Real Estate Marketing & Beyond
A new study from Homes.com reports that contrary to what many experts have suggested, one of the main reasons why young adults move back home with mom and dad is due to a breakdown in their romantic relationships.
Student loan debt and rising housing costs have often been cited as the main reasons why many young adults choose to stay with their parents, or move back home after living alone. But Homes.com’s survey of 500 millennials reveals that 33 percent of 26 to 30-year olds who moved back home did so after a divorce or breakup. Moreover, 37 percent of 31- to 35-year-olds, and 24 percent of 36- to 40-year-olds say the same, the survey shows.
The survey authors suggest that breakups often result in less stable finances that send people back to mom and dad. Couples who live together often share the financial burden of running a home. But if they breakup, the costs may well be too much for one person to cope with. Also, some young adults might seek the emotional support of their parents following a breakup.
“Home is a safe place a lot of times,” Grant Simmons, vice president of Homes.com, told CNBC. “Perhaps it’s just a safe place to get your act together and start fresh.”
Young adults in the South may suffer from the most heartache, with 25 percent of survey respondents in the region saying they moved home due to the end of a relationship, followed by 20 percent in the Northeast, 17 percent in the Midwest, and 16 percent in the West. Among all generations, the most commonly cited reason for moving back in with their parents was to save money for a home purchase, followed by a breakup or divorce. Other commonly cited reasons include unemployment and debt.
For those who have moved back home, 45 percent live in their childhood bedrooms, while 12 percent sleep in the basement, 4 percent sleep in the living room, and 2 percent move into the garage. Twenty-two percent pay rent to their parents, according to the Homes.com survey.
But moving back home is not always easy as an adult. Privacy and noise issues were the most commonly cited causes of household conflict, according to the survey.
