‘Boomerang Generation’ OK With Moving Back Home In Tough Economy
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LOS ANGELES (CBS) — If you’re under the age of 34, you might be one of them. And if you’re 34 or older, you just might have one of them in your own home.
KNX 1070’s Pete Demetriou reports the multi-generational American household is making a comeback — and the reasons behind the trend aren’t much different than they were over half a century ago.
A Pew Research center study showed that 30 percent of parents say they have had a child between the ages of 25 to 34 move back home with them in the last few years, with 80 percent saying they are satisfied with the arrangement.
While the number of families taking in their adult kids has hit the highest level since the 1950s, the stigma of returning home has dropped off sharply as many as 90 percent of the so-called “Boomerang Generation” said they are paying rent or otherwise helping with expenses.
“The lack of jobs for the younger generation and some of these horrible situations for the older generation with their homes has brought people together,” said parent Jon Gries.
23-year-old Kimberly said she knows people who are at both ends of the economic spectrum.
“One friend in particular who’s in his early 30s, he moved back home after years, and pays some rent, he pays some of the bills,” she said.
The study found that 8 in 10 young adults currently living back at home are not earning the income they want to lead their ideal lifestyle, compared with just over half of their peers who live on their own.
But despite the trend, optimism still abounds for both groups: each overwhelmingly believes they either have enough money now or expect to have enough in the future to lead their desired lifestyle.