Millennials Living at Home: Pros and Cons

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More Millennials are living at home with their parents after graduation. I'll share what living at home after college has taught me and how I made it work.

The coronavirus epidemic has caused millions of Americans, particularly Millennials, to live with their parents. The proportion of 18-to-29-year-olds living with their parents surpassed the previous high due to the coronavirus outbreak.

In July, 52% of young adults resided with one or both of their parents, up from 47% in February, according to a new Pew Research Center analysis of monthly Census Bureau data.

Millennials living at home is becoming more common. So what’s your take on it? Here’s mine.

Millennials Living at Home: My Experience

After graduating from college, my employment opportunities reached a dead end. I spent my final semester in school applying for every job in my field that I was able to find. The search for a job spanned the entire nation. I applied for over 100 different positions.

Of course, all of those applications and resumes in the mail didn’t result in anything. None of the businesses that I applied for contacted me for an interview.

Additionally, only a few companies bothered to tell me that I was not accepted for the position. Looking back, at least those few companies had the decency to let me know.

And of course, who in their right mind would have hired a college graduate with no real world experience?

Moving Back Home

Like many Millennials who were graduating from college and saddled with debt, I had to move back home. Social scientists refer to our generation as the “boomerang generation” because of how we moved back home after once leaving it.

Although I soon found a full time job in my field, it didn’t pay much. As a result, I continued to live at home. In fact, I stayed there for four years after graduating college.

Another study found that nearly 40% of Millennials are living at home with their parents. The rising cost of housing, poor job prospects, low paying wages and high student debt were common barriers for my generation.

Although I enjoyed living with my parents and I cherished our time together under one roof, it became clear that I needed to find a way to escape home and find my own place. It was a sense of independence that I craved, but I wasn’t going to find it here at my home.

Pros: The Luxuries Of Living At Home

Don’t get wrong — living at home was nice. In addition to the fun moments spent with my family, there were many benefits of living there. My gracious payments allowed me to live there without paying for rent, utilities and food. That was a tremendous help.

It was also convenient because I was familiar with my hometown. And without moving, I kept all of my stuff in my parent’s house.

At the time, it was like paradise at home. I had the best of both worlds. I had the amenities that children would receive while living home, plus I was an adult.

Cons: Then The Troubles Began

Despite these positives, there were conflicts I faced while living at home. On a social level, it was no fun living at home. And it wasn’t exactly ideal to bring friends or dates to my house with my parents there.

Because this was my parent’s house, I had to follow all of their rules and orders. This even included what type of food that they wanted to eat for dinner.

On top of this, whenever I wanted to go out and stay out late, they wanted me to tell them everything.

I appreciated all that my parents did for me, but I didn’t want to live at home as an adult. I wanted independence.

What Living At Home Taught Me

At this point, while living at home, I pledged to do whatever it took to leave home and be financially independent.

First, I began to seek out better employment. Then, I started to save more money. Within a few short years, I managed to pay down most of my debt so I can be debt-free. And with my money saved, I was able to move out and find a place of my own.

A few years later, I educated myself on important financial matters. As a result, I have no debt, a great credit score, I have an emergency savings fund and I am saving for retirement.

In Conclusion

Looking back, I’m grateful that I lived at home. The entire experience has motivated to take care of myself and be financially free. I use those memories as inspiration to work hard and to save money for a better future.

What is your thought about millennials living at home?

About the author

Steven Lerner
Steven Lerner is the creator of Money Selfie, a platform that helps millennials understand personal finance and how to save money.
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2 COMMENTS

  1. I did exactly the same as you after graduation, so this article was a nice walk down memory lane.

    Living at home enabled me to put such a dent into my students loans, I got them down to a more manageable amount before thinking about moving out. By that time, I had enough saved for a down payment on a condo in the city and moved out at 25.

    If it wasn’t for my job that had me on the road Mon-Fri, I don’t know if I would have lasted as long as I did at home. Financially, it couldn’t have been better. Socially…..eh…

    • Socially, not the wisest decision depending on your living situation at home but financially it’s a great move! Millennials are having a tough time moving out because of rising housing costs, stagnate wages, lack of job opportunities, boomers not retiring, and student loans. Living at home, at least for a few months after graduating may prove to be a smart decision for most!

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