Is 27 the new 18 when it comes to living at your parents’ house?
According to the US census Bureau, at least 1 in 4 N.J. adults, ages 18-31 live at home and 42% are 24 or older. Experts call it an “epidemic” of millennials leaching off their parents, but does a bad economy and student loan debt crisis justify the situation?
A new survey from Coldwell Banker says parents in the Northeast region are more lenient on this than anywhere else in the US on children moving back home.
But, 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.
Dr. Susan Newman, a Jersey-based social psychologist and author of the book “Under One Roof”, she says it’s almost expected for kids in N.J. to move back into their suburban homes after college.
But a Moody’s study shows that each new household that is created helps stimulate the economy, so children moving back home might actually hurt economic growth in the state.