There are three million more millennials living at home with their parents now than during the housing bubble peak nine years ago, according to Money.
High college debt has kept millennials returning to their parents’ house upon graduation and making themselves right at home — again.
For the first time in more than 130 years, adults ages 18 to 34 are more likely to be living in their parents’ home than with a spouse or partner in their own household, according to Pew Research Center. Many millennials not only move in with their parents, but expect their parents to let them stay for as long as necessary. But college debt isn’t entirely to blame for a failure to launch.
“If millennials are self-absorbed little monsters who expect the world to come to them and for their parents to clean up their rooms well into their 20s, we’ve got no one to blame but ourselves – especially the moms and dads among us,” Time reported, suggesting that parents make home a little too cushy.
Despite the fact that the economy is recovering and the job market is improving, parents can’t seem to kick their dependent millennials out from under their roof.
“Parents still can’t get their young adult children to leave the nest,” Money wrote. “That’s not going to change any time soon, even though the economy would really benefit from more millennials moving out on their own, forming households, and buying homes.”
Millennials aren’t only depending on parents for a place to live. A Homebuyers Insights Report found that millennials are also expecting parents to contribute to their future homes.
“Plenty of millennials expect at least some support from their parents. Almost one in five are expecting Mom and Dad to chip in for the down payment, while 15 percent think they will get help with their monthly mortgage payments,” the report noted.
Money offers a stark reality check for parents allowing their kids to live at home: “Parents, you might want to hold off on those plans to renovate the basement: Your kid’s not moving out any time soon.”
