Inflation has taken a toll on just about every household expense, leaving budget-minded consumers to find ways to save. But cutting back can only take you so far, and many millennials have had to face the grim reality that they can no longer afford to live on their own, with nearly 13% of them forced to return to their parents’ homes to save money.
Those returning to the nest join an equal percentage of millennials who still live at home, meaning 25% of those ages 26-41 are living with their parents, according to a survey of 1,200 millennials by PropertyManagement.com.
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Of the 1 in 4 millennials who are living with their parents, more than half of them (55%) made their moves within the past year, according to the survey. The top reasons respondents reported as the driving force behind their decisions to move back in with their parents are to save money (51%) and because they couldn’t afford rent (39%). Another big factor was job loss, which drove 21% of those surveyed back home.
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Though 30% of millennials admitted that they enjoy living with their parents, the majority (91%) reported that they would move back out and into their own homes if they began making more money. Of course, factors like annual income, the cost of living, and the housing market all have to align to make it possible.
Of the respondents in this survey, 22% said they make more than $40,000 a year, which is just slightly higher than the median annual income in the U.S. As interest rates keep climbing and inflation surges, there’s no telling when they’ll bid their parents adieu once more.
