9/27/2013 - More young adults living at home, studies show
By the time people reach their early 20s or graduate from college, most decide it's time to find a place they can call their own and move out of their parents' house. However, recent trends show that many young adults are adopting to stay with their mom and dad due to various circumstances.
Recent analysis conducted by The Wall Street Journal showed that approximately 2.5 million men and women in the U.S. - many of whom are in their early adult years - reside with their parents primarily.
Jed Kolko, chief economist for the real estate and listing website Trulia, said that much of this has to do with finances.
"[Many young people] 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."
And the share of young adults who are doing so appears to be growing. In a separate survey performed by the Washington, D.C.-based Pew Research Center, approximately 21.5 million millennials lived in their folks' home in 2012 - 3.1 million more than the total five years prior.
Whether homeowners decide to rent out a room within their house, or allow their son or daughter to live in their residence for free, there may be some homeowners insurance implications to be aware of. Policyholders should consider getting in touch with their insurer to see what, if anything, needs to be adjusted on their plan.