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Yahoo
16-06-2025
- Business
- Yahoo
Boomerang Kids: Warm Weather Cities Are Seeing Grown-Up Kids Move Back In With Their Parents As Multigenerational Living Soars
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Free rent and mom's home-cooked meals. What's not to love? Many young adults have overcome the stigma of living with their parents to save on housing costs, according to data from the U.S. Census Bureau analyzed by online loan marketplace LendingTree. Across the 50 largest metro areas in the U.S., nearly 12% of employed adults live with their parents, LendingTree found. Not surprisingly, multigenerational housing is most prevalent in expensive sun-soaked U.S. cities, such as Los Angeles and Miami. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can 'In previous generations, moving back in with mom and dad might have been a sign of defeat or failure, but it's not really seen that way now,' Matt Schulz, LendingTree's chief consumer finance analyst, told the New York Post. 'People are much more practical, and people see the value in spending a little time with their parents.' Using data from the 2018 and 2023 U.S. Census Bureau American Community Surveys, LendingTree found that economic factors were the main reason adults aged 25-40 decided to move back home. Whether it's the high cost of housing in California or the limited job opportunities in places such as Detroit, more than ever, young adults are seeking refuge with their parents. 'If they're living with Mom or Dad, they're able to pay less for rent, groceries and other basic bills, allowing them to stash money away in an emergency fund, save for a car or mortgage down payment, or even get a head start on retirement savings,' Shultz said. 'It may not be the sexiest, but it can make an awful lot of sense.' Trending: Invest Where It Hurts — And Help Millions Heal: The LendingTree report showed that Riverside, California, had the most adults in the country (22%) living with their parents, with Los Angeles (20%) and Miami (18%) close behind. The report also showed that adults who live at home generally make 43.5% less on average than adults of the same age who live independently — earning around $41,000 per year compared to $70,000 for those who don't. Although multigenerational housing has increased in certain sections of the country, such as Las Vegas (22%), Cleveland (16.7%), and Sacramento, California (8.1%), in many less expensive areas, including Oklahoma City, Nashville, and Minneapolis, it has dropped video-game-playing, basement-dwelling cliché of deadbeat kids living with their parents long into adulthood doesn't hold for LendingTree's research. Nearly 12% of adult children living at home hold a bachelor's degree or higher. It is sheer economic savings that motivate them to seek parental refuge. The study shows that, on average, if they chose to live on their own, they would need to allocate more than 40% of their monthly income to rent a one-bedroom apartment, which in many areas is not feasible. The National Association of Realtors' 2025 Home Buyers and Sellers Generational Trends Report found that 21% of Gen X buyers have purchased multigenerational homes, followed by younger baby boomers aged 60 to 69. 'The rise in multigenerational home buying underscores a broader trend driven by economic necessity and evolving family dynamics, as it offers a practical and supportive living arrangement that resonates with many families, particularly in times of economic uncertainty and changing social dynamics,' Amethyst Marroquin, a research assistant for NAR, explained. Read Next: With Point, you can If there was a new fund backed by Jeff Bezos offering a ? Image: Shutterstock This article Boomerang Kids: Warm Weather Cities Are Seeing Grown-Up Kids Move Back In With Their Parents As Multigenerational Living Soars originally appeared on
New York Post
04-06-2025
- Business
- New York Post
Sorry, parents! Your grown-up kids don't want to leave the family home in these sun-soaked US cities
Few dream of living with their parents into adulthood, but it's a reality for many. An average of 11.8% of working adults still live with their parents, a new study by LendingTree found. The analysis of 50 major US metros revealed where adult children are less likely to leave the nest. Sunny — and expensive — cities in California and Florida stood out. Matt Schulz, LendingTree's chief consumer finance analyst, told The Post that the results were a clear 'sign of the times.' 'In previous generations, moving back in with mom and dad might have been a sign of defeat or failure, but it's not really seen that way now,' Schulz said. 'People are much more practical, and people see the value in spending a little time with their parents.' 7 Nearly 12% of US adults in major metros still live with mom and dad. – 7 You won't find an abundance of empty nesters in Riverside, California. More than a fifth of working adults there reside with their parents. Matt Gush – 7 Miami, known for beautiful weather and high housing costs, also made the list. Earth Pixel LLC. – More than one in five working adults in Riverside, Calif. live with their parents, according to the study. Nearby Los Angeles is a close second at 20% of adults, followed by Miami at 19.8%. The data, drawn from the 2018 and 2023 US Census Bureau American Community Surveys, reveal a mixture of economic motivators for adults between the ages of 25 to 40 to stay at home. In Riverside, a prohibitively high cost of living likely motivates adults to stay under their parents' roof and save, Schulz said. Meanwhile, in cities like Detroit, the 15.6% of grown-ups still living with their parents may feel the pressures of low wages and limited job opportunities. On the flip side, metros with fewer pricing extremes and steadily increasing housing supply allow for more empty nesters, and kids with their own places. Hint: They're the places that grew most during COVID-19. 7 Austin's recent development boom gives adult children plenty of housing options away from home. f11photo – 7 The relatively low cost of living and ample job opportunities found in Raleigh, NC make it easy to hand the house key back to the folks. jayyuan – Austin, Texas; Raleigh, NC; and Denver have the lowest rates of adults living at home, ranging between 5.8% in Austin to 7% in Denver. Schulz attributed the highly independent adult populations of these cities to booming development and high purchasing power. 'It's really hard to overstate the importance of cost of living in terms of where people live,' Schulz said. 'And also having that room to grow.' Rates of parent-adult child cohabitation actually fell 8.3% between the study's range of 2018 and 2023. Only 13 metros saw increases, with a 22.1% increase in Las Vegas leading the charge. 7 At-home adult children aren't all basement-dwelling deadbeats. highwaystarz – 'One really significant thing that happened was the growth of remote work,' Schulz said. 'Maybe people were able to move someplace a little cheaper, and that might have afforded them the ability to move out.' The nearly 12% of working American adults who live with mom and dad are no basement-dwelling deadbeats. One third of them hold a bachelor's degree or higher, according to the analysis. They tend to earn less than their more independent peers — a good reason to stay home and save up. After all, mom's cooking isn't the only reason to keep bunking in your childhood bed. Working adults living at home, on average, would need to allocate more than 40% of their monthly income to rent a one-bedroom apartment, according to the study. That number rises all the way up to 54.3% in Tampa. 7 Experts advise working adults to take advantage of mom and dad's generosity, while you're still welcome. JackF – At the end of the day, living with one's folks can provide greater financial security and a serious savings boost, but it's not always ideal. Schulz said the ultimate goal for at-home adults should be to put away as much money as they possibly can to position themselves for the best possible flight from the nest. 'It is really important that people take advantage of the time they have living with their parents, financially,' Schulz said. 'But it's also important to not get so comfortable and settled that they end up overstaying their welcome.' As much as your parents love you, they probably don't necessarily want you to be 50 years old and still having to live with them.'
