11/13/2013 - 'Empty nesters' no longer
Depending on who's asked, Americans tend to give differing responses on how long is too long to live at home with one's parents after reaching adulthood, a new survey reveals.
More than 2,000 people were recently interviewed by Coldwell Banker on the topic. Among all the adults questioned, four years was the average time that respondents said was OK for adults to live with their folks after graduating from college. However, about 20% indicated that it was fine to reside at one's childhood home for as long as one deems it necessary, while one in seven didn't think adult kids should ever live at home for any amount of time.
But when exclusively parents were asked the same question, answers were slightly different. Overall, parents said five years was permissible to stay at home after completing classes from a university or college, the Coldwell Banker poll revealed.
Younger parents were more likely to say that a longer time period was fine. For instance, among parents between the ages of 18 and 34, six years was the average response. Meanwhile, for parents 55 and above, they said their kids should move out at the four-year post-graduation mark.
Share of young adults living at home at 40-year high
The percentage of millennials - people between 18 and 31 - living at home has risen considerably in the past few years. According to the Pew Research Center, last year alone, 40% of millennial males lived at home with their parents as well as about 32% of millennial females.
Jed Kolko, chief economist of real estate for the listing website Trulia, recently told The Wall Street Journal that the reason why this trend has developed has everything to do with the economy.
"Young adults have not regained confidence in the economy enough to start moving out of their parents' homes," said Kolko. "Even people with jobs are choosing the security…of living under their parents' roof rather than forming their own households."
Noted by researchers from Pew, at 36%, the highest share of young adults still live at home in more than 40 years. Just prior to the recession, the average was approximately one-third of 18-to-31-year-olds.
In order to save money, some parents may keep their kids on their auto insurance plan. However, insurers often have different standards about the age in which policies can be shared. It's wise for policyholders to get in touch with their provider about what the rule is.