Adult children see no shame living with parents, survey finds
Today’s 20- and 30-year-olds who have "boomeranged" back home to live with their parents are largely satisfied with that arrangement and upbeat about their financial futures, a new study shows.
The report released Thursday by Pew Research Center found that 29% of those between the ages of 25 and 34 have lived at home at some point during the recent tough economy –- and large majorities say they are OK with that.
The study combines recent census data with opinion survey results to help draw a picture of young Americans who are living with their parents through their 20s and into their 30s.
This group of young people has been called the "boomerang generation" because so many left home for school or work, but bounced back into the nest, usually for economic reasons.
Most young adults say they are contributing to the household by paying rent, helping with expenses or doing chores.
"This suggests they’re not just freeloading at home but doing something of benefit to their parents," said Kim Parker, associate director of Pew’s Social and Demographic Trends Project and the report’s author.
And most don’t appear to be living the high life. Nearly 8 in 10 say they don’t have enough money to live the life they want yet, compared with 55% of their peers who aren’t living with their parents.
-- Rebecca Trounson