Moving Back In With Mom And Dad Isn't A Millennial Thing
Don't go giving up the avocado toast just yet.
More than ever before, young people are checking into hotel Mom and Dad.
Sure, it can be a cushy gig — the live-in laundry, a fully stocked fridge, cozy, comfortable surrounds, perhaps the luxury of space, or the nostalgia of your high school bedroom.
For some, relocating back home provides the ideal set-up, while for others, it's a necessary stepping stone to regain your independence — both financial and otherwise.
Whether you're trying to save money for a down payment, attempting to pay off that whopping student loan, find yourself between gigs or on the tail end of a messy break-up, the allure of migrating back to the nest has never held more appeal.
To better understand why exactly we're "boomeranging" back home more than ever before, and discover how the transition can be as smooth as possible for all involved, we spoke to Homes.com director of marketing, Patty McNease, to debunk a few home truths.
Contrary to popular belief, this is not just a millennial thing.
1. Unpacking Your Boxes Might Not Be The Best Thing For You
According to McNease, try to keep your move as transient as possible. Yes, this often means living out of a suitcase to speed up the process.
"Not unpacking your boxes will make it feel like a temporary arrangement — it'll encourage you to actually go out and find a place of your own. Remember, you're a house guest," she says. The psychology behind this makes total sense, don't make your move too comfortable and you'll be back on the inspection circuit in no time.
2. You Don't Necessarily Need To Give Up Sunday Brunch — Or Starbucks
While many young people are often accused of burning through their hard-earned on $25 Palomas or smashed avocado on rye — not entirely untrue — according to the pros, you're more inclined to follow a budget if you're allowing yourself a few simple luxuries. If you're attached to that morning coffee, reassess where you can save in other areas.
3. Establish Ground Rules
"Communication, between parents and their adult kids is the most important thing, establish rules and make sure those rules are respected," says McNease. "After all, both (parties) need to communicate their own ground rules — you're not a teenager anymore, so it's perfectly understandable that your parents wouldn't want you playing loud music all night."
Consider approaching the situation like a business transaction — that suits both parties, says McNease. "If you're paying rent, you might want to talk to your parents about setting up a fund that could eventually contribute to a down payment, down the line."
4. Empty Nest Syndrome Is A Thing — So Tread Carefully
"Some parents find that when their adult children eventually do move out, it can be a really lonely experience. It's often difficult for everyone involved, they're getting a lot of perks out of the arrangement, too. A live-in pet-sitter, house-sitter — someone at home, a tenant they can trust."
5. Millennials Aren't The First Generation To Boomerang Back
"Following every economic recession throughout our history, you see young people relocating back home. Traditionally, you wouldn't leave home until you got married," notes McNease. Sure, the cost of living has definitely surged, many of us pursue higher education, relocate to bigger cities with better job opportunities, and generally believe in having it all — but is this holding us back from total financial independence?
"Splurging on designer shoes probably isn't the smartest way to spend that paycheck," adds McNease. "It's really about setting healthy priorities, thinking about how to save, and living within your means. If moving out of your parents house is the goal, set realistic goals to get there. You don't need to give (everything) up to reach them, but considering what's important to you, will help you get there."