According to a study released this month by Ohio State University, almost one-third of 25- to 34-year-olds are living at home with their parents. “There are more adult Americans age 34 or younger sleeping in their childhood bedrooms now than at any other time in the past 30 years”. Earlier this week Congressman Paul Ryan had a line in his acceptance speech at the GOP Convention referencing this exact problem. However, not all of these 20-somethings feel that it is a problem. Many say they are happy with their choices.
They cite the high jobless rates, low wages, and high housing costs as reasons to move back in with mom and dad. For a few though, this is part of a larger cultural shift where people are getting married later and don’t feel the need to leave home so early.
There is a good side to this news though, many of these young adults are paying rent or assisting with household expenses. They may not be out on their own, but they simply aren’t freeloading.
Many of these couch crashers have also said this is a great way to save money for the future. Several of them said they had friends who invested in a home before the housing bubble burst and are now unable to sell their homes without major losses.
One final advantage many of these young adults find is the emotional support they receive from their families. Well, isn’t that fairly obvious, if your parents are going to let you move back in with them, isn’t it most likely that they are not only providing financial support, but emotional support as well.
Perhaps it’s a good thing that ObamaCare includes the under 26 Rule then….Or perhaps we should now extend it to 34 years of age. After all, if they are living with their parents, shouldn’t they be covered under their health coverage? What does this have to say for this new generation of boomerangers?