More Illinois Young Adults Are Moving Back In With Their Parents Compared To Iowa
There are some new terms that I have not heard before, but they make sense. ‘Boomerangers’. ‘Going Nowhere Generation’. ‘Growing Ups’. ‘Failed Fledglings'. These are terms to describe adult kids moving back in with their parents.
There are a variety of reasons this is happening more and more. The red hot real estate market, the pandemic-hit economy, or saving money by moving back home. This is putting a strain on the "child" and the parents as they need to alter their retirement plans and finances with this person back in the house.
A survey of 3,500 by ISoldMyHouse.com that you can see below, shows each state in the country has seen an increase and the number of parents that have been "burdened" by this.
The percentages range from the low end of 15% (Wisconsin) and 16% (North Dakota) to a high end of 67% (Nevada) and 66% (New York). Here in the Quad Cities, 1 in 3 young adults (30%; 18-35) in Iowa have moved back in with their parents over the past year - compared to a national average of 36%. Meanwhile, 56% of young adults in Illinois have moved back in with mom and dad.
However, even with the higher percentage of young adults moving back in with their parents, the parent's burden is nearly the same. 23% of Iowa parents feel burdened by this, while 25% of Illinois parents feel burdened by the Boomerangers.
“Although moving back in with parents can be seen as a step backwards,” says Kris Lippi of ISoldMyHouse.com, “looking at it from a sociological point of view, what has happened is entirely predictable - this generation of young adults have been priced out of the real estate market in a way that their parents never were, and many have lost their jobs due to the pandemic. If moving back in with parents helps young people’s mental and financial health, then it has to be a positive thing to do."
So is moving back in with parents a sign of failure, or a shrewd financial move designed to put young adults in a better position down the road? Not surprisingly, the survey found that 72% of boomerangers feel that moving back in with their parents is a prudent move.