Most young adults who moved back in with their parents during the pandemic focused on clearing debt.
The pandemic turned back the hands of time for many empty nesters as their homes were suddenly filled with young adult children returning to the relative safety and financial security of their parents’ homes. But in the two-plus years since the pandemic’s onset, only a third of those who returned home during the pandemic have spread their wings and flown their parents’ coop again.
LendingTree surveyed more than 1,300 parents and/or Generation Zers or Millennials to get their thoughts on pandemic parent-living arrangements. Here’s what the study found:
- Nearly a third (32%) of Millennials and Gen Zers moved back home with their parents during the pandemic, and most still live there. Two-thirds of young adults who moved back home remain with their parents. Slightly more than half (51%) of those who moved home say it was out of necessity.
- Young adults who moved in with their parents during the pandemic are focusing on paying down debt and saving for a home. Of those who moved back home, 39% say they’ve been able to pay down debt, while 31% are focusing on saving for a down payment. And of those who’ve since moved out, nearly 3 in 10 purchased a home. But whether they bought or rented, 71% would only return home if they had no other option.
- Living at home isn’t a dating deal breaker. 45% of Millennials and Gen Zers say they’d date someone living with their parents, and an additional 38% would consider it. Only 17% flat-out refuse.
- 85% of parents would let their children move back in as adults or have previously done so, and most (73%) wouldn’t charge them rent. However, more than half say their kids would need to get a job, help pay for groceries and other household bills and assist with chores like cooking and cleaning.
- The percentage of adults ages 24 to 40 who live with their parents is above 20% in three states: Hawaii (21.6%), New Jersey (20.7%) and Florida (20.1%). Meanwhile, in North Dakota, just 5.3% of these adults live with their parents.
Nearly 3 in 10 Gen Zers (ages 18 to 25) are camping out with their folks to save money during the pandemic, followed by 18% of younger Millennials (ages 26 to 34) and 17% of older millennials (ages 35 to 41).
The younger age groups are more likely to have already moved back out. Those ages 26 to 34 lead the flight away from the nest (14%), followed by 13% of 18- to 25-year-olds. Only 8% of 35- to 41-year-olds who moved to their parents’ homes during the pandemic are back on their own. One in 10 Gen Zers and Millennials are still considering trading freedom to save dollars. The 35- to 41-year-old group is the most adamant about avoiding a move back under their parents’ roof (67%), followed by those ages 26 to 34 (56%) and those 18 to 25 (49%).
