The percentage of young adults staying with their Parents has increased in recent years.
The number of people aged 18 to 34 who live with their parents has increased from 9% in 2000 to 16% today. The reasons for this are varied, but there are some common themes.
– People are choosing to live at home because they cannot afford rent or mortgages.
– They may be struggling financially and not able to find a job that pays enough for them to afford the cost of living independently, so they stay with their parents until they can get on their feet again.
– They may be staying home because they can’t find work that suits them, and it’s easier for them financially and logistically to live at home while looking for a new job.
– Some people just prefer the comfort of having parents nearby while they figure out what they want out of life.
These are some of the most common reasons for people in their 20s living at home, and we are going to explore some of them in more detail here.
Moving Out Would Be Too Expensive
A lot of young people struggle to buy a home. The reasons are many, but the main one is that they can’t afford it. However, with an average price of $428,700 in the United States, buying a home is not something that most people can do without help.
One first reason why buying a home in your 20s is difficult is that you don’t have enough money saved up for the down payment. In order to get approved for any mortgage loan, you need at least 3% down payment on your house purchase (this number varies depending on the type of mortgage you get. It could also be around 20%, as well.
Interest rates are also high right now, hovering between 6 and 7%. All of this adds up to say that becoming a homeowner is much harder than it used to be.
Work Is Hard to Find
Another reason young people are still at home is because they can’t find a good job.
Many people are struggling to find a job that pays well and is in a field that they are passionate about.
It is not uncommon for people to move back in with their parents after being unsuccessful in finding a good job. Some of the reasons why this might happen include:
– A lack of affordable housing
– A lack of education or skills
– Lack of social support network
Whatever the ultimate reason is, many 20-somethings are finding that living at home helps to save money during this time.
The last reason is, it’s simply comfortable at home.
This is a growing trend in society, especially among millennials.
The main reason behind the trend of young people staying at home is that millennials are socially and emotionally dependent. They don’t want to leave their parents because they have everything they need at home and everything is convenient for them.
Some people also think that this trend could be due to the fact that it’s easier for parents to take care of their children than for children to take care of themselves.
Whatever the case may be specifically, many 20-somethings choose to remain at home for the time being, but this can still be a good time to save money and do things the right way.