Economic Woes Cited By Parents of Home Bound Millennials

home-in-lifesaver-twoThis is a rather interesting study. The question that comes to mind that wasn’t addressed is it because that millennials are not making enough money to live on their own or is it that they don’t want to lower their standard of living to do so. For a more detailed look at this subject – please read the article below.

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Experts have surveyed the young generation again and again as to why they are staying with their parents, but now Fannie Mae has completed a survey of the parents they live with. As it turns out, more than half of them don’t mind their children living at home.

The National Housing Survey Topic Analysis segmented the millennial demographic into two ranges: the “younger” millennials aged 18 to 22, and the “older” crop aged 23 to 34. The results collected showed slight differences between the groups, but when asked if they would rather their children stay or move out, 68 percent of parents overall said “I prefer that they continue to live in my home.”

When asked why their children are staying home, the most common answer among parents of the younger crowd was that their children were saving money while still in school, representing 40 percent of responses.

The primary reason cited by 24 percent of parents for older millennials was “they do not have enough income to live in their own home,” a nod to the problems that this new group of adults face in relation to employment and low pay.

Other answers included the fact that the children were “not yet married,” which was chosen by 16 percent of older-group parents compared to 6 percent of younger-group parents; “we prefer to share the same house” (9 percent of parents among both groups); “they are saving money for the future” (more often selected by older-group parents at 11 percent); and “they are helping you to pay for the household expenses” (7 percent of older millennials compared to only 2 percent of the younger ones).

Among those millennials who stay with their parents because they are ill, the percentages were 2 percent for the younger segment and 3 percent for the older.

To read the complete article – please use the link below.

Home Bound Millennials

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