Remember the “Boomerang Generation,” those young adults who moved back home due to economic struggles in the 80s and 90s? Well, they’re making a comeback, but this time, it’s the Millennials flocking back to their parents’ basements. We look at 21 reasons Millennials are moving back in with their parents.
Crushing Student Loan Debt
Millennial graduates are saddled with record-high student loan burdens, making affording independent living a distant dream. Moving back home offers much-needed financial respite.
Skyrocketing Housing Costs
Housing prices have climbed faster than wages, outpacing Millennial earning power. Renting apartments or buying homes feels increasingly unattainable, pushing them back to the comforts of home.
The Gig Economy and Job Uncertainty
Freelancing and contract work, while offering flexibility, often need more stability and benefits. Moving back home provides a financial safety net while navigating uncertain gigs.
Delayed Marriage and Parenthood
Millennials are marrying and starting families later than previous generations. Returning home offers temporary accommodation while saving for future milestones.
The Rise of Remote Work
With remote work becoming more prevalent, location matters less. Living with parents allows Millennials to work comfortably while reducing living expenses. With children working while they are at home, there is less chance of getting under their parent’s feet.
Embracing Shared Living
Stigmas surrounding multi-generational living are fading. Millennials appreciate the companionship, emotional support, and practical help of being close to family.
Desire for Homeownership
Some Millennials see moving back as a strategic move. Saving money while living rent-free allows them to build a later down payment for their home. Maintenance, property taxes, and insurance are involved in renting. It can be even more costly than rent in some cases, which many parents recognize and want their children to avoid.
Caregiving for Aging Parents
As baby boomers age, some Millennials return to help with caregiving or support their parents during challenging times. While this can be a strain for some, it can benefit many.
Entrepreneurial Pursuits
A supportive home base allows aspiring entrepreneurs to focus on launching their businesses without juggling exorbitant rent and living costs. It is common for children to pay their parents a small rent in return for the general lack of support once success has developed.
Travel Aspirations
Living at home can free up income for travel and adventure, allowing Millennials to pursue their wanderlust without financial burdens. Many Millennials see putting up with their parents as a small sacrifice for a short time.
Appreciation for Home-cooked Meals
Nostalgic cravings strike! Moving back means enjoying home-cooked meals, saving money on groceries, and avoiding the hassle of cooking every day. While this may seem a trivial reason to move back home, it is just what some children need after time away at college.
Free Laundry and Housekeeping
Admit it: free laundry and cleaning services are tempting! Living with parents can offer a break from these household chores, freeing time and energy. Sometimes, going away to college only equips some people with the skills they need to function in their own homes, so heading back to their parents’ homes can help develop those skills.
Rekindled Relationships with Family
Spending more time with parents and siblings can strengthen relationships and create new memories in a different stage of life. Some young people want to make the most of this experience before building a family. For Millennials who already have children, it is an excellent way for Grandparents to spend time with their Grandchildren while they can.
Learning Life Skills
Some Millennials use this opportunity to learn valuable life skills from their parents, like cooking, gardening, or home repairs. Helping out parents is something that many Millennials want to do while they can.
Exploring Career Options
Returning home can provide time and space to explore different career paths or pursue further education without financial pressure. Parents can help talk through decisions and set goals for the future.
A Temporary Sanctuary
Life throws curveballs. Returning might be a temporary solution during job transitions, breakups, or personal challenges.
Cultural Influences
In some cultures, multi-generational living is the norm, making moving back more commonplace and accepted.
The Sharing Economy and Minimalism
Downsizing and utilizing shared resources like streaming services and gym memberships can benefit both generations. With families feeling more squeezed than ever, this is a sensible plan.
Building a Solid Financial Foundation
Saving money while living at home allows Millennials to build a financial cushion for future endeavors like starting a family or buying a home.
Reframing Priorities
The pandemic redefined work-life balance. Some Millennials prioritize well-being and family over the pressure of living independently.
Recognizing It’s Not Forever
This move is often temporary. Most Millennials ultimately aim for independent living, but returning home allows them to navigate challenging economic realities and prioritize life goals.
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