With the effects of the most recent recession still being felt up to this day, and housing prices still soaring and prohibitively high for the average buyer, many a lot of single young adults fresh out of college are now opting to move back into their parent’s homes rather than stay in their own apartments. The trend sees more young adults looking for jobs closer to home, where the benefit of spending less on rent and utility bills can help to keep shrinking budgets under control.
Let’s take a look at the advantages and disadvantages of this phenomenon, and evaluate why this current trend seems to appeal to both the young adults and their parents now more than ever before.
Young adults who continued to stay with their parents after college have often been the butt of all jokes amongst their peers for their lack of independence. But this has changed recently due mostly to the volatile nature of the world’s economy. Young adults who, fresh out of college, lack the job security of their more senior counterparts often find it more financially beneficial to move back in with their parents and their parents are often exceedingly willing to welcome them back home with open arms.
Here are a few reasons why:
- We previously noted that moving in with parents benefits young adults because it helps them keep their finances within manageable limits. But the financial benefits extend to the parents, as well. To help balance the costs, young adults are often more than willing to shoulder some of the expenses required to help maintain the household. Young adults, on the other hand, are able to use the reduced expenses from not having to pay as much for rent and utilities to pay off the debts they have accrued to pay off their college education, and to save up enough money to eventually buy a house of their own.
- Illness is a problem that is especially difficult to deal with when you are living alone. Both the parents and their young adult children benefit from living under the same roof, as should any of them come down with an illness, they can count on having someone there that they can rely on to take care of them or keep the household in order for them.
- Home cooked meals are a much overlooked luxury, but young adults often comment that this is the one thing that they usually miss about staying at home. But the benefit of free meals doesn’t just stop at the quality of your parent’s cooking. Being able to spend quality time together at the breakfast and dinner table is a something that many young adults cite as a considerable benefit for living with their parents. These times allow young adults to open up about their jobs and learn valuable insights from their parents that can help to bring them success.
Of course, though most young adults find that in living with their parents the advantages far outweigh any disadvantages, the disadvantages still exist. Here are a few of them that young adults should consider before they decide on moving back in with their parents:
- Lack of freedom is, of course, the single biggest disadvantage faced by young adults who have moved back in with their parents. Some young adults don’t see this as a major disadvantage, but it might to you. This largely depends on how much control your parents attempt to put on you — a culture that differs greatly from family to family.
- Chore sharing is another potential disadvantage that young adults should consider before moving back in with their parents. This is because, as the number of individuals living under the same roof increases, there will be more needing to be done in the household to keep it in order. This, however, also depends greatly on family culture.
- If you have siblings that are considerably younger than you, you might have to contend with them. Consider how living with your siblings will affect you and your ability to work before committing to moving in with your parents.
- When applying for a job, some human resource departments will look into where you live. Be sure to inform them, should they request your home address, that you are staying with your parents and honestly state your reasons for making the decision as some HR personnel might view your situation as a lack of independence.
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