Adult Children Living at Home — Does it Help them Save Money?
This is a sponsored post written by me on behalf of CORT. All opinions are 100% mine.
While it’s true that there are more adult children living at home today than in previous generations, millennials are actually the largest group of home buyers.
Here’s what you need to know about millennials and home-buying, and how to prepare your children to be future homeowners.
Adult Children Living at Home — Should We Worry?
My husband and I have had the following good-humored conversation a few times when talking about the future for our kids:
Him: “The girls can live with us as long as they want.”
Me: “Sure, until they graduate college!”
Him: “They can live here forever if they want.”
Me: “My goal is to raise them to be independent so they don’t want to live with us forever!”
All joking aside, my husband and I both want to raise strong, financially independent adults. However, so often we see stories about how hard it will be for millennials and future generations to buy homes when they’re ready.
So what’s the deal? Should we be worried as parents?
What you need to know about millennials and home ownership:
A recent article on the CORT blog was pretty eye-opening for me! And it gives me hope that our children will be able (and want) to purchase their own home after graduation.
1. Millennials DO Buy Homes
Despite what you may have heard, millennials (adults born between 1981 and 1997) “are actually the largest generation of home buyers for the fourth consecutive year,” says Jessica Lautz, the National Association of Realtors’ director of survey research.
2. Millennials Have #HomeownerGoals
Despite the stereotypes, millennials aren’t slackers. According to a 2017 Bank of America Homebuyer Insights Report, 25% of millennials hope to buy a home within the next two years.
The report shows that millennials take home ownership very seriously, and consider buying a home to be a crucial part of becoming an adult, as well as a sound financial investment.
3. Millennials May Live with their Parents…but Not Forever
A 2017 report by the National Association of Realtors (NAR) shows 15 percent of people ages 25 to 35 lived with their parents in 2016. But is that such a bad thing?
Lautz explains that “millennials do live with their parents at a higher rate than other generational groups, but that has allowed many to skip renting and save up money for a home.”
So while home ownership might be delayed for some millennials, statistics show that home ownership is high on their priority list and they are saving.
How You Can Help Your Children Prepare for Future Home Ownership
- Set the example you want them to follow — and it’s never too early to start! Our girls are more than a decade away from worrying about where to live as adults, but we still make it a point to have open and frank discussions about financial responsibility, such as saving and spending within our means.
- Help them research their options — Older (or adult) children might have good intentions, but be unsure where to start when it’s time to save for a home. There are numerous programs that help first time home buyers purchase with lower down payments than the traditional 20%, if you know where to look. Supporting your older children in this time of transition can ensure that it goes smoothly (and quickly).
- Discuss options for their new home — While they rent, or even when they buy their first home, many millennials are hesitant to spend a large chunk of their budget on furniture. Choosing to rent furniture from a company like CORT can ease those worries. (Check out a couple fun living room inspiration boards I created with CORT last year).
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This seems like it will always be a controversial issue. I agree, it is really good to prepare kids from when they are young. My kids are a bit younger, but I have always made it a goal to be teaching them responsibility, independence, and we have started tracking saving for even their small amounts of allowance. Really good to get into the habits while they were young so that it won’t be a shock once it comes time for them to move out.
Definitely agree that it can be controversial, and what works for one family might not work for another. 🙂
As soon as we got married, my husband and I made all sorts of financial mistakes that you can make. We got into a huge amount of debt. Then, we took the Financial Peace University course, by Dave Ramsey. Just a month ago, we completely paid off all of our debt and are starting fresh. We have a 1 year old and a 3 year old and we hope to teach them to save and spend within their means, like we do now! We certainly hope they don’t make the mistakes we make. I totally agree with you, that preparing them for the future starts now! 🙂 Awesome post.
Congratulations on that huge accomplishment!!
It might be a good idea for them to overextend their stay if they need to save money and if they have no kids and unmarried.