From experiencing an economic downturn or needing support while starting a business to living in an area with high rent costs or saving for big financial goals, there are numerous reasons why adults might live with their parents. In fact, it’s not that uncommon, depending on where you live.
To figure out where adults ages 25 to 40 are more likely to live with their parents, MagnifyMoney took a second look at the topic, again excluding those who identified as students.
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Pandemic leads to a rise in people living with their parents
Our study used 2018 data — the latest available on the topic — to determine where adults were living with their parents. But fast forward to 2020: With the coronavirus crisis throwing a wrench in many people’s plans, it’s possible we’ll see an uptick in the moving-in-with-the-folks trend.
“The coronavirus pandemic has triggered high levels of unemployment, and young adults are just one of the many groups of people that have been impacted,” said Sarah Berger, MagnifyMoney’s millennial finance columnist. “For those who have lost their source of income during this time, moving back in with their parents can be an easy way to save money on housing costs.”
The work-from-home movement could be another factor for moving in with parents, Berger noted, as cramped apartments have less appeal than the comfort and savings that may be gained by making the move. This is especially true for those who owe student loans.
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Methodology
Analysts used 2018 American Community Survey microdata hosted on IPUMS to calculate the following percentages for people ages 25 to 40 in the 50 largest U.S. metros who didn’t identify as students:
- Those who live in the same household with at least one of their parents
- Those who have their own children also living in that same household
- Those who’re unemployed and those who aren’t part of the labor force
- Those who are men and those who are women
Here’s what we found.
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Tie: 49. Raleigh, North Carolina
Percentage of adults ages 25 to 40 who live with their parents: 12.1%
Image Credit: iStock/Mark Howard.
Consider selling some of your furniture
Selling some of the furniture you accumulated in your apartment or house before living with your parents might be a good option, particularly if you don’t have the space to store it or can’t swing a monthly storage fee.
Of course, this will depend on how comfortable you are with selling your stuff. It’s important to consider personal health and safety amid the coronavirus pandemic when, for instance, selling things online.
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Tie: 49. Minneapolis
Percentage of adults ages 25 to 40 who live with their parents: 12.1%
Image Credit: iStock.
48. Seattle
Percentage of adults ages 25 to 40 who live with their parents: 12.2%
Image Credit: aiisha5 / iStock.
Tie: 46. Denver
Percentage of adults ages 25 to 40 who live with their parents: 12.4%
Image Credit: DepositPhotos.com.
Tie: 46. Portland, Oregon
Percentage of adults ages 25 to 40 who live with their parents: 12.4%
Image Credit: zhudifeng / iStock.
45. Pittsburgh
Percentage of adults ages 25 to 40 who live with their parents: 12.5%
Image Credit: Joecho-16 / iStock.
Tie: 43. Columbus, Ohio
Percentage of adults ages 25 to 40 who live with their parents: 13%
Image Credit: iStock/Sean Pavone.
Tie: 43. Cincinnati
Percentage of adults ages 25 to 40 who live with their parents: 13%
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Tie: 41. Austin, Texas
Percentage of adults ages 25 to 40 who live with their parents: 13.2%
Image Credit: RoschetzkyIstockPhoto / iStock.
Tie: 41. Kansas City, Missouri
Percentage of adults ages 25 to 40 who live with their parents: 13.2%
Image Credit: iStock.
40. Indianapolis
Percentage of adults ages 25 to 40 who live with their parents: 13.3%
Image Credit: Sean Pavone / iStock.
39. Milwaukee
Percentage of adults ages 25 to 40 who live with their parents: 13.9%
Image Credit: DepositPhotos.com.
38. Nashville, Tennessee
Percentage of adults ages 25 to 40 who live with their parents: 14.4%
Image Credit: Getty.
37. Oklahoma City
Percentage of adults ages 25 to 40 who live with their parents: 14.9%
Image Credit: DepositPhotos.com.
Tie: 35. Charlotte, North Carolina
Percentage of adults ages 25 to 40 who live with their parents: 15.1%
Image Credit: Sean Pavone / iStock.
Tie: 35. Buffalo, New York
Percentage of adults ages 25 to 40 who live with their parents: 15.1%
Image Credit: iStock/Hsa_Htaw.
34. Cleveland
Percentage of adults ages 25 to 40 who live with their parents: 15.2%
Image Credit: iStock/Sean Pavone.
33. St. Louis
Percentage of adults ages 25 to 40 who live with their parents: 15.3%
Image Credit: iStock.
Tie: 31. Louisville, Kentucky
Percentage of adults ages 25 to 40 who live with their parents: 16.3%
Image Credit: iStock/Sean Pavone.
Tie: 31. Salt Lake City
Percentage of adults ages 25 to 40 who live with their parents: 16.3%
Image Credit: iStock/Sean Pavone.
30. Virginia Beach, Virginia
Percentage of adults ages 25 to 40 who live with their parents: 16.4%
Image Credit: DenisTangneyJr.
29. Dallas
Percentage of adults ages 25 to 40 who live with their parents: 16.5%
Image Credit: Deposit Photos.
Tie: 27. Boston
Percentage of adults ages 25 to 40 who live with their parents: 17.5%
Image Credit: DepositPhotos.com.
Tie: 27. Washington D.C.
Percentage of adults ages 25 to 40 who live with their parents: 17.5%
Image Credit: dkfielding.
26. Richmond, Virginia
Percentage of adults ages 25 to 40 who live with their parents: 17.8%
Image Credit: iStock/Sean Pavone.
25. Jacksonville, Florida
Percentage of adults ages 25 to 40 who live with their parents: 17.9%
Image Credit: DepositPhotos.com.
Tie: 22. Hartford, Connecticut
Percentage of adults ages 25 to 40 who live with their parents: 18.3%
Image Credit: depositphotos.com.
Tie: 22. Phoenix
Percentage of adults ages 25 to 40 who live with their parents: 18.3%
Image Credit: DepositPhotos.com.
Tie: 22. San Francisco
Percentage of adults ages 25 to 40 who live with their parents: 18.3%
Image Credit: DepositPhotos.com.
21. Atlanta
Percentage of adults ages 25 to 40 who live with their parents: 18.5%
Image Credit: DepositPhotos.com.
20. Las Vegas
Percentage of adults ages 25 to 40 who live with their parents: 18.6%
Image Credit: DepositPhotos.com.
19. San Jose, California
Percentage of adults ages 25 to 40 who live with their parents: 18.9%
Image Credit: mplstodd from Columbus, USA / WikiMedia Commons.
18. Houston
Percentage of adults ages 25 to 40 who live with their parents: 19%
Image Credit: Deposit Photos.
17. Sacramento, California
Percentage of adults ages 25 to 40 who live with their parents: 19.1%
Image Credit: Deposit Photos.
16. Birmingham, Alabama
Percentage of adults ages 25 to 40 who live with their parents: 19.7%
Image Credit: DepositPhotos.com.
15. Baltimore
Percentage of adults ages 25 to 40 who live with their parents: 19.9%
Image Credit: iStock/Sean Pavone.
14. Chicago
Percentage of adults ages 25 to 40 who live with their parents: 20.5%
Image Credit: lhongfoto / iStock.
13. Tampa, Florida
Percentage of adults ages 25 to 40 who live with their parents: 20.6%
Image Credit: iStock/Kasra Keighobady.
12. Detroit
Percentage of adults ages 25 to 40 who live with their parents: 20.8%
Image Credit: iStock/espiegle.
11. San Diego
Percentage of adults ages 25 to 40 who live with their parents: 20.9%
Image Credit: iStock/Jerry Uomala.
10. New Orleans
Percentage of adults ages 25 to 40 who live with their parents: 21.8%
Image Credit: iStock/:Sean Pavone.
9. Orlando, Florida
Percentage of adults ages 25 to 40 who live with their parents: 21.9%
Image Credit: LUNAMARINA / iStock.
8. Philadelphia
Percentage of adults ages 25 to 40 who live with their parents: 22.2%
Image Credit: iStock/vichie81.
7. Providence, Rhode Island
Percentage of adults ages 25 to 40 who live with their parents: 23%
Image Credit: iStock.
Tie: 5. Memphis, Tennessee
Percentage of adults ages 25 to 40 who live with their parents: 23.8%
Image Credit: DepositPhotos.com.
Tie: 5. New York
Percentage of adults ages 25 to 40 who live with their parents: 23.8%
Image Credit: Eloi_Omella.
4. San Antonio
Percentage of adults ages 25 to 40 who live with their parents: 24.7%
Image Credit: DepositPhotos.
3. Los Angeles
Percentage of adults ages 25 to 40 who live with their parents: 27.2%
Image Credit: DepositPhotos.com.
2. Miami
Percentage of adults ages 25 to 40 who live with their parents: 29%
Image Credit: espiegle/iStock.
1. Riverside, California
Percentage of adults ages 25 to 40 who live with their parents: 29.4%
Image Credit: iStock/MattGush.
How to save money to move out of parents’ home
If you’re looking to get out, here are some steps that may help.
Image Credit: DepositPhotos.com.
Cut unnecessary expenses
Minimizing your expenses is always a good idea when you have a large savings goal in mind. And during a pandemic, when so much seems to be in question when it comes to the future, focusing on spending less — wherever possible — is a good idea.
“Working hard where you’re at and with what you have — meaning consistently saving money and cutting back on unnecessary expenses — can still put you on the right path,” Berger said.
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Look for a better-paying job
It can be tough to find new employment during an economic downturn when many companies are hurting for cash, but Berger said it’s still worth pursuing. Similarly, a side hustle that uses your existing skill sets can be a good option, especially if you’re unemployed at this time.
Either way, remember to “be kind to yourself during this time,” Berger said. “It’s a tough job market out there, so give yourself grace.”
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Continue paying ‘rent’
This doesn’t mean paying rent to your parents, though that’s certainly a good thing to do if you can swing it. Instead, Berger recommends funneling “rent” money into a separate savings account while living at home. That way, you can accumulate cash that can be used for your future living expenses, giving you a financial cushion in the meantime.
“You are already used to cutting a rent check every month, and this is a smart way to build your savings without having to think twice about it,” she said.
This article originally appeared on MagnifyMoney.com and was syndicated by MediaFeed.org.
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