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It really depends on the situation. If the adult child has a good relationship with the parents it is a great way to save up some money.
I know someone who paid off their student loans, is debt free, and has 50K in their savings account and did move out of their parents house in their late 20s.
I think an adult child should pay room and board if they're working and not live with the parents rent free.
I also know of another situation of two recent college graduates who are barely scraping buy but live in an apt. together. One does long term substitute teaching and the other one works at a low paying retail job.
So their income is kind of shakey and they signed a years lease.
In a case like that they should live at home. Try and save up some money and get their student loan debt down.
Because chances are good mommy and daddy will have to come to the rescue at some point as they're just about getting by.
They signed a years lease so they're stuck.
The bedroom in the house is already there and vacant, and it doesn't cost much more to feed another mouth.
Whether people like it or not the economy is not getting better, you're going to see more multigenerational families under one roof.
I also think parents now are too lenient, there is a fine line between parenting, and enabling. I think kids who know they have to make their own way are more motivated, than kids who can live at home forever.
I disagree. My siblings and I were always motivated to make it on our own. But it was reassuring to know we could always go home if we needed. None of us ever went home for more than a month or two when we were relocating back to the city, breaking up with a terrible boyfriend, and/or needed a place to stay until we found our new apartment. One sister and her family moved in for 6 few months (while retaining their own residence) to recover from a major surgery immediately after giving birth to her first child. She needed 24/7 help and my parents were glad to provide it since her husband needed to keep his job and couldn't care for her and the baby during the day until my sister recovered.
I think it's super important for children to always feel that their family is there for them. That doesn't mean enabling. That just means being a family to help through difficult times. I had friends whose parents didn't allow them to have keys to their house, and their parents required them to call before visiting. I could visit my parents whenever I wanted. Sometimes I'd decide late in the evening to come home for a few days and arrive in the middle of the night. My parents would wake up to find me sleeping. Sometimes you just need a few days to reconnect and feel grounded to something real when life is stressful. THAT'S FAMILY. THAT'S HOME.
It's the same "home" I want my children to feel in their hearts throughout their lives regardless of their age. As long as I can afford it, I will always make sure I have room for family needing a temporary place to stay or just to visit for a mental health break.
Again, we have it...why do all people assume that all adult children who are living with their parents are NOT WORKING (or looking for work)? Can people be so dumb?
i lived with my parents for a little while after college while gainfully employed. i was able to save a bit of money and pay off a huge chunk of my student loans. it really helped. however, living with parents as an adult is a very miserable experience.
Try living on a $35,000 salary with the following expenses every month:
$700 student loan payment
$600 rent/utilities (sharing with a roommate)
$250 monthly train pass (for commute to work)
$125 car insurance bill
Someone with those expenses is only gonna be left with around $500 a month for everything else...
i know a ton of people in a situation similar to that. Yea, there definitely was some bad planning in regards to racking up that kind of student loan debt and picking a major without great career path, with those finances, moving out of home is not really gonna be an option.
I feel bad for the folks in that kind of situation and I know a ton of em.
That article is spot on and the Boomers that always play the entitlement card need to read the point in the article where it says what was normal for them has never been normal for previous generations and probably won't be for those after them. I've always said that the Boomers are the most entitled generation our country has seen and don't really grasp that all the wealth they have today isn't from their hard work, but from the blood spilled by their parents in WWII.
I'm 29, have served my country, hold a Bachelors, and I currently work between 60 to 70 hours a week as a retail store manager barely making $50 k a year.
Try living on a $35,000 salary with the following expenses every month:
$700 student loan payment
$600 rent/utilities (sharing with a roommate)
$250 monthly train pass (for commute to work)
$125 car insurance bill
Someone with those expenses is only gonna be left with around $500 a month for everything else...
i know a ton of people in a situation similar to that. Yea, there definitely was some bad planning in regards to racking up that kind of student loan debt and picking a major without great career path, with those finances, moving out of home is not really gonna be an option.
I feel bad for the folks in that kind of situation and I know a ton of em.
Exactly, in the situation I mentioned earlier with the two roommates the rent is $1400 a month total, so $700 each just for rent.
I know in the case of the one doing retail the parents are helping out. Because there is no way they're paying that kind or rent, student loans, car insurance, groceries, etc working in sales at a big box store.
Wouldn't it be better to have them just live at home and let them pay down their debt? Then have to give an adult child money every month because they can't find a job that is going to cover all their expenses and debt.
Because in this case they're really not independent anyway.
As it is with most complex topics, generalizations are usually inaccurate.
Or like this quote, "the plural of anecdote is not scientific data" (Edzard Ernst)
Each family is going to have to approach this in the way that they think works best for them.
I personally am thankful that I was able to live with my dad for 1 1/2 years after I graduated undergrad (I lived out of state for undergrad). I worked full time and was able to save close to 70% of my income while I lived with him. I also took evening classes so I could determine what type of graduate school I wanted to go to. That time allowed me to save a good solid chunk of money and also not have to cope with severe stress about bills - which then allowed me to make good choices about my future career.
After a certain point, I was ready to get out on my own and moved into a house with roommates.
I think that if parents are able to offer this type of support and stability, and if the young adult child is truly working toward future independence, its a positive for everyone involved.
Its a different story if the parent doesn't have the financial resources to support their child in this way (which would include having a large enough home to accommodate another adult living there), or if the child is exceptionally lazy or has other major problems. For a child who is overly dependent or has other reasons he/she is not working toward independence, it could result in a situation that enables the child to not grow and mature properly. I think it is the parent's job to assess his or her child and make a decision that will ultimately benefit that child the most.
My parents knew I have always been very motivated and hard working so I don't think it ever crossed their mind that I would become a permanent fixture in their home.
I can certainly see that because of economic necessity, that the old ways of sharing a home with parents (even when you are married with kids) until you can save up enough to leave... will be coming back. Heck I hear in Japan they have multi-generational mortgages the property is so expensive. This used to be the norm, there multiple generations live together... many other cultural groups do this and it will go back to this since housing is still so expensive even with the bubble popped.
If I were single I would have NO problem moving anywhere for a job. Esp. out of our state which is broke.
Well, one good thing about having adult children at home, they can help take care of elderly Grandparents. I know of several situations right now, that the only way many of the clients I work with are able to stay "independent" in their homes, is that they have young adult grandkids staying with them, helping them out. I am very impressed with any young adult who takes care of an elderly relative, organizing their medication, taking them to medical appointments, it really is a full time job. Kudos to those wonderful Gen "Y", who are contributing.
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