Look out Mom and Dad, because your children may be moving back home. Do you remember those kids you sent off to college? Well, they may be coming back. As a result, you should move fast before they do. Maybe you should move into an adult community that doesn’t allow them to live there.
They Hope To Save
But seriously, 26% of the Millennials in college plan to move back with you after they graduate. They plan to do this in the hope of saving money and to pay off those college loans. According to a recent survey could they owe somewhere between $10,000 and $50,000 – or more – on their student loans.
And it’ll take them some time to pay off these loans. Additionally, doing so will delay them from buying their own home, getting married, starting a family and saving for their retirement. In reality, most of them don’t expect to have their loans paid of and have enough saved until they turn 35. So look forward to having your kids living with you for a while longer.
And this isn’t something new. In fact, nearly half of the Millennials that have graduated college have moved back in with their parents. It’s doubtful that anybody is happy with the idea. However, most everyone thinks the short term sacrifice is financially a good idea. But it’s only a good idea if they pay off their debts, save and invest the money they would otherwise spend on rent and other living expenses.
The majority of these graduates think that the money spent on their education was well spent. But not all. About one third don’t think the money spent for their education will ever be worth the money spent.
While many of the Millennials think it’s embarrassing to still live at home, they recognize that it’s a necessary evil. And in order to achieve their long term financial goals, it’s a step they must endure.
As for us, two of our kids came back to live with us after college. I called these kids Baby Boomerangers. They made our lives a living nightmare. For starters, they lived in a different time zone. Finally we gave them a down payment, furniture and got them a condo and a mortgage.
Do you think your kids may move back home after college? Show your kids some tough love and MOVE NOW. Get a smaller adult community home that isn’t big enough to accommodate them full time. Call us, Bunny and Art Reiman – Realtors and we can help you find one.But make sure there’s enough room for the grandchildren to visit.