More than two-thirds of the so-called “Covid boomerang kids” who moved in with their parents during the pandemic are still living at home, a new study shows.
As the pandemic gradually subsides, many adult children who moved back to their parents’ homes during the onset of COVID-19 have yet to leave the nest for a second time, according to a LendingTree report published last week.
The report found that nearly 32 per cent of millennials and Gen Z-ers moved back home after the outbreak. Those delaying a second move are prioritising financial stability and long-term housing security, with 39 per cent saying they’ve paid down debt, while 31 per cent are saving for a down payment.
While only a third of the “boomerang kids” — a term used for adult children living with their parents — have moved out of their folks’ homes, nearly three in ten of those who have spread their wings again were able to purchase a home after they saved on rent.
“With inflation as high as it is and with rates rising, it can be difficult for anyone to make ends meet in today’s economy,” senior economist Jacob Channel told LendingTree.
But despite the financial benefits, hot meals and their parents’ generosity — up to 73 per cent wouldn’t charge their adult children rent — more than 71 per cent of young adults said they would only return home if they had no other option.
The states with most young adults ages 24 to 40 who live with their parents are Hawaii and New Jersey, with 21.6 per cent, 20.7 per cent, respectively — Hawaii is the most expensive state in the country while the Garden State is number 11, according to the World Population Review.
The LendingTree report’s findings also suggest that the perks of moving back with parents far outweigh the potential detriments to dating chances.
While dating when living with parents comes with its challenges, only 17 per cent of millennials and Gen Z-ers surveyed in the study said they would refuse to do so. Forty-five per cent said they don’t consider it an issue and a 38 per cent said they would consider it.
That could be because 23 per cent of young adults living with their parents are saving more for their retirement, 16 per cent were able to find a lower-paying job they’re passionate about and 10 per cent are focusing on saving for a baby or wedding, according to the study.
The most reluctant group to give up their freedom are 35- to 41-year-olds, with 67 per cent avoiding living with their parents.
Parents on the other side, are mostly happy to welcome their kids back home with a few rules; if they help cook and clean, 58 per cent, if they help pay for groceries and bills, 56 per cent, and if they get a job, 53 per cent. Only 27 per cent said they would charge rent.
The survey was conducted online by Qualtrics. In total, 1,324 American parents, millennials and Gen Z-ers were surveyed.
