Last year Pew Research Center revealed that, for the first time in 130 years, 18-34 year-olds were more likely to be living with their parents than in any other arrangement. Of course, there are plenty of young people still choosing to move away, but it’s worth examining some of the reasons young people are choosing to move in with mom and dad.
After college, young people transition out of school world and into the “real world.” The transition comes with opportunities—the chance to earn money in a new way, establish financial independence, set financial priorities, but it also comes with risks. Starting salaries for millennials are approximately the same as they were for those entering the job market in 1984 and 58 percent of housing markets in the U.S. saw rent increases last year. Luckily, millennials who came of age during The Great Recession have known for many years the importance of being careful with their money. Millennials’ tendency to be careful, coupled with the specific set of challenges they face, means their decision between moving home and moving can be a tough one.
Either choice—moving back in with mom and dad or trying to make it on your own—comes with its own set of opportunities and drawbacks. Whether you’re considering a move back home or feel ready to strike out on your own, this infographic will help you sort out the potential rewards, and some of the risks, of either choice.
From our partnership with Chase, we bring you another edition of GOOD Money—a place where interns to entrepreneurs to permalancers to any human can understand how to make the most of their money so that they can take the smartest steps towards living well and doing good.
