Coldwell Banker Real Estate Survey
Finds Americans Disagree Over How Long is Too Long to Live at Home with Parents
Older Americans want boomerang
kids out of the nest within three years after college, while millennials believe
up to five years is fine to live with mom and dad
MADISON, N.J.
(Aug. 13, 2013)
– According to a new survey of more than 2,000 Americans conducted by Coldwell
Banker Real Estate and leading psychotherapist Dr.
Robi Ludwig, Americans
don’t see eye to eye about the appropriate amount of time for adults to live
with parents after college. The survey found that Americans ages 55 and older think
it is acceptable for adults to live at home with their parents for as long as
three years, while those ages 18 to 34 feel it is acceptable for adults to live
at home with their parents for as long as five years.
Parents
Not Ready to Let Go?
Parents as a
whole, 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.
“In terms of
transitioning into independent adulthood, it’s almost as if 27 is the new 18,”
said Dr. Ludwig, who also serves as lifestyle correspondent for Coldwell Banker Real Estate
LLC. “Living at
home can be a great opportunity for young adults who need some time to get on
their feet, but it’s only beneficial if the time is used wisely. Our twenties
are a very crucial time because the decisions we make and the lessons we learn then
influence who we become as adults.”
The
Two Extremes of Boomerang Kids
Dr. Ludwig explains
there are two extremes when analyzing the behaviors of adult children living at
home: those who regress, delaying their development into independent adults,
and those who are able to continue their transition into full adulthood by
living at home with a purpose.
In either case, the
acceptance of adults living at home has its limits. According to the survey, more
than two in three Americans (70 percent) believe that too many adults living at
home with their parents are avoiding responsibility, and nearly an equal proportion
(65 percent) believe too many young adults who live at home after finishing
college are overstaying their welcome.
Additional
Survey Findings
·
It’s not for everybody: While Americans are largely
accepting of this living arrangement, the survey revealed that nearly one in
seven Americans (13 percent) believe adults should never live at home with
their parents.
·
Living at home affects mom and
dad: More than
half of Americans (57 percent) believe that when children return home after
graduating from college, it prevents their parents from moving on with their
lives.
·
Living at home with a purpose: Four in five Americans (80
percent) believe that it’s okay for adult children to
live at home if they are saving money to buy their own home.
Advice
for Parents
When children
return to the nest, Dr. Ludwig recommends parents establish and enforce expectations
that will help their adult children thrive.
·
Give adult children
responsibility:
92 percent of Americans agree that adult children who live at home with their
parents should do their own chores.
·
Don’t let them live free of
charge: 82
percent of Americans feel that adult children living at home should pay rent.
·
Set a target end date: Close to two in three (65
percent) Americans agree that adult children who live with their parents should
move out as soon as they find a job.
“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. “The key to deciding if this living
situation is right for parents, children and families is figuring out whether
or not it will help the child develop and thrive. Adult children and their
parents should use the time at home to move forward and grow, rather than
regress and risk becoming perma-children or perma-parents.”
How
Times are Changing
However long they
stay at home, boomerang kids are changing the traditional lifestyle milestones
for buying and selling homes – impacting themselves as first-time homebuyers
and their downsizing parents alike.
“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. “As a real estate brand, we wanted to better understand the behaviors of
the younger generation, particularly boomerang kids, and how their lifestyle
choices were influencing the way consumers view homeownership.”
The
complete survey methodology, including weighting variables, is available here.
A video summary of the findings, and the feelings of a family with a recent
college graduate living at home, is viewable on the Coldwell
Banker YouTube Channel, On Location.
Methodology
This survey was conducted online within the United
States by Harris Interactive on behalf of CooperKatz from June 13-17, 2013
among 2,021 U.S. adult adults ages 18 and older, among whom 888 are parents,
467 are parents of children less than 18 years old and 494 are parents of
children 18 years of age or older. This online survey is not based on a
probability sample and therefore no estimate of theoretical sampling error can
be calculated.
About
Coldwell Banker®
Since
1906, the Coldwell Banker® organization has been a premier
provider of full-service residential and commercial real estate. Coldwell
Banker® is the oldest national real estate brand in the United
States and today has a network of more than 82,000 sales agents working in
approximately 3,100 offices in 51 countries and territories. The Coldwell
Banker brand is known for creating innovative consumer services as recently
seen by being the first national real estate brand to create an iPad
application and the first to fully harness the power of video in real estate
listings, news and information through its Coldwell Banker On LocationSM YouTube
channel. The Coldwell Banker system is a leader in specialty
markets such as resort, new homes and luxury properties through its Coldwell
Banker Previews International® marketing program. Coldwell
Banker Real Estate LLC fully supports the principles of the Fair Housing Act
and the Equal Opportunity Act. Each office is independently owned and
operated. Coldwell Banker is a subsidiary of Realogy Holdings Corp. (NYSE:
RLGY), a global leader in real estate franchising and provider of real estate
brokerage, relocation and settlement services.
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