Nearly half of homeowners whose adult children moved out have seen them move back in, according to the 2024 Boomerang Kids Survey published by Thrivent.
In an April survey of 2,201 adults, 46% of parents said their adult children returned home to live with them at some point. This “boomerang” was blamed by 50% of the parents on the rising cost of rent and housing – up from 35% in last year’s survey.
The survey found many young adults are delaying financial priorities because of student loan debt, which resulted in delaying such initiatives as buying a home (39%), saving for retirement (34%) or building emergency savings (36%). Additionally, 28% of young adults with student loans say they’re currently living paycheck to paycheck, and only 22% say their first job helped them pay down their debt.
As for the parents of these adult children living at home, 38% said they are struggling to pay off debt (up from 23% from last year) and 37% are finding it harder to save for long-term goals like retirement or housing, up jump from 16% last year. And the parents are not optimistic that their adult children can get their lives in order – 55% said they would give their kid a C grade or lower on financial readiness and 11% would give an F.
“This is a wakeup call that’s gone unanswered,” says Chaz Black, Thrivent financial advisor. “More young adults returning home underscores the enormous – and growing – financial pressures they’re facing after graduation. The ripple effect it has on them and their parents is a problem we can’t afford to ignore.”
Photo: Morsa Images / istock
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All you boomerangs and boomerangs’ parents remember this in November.
Elections have consequences and this economy is going according to plan. “You will own nothing and like it” is the slogan. We can get back to prosperity, opportunity and freedom with with a new government in November.
I Couldn’t Agree With You More JR , But There are Alot Of PPL That Don’t Get It , They Don’t Read An Believe In The Media That owns Fake News
Since the financial crisis of 2008, Land, lending labor and materials have contributed greatly to the housing crisis. Covid 19 and the low interest rates fueled an existing problem.
It’s a worldwide issue – more people equal more demand. This is not going away no matter who is elected in November.
2nd Johnny
I never understood why parents allow their kids to borrow money for their education. We saved for our kids education and they worked really hard to get extra scholarships to ensure they would graduate without any debt. If we wouldn’t have saved, our kids would have gone to a local college, lived at home and worked while they were in college. Yes, that wouldn’t have been the ideal “college life” for our kids, but neither is being $100K in debt as an adult and being behind financially for the rest of their lives.