Millennial survey: Is 27 the new 18?
08/16/2013 9:13 PM
08/16/2013 9:15 PM
With a growing number of college graduates returning home, the so-called boomerang kids are giving themselves until 27 to leave the nest – again.
Their parents and the rest of America, however, might not feel the same, according to a survey of 2,021 people by Coldwell Banker Real Estate.
Most millennials, 18 to 34 years old, believe five years is too long for adults to live at home with their parents after college, the survey found. A majority of Americans said four years was too long, while people 55 and older put the cap at three years.
A recent Pew Research Center analysis released in August found that more than one-third of millennials still live with their parents, the highest share in their age group in at least 40 years.
Last year, a record 21.6 million adults ages 18-31 lived in their parents’ homes, Pew said, up from 18.5 million in 2007.
Parents could be driving the return home after college, with most believing it was OK for their boomerang kids to live at home for up to five years after college and 24 percent saying their spawn could stay as long as they wanted.
Younger parents were more willing than their older counterparts to have their children return: Parents 18 to 34 years old said six years was the maximum, while parents 55 and older said their children should move out after four years.
Still, don’t expect a free ride and folded laundry: 82 percent of respondents said adult children should pay rent and 92 percent believe they should do their own chores.
About 50 percent of parents said the arrangement prevents them from moving on with their lives. Close to two in three said too many children are overstaying their welcome, with Americans ages 55 and older being more likely to agree with that statement than any other age group.
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