A recent survey from ISoldMyHouse.com has indicated that over one third of young adults in Michigan are back living in with their parents, since this past year. Parents are feeling the financial burden of the so called “Going Nowhere Generation” as their parent’s pensions and retirements are drying up in the process. Whether it’s a generational issue, the cause of the pandemic, or the intense housing market, many parents are defiantly feeling the financial pain. Some 20% of parents in Michigan say that they feel the financial hardship of having freeloading adult children living at home. Some 15% in the survey, say they have had to postpone retirement to support their adult children.
Whether this trend of boomeranging is a positive or a negative, that depends on who you ask. Are you a failure if you moved back in with parents or are you a shrewd with finances? The survey indicates that moving back in with parents is a shrewd financial decision. Almost of 2/3rds of the Nowhere Generation, indicated in the survey, feel the same.