Young Americans moving back home; want to stay longer - New York News

Young Americans moving back home; want to stay longer

Updated: Aug 13, 2013 7:00 AM/EDT
NEW YORK (MYFOXNY) -

A new study claims that younger Americans think it's OK to move back home for up to half a decade after college, a lot longer than older Americans think is acceptable.

The study found that adults ages 18 to 34 feel it is acceptable for adults to live at home with their parents for up to five years after college. People over the age of 55 say that the welcome should be worn out by three years.

The Coldwell Banker study of more than 2,000 Americans found that parents, and particularly those who are younger, may be driving the trend of adults living at home for a longer period of time.

According to the survey, millennial parents (ages 18 to 34) are fine with grown children living at home for up to six years after college, while older parents (ages 55 and older) believe they should be out of the house within four years of finishing college.

Dr. Robi Ludwig, who conducted the survey for the real estate company says, "In terms of transitioning into independent adulthood, it's almost as if 27 is the new 18."

According to the survey, more than two in three Americans believe that too many adults living at home with their parents are avoiding responsibility, and 65 percent believe too many young adults who move back home after college are overstaying their welcome.

The survey found that only 13 percent of Americans believe adults should never live at home with their parents but 80 percent found it to be OK if the child was living at home to save money to buy their own home.

"A generation or two ago, young adults would traditionally graduate from college, rent for a time and then buy their first home. Their parents would eventually downsize, and it was less acceptable for young adults to move home," said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC.

Dr. Ludwig recommends parents establish and enforce expectations on children who move back home.

"The economy may be a reason to move home temporarily, but you can't let the state of the economy get in the way of living your life," said Dr. Ludwig.

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