The nest isn’t as empty as it used to be, said Noam Scheiber in The New York Times. Sending a kid off to college usually meant an end to cohabiting with them under the same roof. Not anymore. Today, nearly half of adults under 30 are still living at home, according to the Federal Reserve, a level not seen since the pandemic. The prevalence of “boomerang kids” reflects a number of trouble spots in the economy, including the soaring cost of living, out-of-control home prices, and “persistent weakness in the job market for recent graduates.” Many young people are moving back with their parents to look for jobs “from the relative comfort” of home, where meals are guaranteed and rent is paid for. It’s becoming so common that the stigma is disappearing: People who live at home after graduating are perceived less as “rudderless” and more as “driven-but-thwarted.”
For parents, it can be a financial hit to let a grown son or daughter move in, said Jeff Green in Bloomberg. Most parents want to do all they can to help their child. But such caregiving isn’t free. Financial planners estimate it can add up to “roughly $1,500 a month, or $18,000 a year,” when you add up all the extra groceries, utilities, and other expenditures, which cuts into retirement savings. They recommend establishing “clear expectations along with a timeline and exit plan.” That could include charging increasing rent until it reaches market rate—at which point young adults may prefer to move out and share an apartment with roommates. There’s a difference between “providing a safety net and enabling financial immaturity,” said Michelle Singletary in The Washington Post. There needs to be accountability. If adult children are home because “they’re carrying massive student loans,” make sure you “monitor their progress reducing the debt.” If they’re unemployed or can’t contribute financially, there are other ways to ensure they can help, “such as cooking, cleaning, or maintaining the property.”
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