strain moving back home, but for others, they are happy to settle back in and often stay there for the remainder of their life.
Cultural Differences
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Living with extended family across generations is the norm in some cultures, with young adults expected to remain with their parents until marriage or later. This practice offers support and security and strengthens family bonds.
Desire for Community and Support
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In an increasingly individualistic society, some Millennials crave a sense of belonging and emotional support that extended families can offer. Moving back to a parent’s home also offers them the chance to live in a supportive community they are accustomed to.
Harsh Economic Times
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The rising cost of rent and homeownership, coupled with stagnant wages, makes independent living increasingly out of reach for many Millennials, forcing them to seek alternatives like moving back home.
Changing Priorities
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Today’s generation often seeks personal fulfillment through enriching experiences like travel, prioritizing meaningful moments with their parents over traditional markers of success like homeownership.
Mental Health Awareness
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With growing awareness of mental health, some individuals, including Millennials, find that returning home can offer a supportive environment during challenging times. Increased focus on mental health well-being encourages open dialogues and diverse strategies for coping, with some Millennials finding living with family a valuable support system.
Covid Pandemic
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The Covid pandemic meant many Millennials reassessed their priorities and wanted to spend time with their parents. After experiencing lockdowns together, many Millennials decided to stay put in their parents’ basement.
Financial Planning
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Leaving home after reaching adulthood varies across families. Some move out early, while others stay longer depending on individual circumstances and family dynamics. While some individuals prioritize financial planning, achieving it quickly, others collaborate with their families for more extended periods to achieve their goals.
No Security in Jobs
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While we know the gig economy has never offered security, many millennials are surprised that even long-term work is no longer as secure as it once was. We are now seeing people who have worked in a job for over ten years being laid off, meaning they must return home to their parents.
Delayed Milestones
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Economic hardships can delay significant life milestones like marriage, childbearing, and homeownership, often necessitating continued reliance on family support. Rather than move from rental to rental, parents encourage their children to stay with them until they reach financial milestones.
It is Trendy
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Many Millennials see their friends moving back home with their parents, some with a family. The ease and the joy of living with parents is not seen as frumpy as it once was, so an increasing number of multigenerational households are popping up.
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