Post college-grads are returning home to live with their parents in alarming numbers.
by Mike Lazear: PIC Current Producer
Yes, the economy isn’t great. But this is a trend that’s been going on for years. Kids are going off to school, some even travelling far from their home state only to return with a fresh college degree, no job and in the same living situation they had in high school.
Let me introduce you to the Boomerang Generation: a group who have returned home as adults. Some actually stay at home well into their late 20’s and even early 30’s. What is causing this? Well, there are many factors.
With people marrying later in life there is less of a push to buy a home and start a family. Also, economic conditions force young adults to save money on rent and utilities. The cost of education is also much higher, so living at home can help a college grad pay off those loans more easily.
If you’re a boomerang kid and want to escape mom and dad’s basement, there is quite a bit you can do. First, it is important to establish a budget for yourself. Look at your current income and figure out the average rates for rent in your area. Use this knowledge to create a few months of savings before you leave.
Finally, don’t be impatient to move out too quickly. It’s important that you establish a good financial situation for yourself and plan ahead, or you will be right back where you started in a short period of time!
For More:
Wikipedia: Boomerang Generation
It’s tough on everyone involved when adult children move home or stay at home — the adult kids, the parents, any younger kids living at home, and especially step-parents, if there are any. It’s becoming a more and more common problem, and communication and planning are the most important ways to keep the situation livable for everyone. There are some great tips in this post — there are more available at http://www.adultchildrenlivingathome.com.