Boomerang parents refer to adult children who move back in with their parents after living independently. This phenomenon has become increasingly common in recent years for a variety of reasons. In the opening paragraphs, we’ll provide quick answers to some key questions about boomerang parents:
Who are boomerang parents? Adult children, typically ages 20-34, who move back in with their parents after a period of independent living.
What percentage of young adults are boomerang parents? Around one third of young adults now live with their parents, up from previous generations.
Why are more young adults becoming boomerang parents? High costs of living, student debt, challenges finding good jobs, relationship changes, and other factors.
What are the benefits? Boomerang parents can save money on rent and bills. Families also get to spend more time together.
What are the drawbacks? Lack of independence, privacy issues, tension over chores/rules, and could delay development.
Boomerang Parents Statistics
Let’s dig into some key statistics on the rise of boomerang parents in the United States:
- In 2020, over 52% of young adults ages 18-29 lived with one or both parents, up from 47% in February 2020 before the COVID-19 pandemic.
- The number of adults ages 25-34 living with parents grew to over 26.6 million in 2021, up from 24 million in 2019.
- Around one third of all young adults now live with their parents, up from around one quarter before the Great Recession in 2008.
Here is a table summarizing the percentage of young adults living with parents by age group:
| Age Group | Living with Parents in 2020 |
|---|---|
| 18-24 years old | 52% |
| 25-29 years old | 47% |
| 30-34 years old | 24% |
As the data shows, over half of 18-24 year olds now live at home, along with nearly half of 25-29 year olds. This reflects a dramatic increase over previous decades.
Reasons For the Rise in Boomerang Parents
There are several key factors driving the rise in boomerang parents in recent decades:
Cost of Living and Housing
Skyrocketing rents, home prices, healthcare costs, and college tuition make it very difficult for young adults to afford to move out and live independently. Prices have risen much faster than wages, forcing more young people to stay at home longer.
Student Loan Debt
Young adults today carry unprecedented loads of student loan debt. The average balance is around $30,000. Repaying these loans makes it harder to afford housing and other costs of independent living.
Challenging Job Market
Although the economy has improved in recent years, the job market remains challenging for many young adults. The unemployment rate for 20-24 year olds is nearly double the national average. Jobs often pay low wages, lack benefits, or don’t provide enough hours.
Later Marriage
The average age for first marriage has risen to nearly 30 for men and 28 for women. Staying single longer means young adults don’t have a spouse to share costs with.
Communication Technology
Tools like cell phones, messaging apps, video chat, and social media make it easier to stay connected even when living apart. This reduces incentives to leave home.
Cultural Shifts
Living with parents is less stigmatized than in previous eras. Trends like delayed adulthood and tighter family bonds also enable boomeranging.
Financial Benefits of Living with Parents
Moving back in with Mom and Dad comes with several key financial upsides:
- Save substantially on rent and housing costs. Average rent for a one bedroom apartment is nearly $1,200 per month.
- Avoid paying for utilities like electricity, water, gas, and internet access.
- Cut spending on groceries by eating family meals.
- Reduce transportation costs through shared family vehicles.
- Pay off debt faster or start saving more with extra funds.
Living rent-free or with reduced costs relieves major financial burdens. This frees up income to pay down debt, build savings, or work less.
Here is a table comparing typical monthly costs living independently versus with parents:
| Expense | Living Independently | Living with Parents |
|---|---|---|
| Rent | $1,200 | $0 |
| Groceries | $400 | $200 |
| Utilities | $200 | $0 |
| Transportation | $300 | $100 |
As the table shows, living with parents can save over $1,500 per month. This frees up money for other goals like paying down debt.
Non-Financial Benefits
In addition to financial upsides, living with parents as an adult also offers several other benefits:
Companionship and Support
Having family around provides comfort, advice, and someone to share activities with. This can offset feelings of loneliness.
Health Benefits
Regular family meals and other support may improve physical and mental health. Adult children can also better assist aging parents with medical needs.
Childcare Assistance
For boomerang parents with young kids, grandparents provide built-in childcare support. This makes it easier to go to work or school.
Time Together
Moving home lets parents and adult children bond by spending more quality time together. Busy schedules often reduce visits.
Help Around the House
Having an extra set of hands for chores, errands, pet care, and housework lightens the load. Adult children can also assist elderly parents.
Reconnecting under one roof provides social, emotional, and practical support. These benefits need to be weighed against any drawbacks.
Challenges and Drawbacks
Despite the many upsides, living with parents as an adult also comes with potential disadvantages to consider:
Reduced Independence
Giving up independent housing means adapting to family rules and losing some freedom. Privacy is reduced as well.
Tension Over Chores/Rules
Parents and adult children may clash over household responsibilities, rules, boundaries, and lifestyle differences.
Delayed Adult Development
Prolonged dependence could impede maturity by enabling avoidance of adult roles and responsibilities.
Social Stigma
Despite growing acceptance, some negative perceptions of boomerang kids still exist. This can lead to judgment and self-consciousness.
Enmeshed Relationships
Constant contact in the same house risks unhealthy enmeshment. Individual growth may be stunted.
Romantic Impacts
Being under your parents’ roof can make dating and intimacy more difficult. Potential partners may have concerns.
To avoid pitfalls, families should openly communicate about expectations and be flexible. Self-reflection helps adult kids develop maturity while at home.
Making It Work
Boomerang parents and their families can facilitate positive experiences by:
- Setting clear boundaries and expectations
- Contributing to household chores and expenses
- Maintaining outside social lives and interests
- Working to build career skills and financial independence
- Being respectful, helpful, and grateful for support
- Having open communication about problems
- Making concrete plans to eventually move out
With emotional maturity and honest dialog, cohabitation of adult kids and parents can benefit everyone.
Here are some key questions boomerang families should discuss:
| Questions to Address |
|---|
| What household chores and expenses will the adult child contribute to? |
| What rules and boundaries need to be set? |
| How will expenses be shared? |
| How long will the adult child live at home? |
| How will privacy and personal space be respected? |
Proactively addressing these concerns prevents misunderstandings down the road.
Creating a Budget
Boomerang kids who strategically budget and save while living with parents gain a financial head start.
Potential goals include:
- Paying down student loan and credit card debt
- Building an emergency fund with 3-6 months’ expenses
- Saving for a down payment on a home
- Funding retirement accounts like IRAs or 401(k)s
- Pursing additional education debt-free
Budgeting guidelines for boomerang kids:
- Track all income and expenses diligently each month
- Aim to save at least 20% of income if possible
- Split remaining income on needs, debt payments, and modest fun
- Build long-term savings for future housing costs and emergencies
- Take advantage of bank accounts with budgeting features and financial advice
The cost savings from living at home create an opportunity to make financial progress. Disciplined budgeting is key.
Here is a sample monthly budget for a boomerang parent’s $3,000 income:
| Expense Category | Amount |
|---|---|
| Savings Contribution | $600 |
| Student Loan Payment | $300 |
| Credit Card Payment | $200 |
| Groceries & Restaurants | $300 |
| Miscellaneous Spending | $300 |
| Transportation | $100 |
| Personal Care | $100 |
| Entertainment | $100 |
| Clothing | $100 |
This sample budget allows for aggressive saving while also paying down debt and covering day-to-day costs. The extra savings can eventually be used to move out.
Moving Back Out
Although returning home can provide a financial reboot, boomerang kids should be cautious about getting too comfortable. To maintain motivation, experts suggest:
- Set a specific timeline for moving back out, such as 6-12 months
- Outline steps needed to be able to afford independent living
- Openly discuss move-out plans with parents to stay accountable
- Avoid buying furniture or decorating in ways that suggest permanency
- Keep exploring job options and developing career skills
Having an exit strategy prevents inertia. Parents can provide encouragement and support to help their children work towards independence again.
Some signs indicate readiness to fly the coop again:
- Paying off substantial debt
- Accumulating enough savings for expenses like a rental deposit
- Gaining secure, well-paying employment
- Feeling emotionally prepared to handle independence
With improved finances and maturity, boomerang kids can transition back to self-sufficient adulthood.
Conclusion
In conclusion, multi-generational cohabitation is becoming a practical norm for millions of American families. While often stigmatized, living with parents can empower financial growth when approached as a strategic stepping stone rather than a life stage. Clear boundaries and open communication help both generations thrive under one roof while fostering long-term independence.