It’s not uncommon for young adults to move back in with their parents after college or after a period of living independently. In fact, a recent study found that as many as one in three millennials has moved back in with their parents at some point.
This group, often referred to as “the boomerang generation,” are driven back home by a variety of factors. These include financial struggles, the high cost of housing, and the desire for support and guidance as they navigate their careers and personal lives.
A Forbes article mentions a LendingTree survey of more than 1,300 American parents, Gen-Zers and Millennials. It combined the survey with research of United States Census Bureau data to gain a sense of how many young people are living at home. It found that around 32% of Millennials and Gen-Zers returned home during the pandemic, and more than two years later, 67% of Millennials and Gen-Zers are still living with their parents.
1. Inflation and the Pandemic Exacerbated The Boomerang Trend
The COVID-19 pandemic has had a significant impact on young adults who have moved back in with their parents after living independently. The pandemic has caused widespread economic disruption, leading to job losses and financial struggles for many young adults. As a result, some have decided to move back home in order to save money and reduce their living expenses.
In addition to the economic impacts of the pandemic, the lockdowns and social-distancing measures have had an impact on the boomerang generation. Many young adults who have moved back home have found themselves spending more time with their families than they would have otherwise. This can be both a positive and a negative experience — it can be an opportunity to strengthen family bonds and spend quality time together. However, it can also lead to conflicts and challenges as young adults and their parents adjust to living together again.
While the COVID-19 pandemic has contributed to the trend of the boomerang generation, it’s important to note that the trend of young adults moving back home was already present before the pandemic. It’s likely to continue even as COVID-19 subsides.
Hot Tip: Moving back home can save millennials lots of money while securing their careers.
2. Another Driver: Housing Costs and the Job Market
One of the primary drivers of the millennial boomerang trend is the high cost of housing. Many young adults struggle to afford rent or a mortgage on their own, particularly in cities where the cost of living is high. As a result, moving back home can be a more financially viable option.
Another factor contributing to the trend is the job market. Many young adults have difficulty finding stable, well-paying jobs after college, which can make it difficult to afford to live independently. In some cases, young adults may move back home temporarily while they search for a job or build up their careers.
3. Advantages and Disadvantages of Moving Back Home
There are both positive and negative aspects to the millennial boomerang phenomenon. On the positive side, moving back home can provide financial relief for young adults who are struggling to make ends meet on their own. Many young adults use this chance as a time to save money and build up their financial stability before making the transition to full independence.
However, there are also negative aspects to the millennial boomerang trend. For some young adults, moving back home can be a source of stress and anxiety. They may feel like they have taken a step backward in their independence and autonomy. It can also be difficult for young adults to establish their own identity and independence while living with their parents, and it can be challenging for parents to adjust to having an adult child living at home again.
4. The Millennial Boomerang is a Complex Phenomenon
In conclusion, the millennial boomerang trend is a complex phenomenon driven by a variety of factors, including COVID-19, the high cost of housing, the job market, and the desire for support and guidance as young adults navigate their careers and personal lives. There are both pros and cons to moving back home, and the decision has to be made by each individual and family.