The article sounds interesting @barrons but the wall Street Journal is always behind a paywall so very few will be able to read the article
If you want to be informed read the WSJ. Best real news paper around and great feel for unique general interest articles. Well worth the money. Some are free to all.
The article says pretty much what the title implies. More kids than ever are living at home, up to a third post college and some “experts” say to charge 10 - 30% of their take home pay for rent and have a contract lining out the house rules.
I have my post grad living here now and I don’t charge rent. She’s working and diligently saving on her own. I could see if money was an issue there’s nothing wrong with asking for a little help, or if they aren’t saving on their own.
I believe in providing a safe haven.
My parents did for me when I was in between jobs. I consistently supplemented them when working.
I wouldn’t charge rent.
At least if you have boys, they will want to get out of the house without any prodding.
In a good chunk of the world, adult children live with families until marriage or later in life. I don’t see anything wrong with it as long as the adult child isn’t taking advantage and being a total coach potato freeloader playing video games for hours on end.
“At least if you have boys, they will want to get out of the house without any prodding.”
Curious as to your thinking, @PurpleTitan? In my experience it is the sons that are more likely NOT to leave the house and the nest.
@doschicos, that was my experience. Granted, I’m from an older generation than kids today and there were no video games in my parents’ house. Rather difficult to arrange dates or start any sort of relationship with the opposite gender if still living with parents. Granted, those were the cultural norms of back in the day.
Still, if no video games or TV (as is the case now), they’ll probably want to leave soon enough.
^Well if they have a laptop and internet then they have video games.
@eyemamom Some parents charge “rent” as a forced savings account and give it to the kid when s/he gets their own place.
Perhaps they are not leaving because they are earning (adjusted for inflation) no more than their parents did at their age despite needing more education at significantly greater cost and debt (adjusted for inflation) to get to that level of earning, and therefore find it more difficult to rent or buy their own housing?
@suzyQ7, no console system.
But sure, they can decide if living like a teenager forever when their friends are going places in the world would make them happy.
I’m old and I live with my mother. My brother lives here too. Other brother lives across the street. It works for us. I pay rent with a better deal than I could get elsewhere and my mother brings in some extra income. I pay her cell phone bill too. I have other jobs like I’m the only one who knows how to restart the fire place and I’m the only one who cares if the refrigerator door is wiped down.
I ran into some friends from our old grade school days and all have kids living at home after graduation. An engineer, a finance guy and a nurse. All make good (really good) money but it makes more sense to live at home and bank the money. These kids are putting $18k into 401k accounts, eating good food, paying their way in life. All graduated in 4 years, all have career jobs. They aren’t playing video games in the basement.
“Stay at home son” is one of my favorite CC gems.
I’m expecting my kids who are in college to come back and live with us. I don’t like the idea of an empty house. College gives us a feeler of it. My eldest is in college and he lived in the basement. Since he left the basement is gathering dust. He has his own income and when home he likes to help out. As much as possible I’d hope he would avoid debt, have a strong family network when things in life don’t work out and enjoy life with the savings from staying at home.
I really hope the young professionals with really good salaries are the ones providing or preparing the good food, at least sometimes.
3 of my 4 college grads came back after graduation. First son moved thousands of miles away and never came back. Is married, has a baby. Oldest D was here for a year, working, applying to grad school. Left for school in Europe 5 years ago and hasn’t come back (except for holidays), now married and moving to another state far away. Next kid has been back 3 years after graduation from OOS college. He rents our basement apartment for $500/mo, has a full-time professional job. He eats with us, hangs out with the family. He is saving for retirement. I don’t know if he’ll ever leave–I wish he would find a wife, but he doesn’t seem to be looking. Next kid graduated a year ago. Pays minimal rent ($150 to cover food) as he is working on a kickstarter project. Lives in our attic. He usually cooks for himself. I picture him moving out after he finishes his project/ makes some $. (Next kid is in college and feels uncomfortable in our messy house. Says she is never coming back. Left today for study abroad after 6 days at home.)
My sister has several of her adult sons staying temporarily when changing jobs. She decided to charge $50 the first month, $100 the second month, uncreasing by $50 each month. It is a deal the first few months, but after a short time the rent becomes equal to or greater than outside rent, ensuring a temporary stay. One is already moving in with a girlfriend after a few months at home. She wants them to move out.
I don’t mind having my sons around. They are easygoing, help a bit with house/yard work when asked–and having their rent doesn’t hurt us.
Our S in moving back to west coast after grad school on east coast. Will travel a few weeks in June and start new job in July. Since he is not here yet, very difficult to get housing. I do not mind/am happy he’s moving home for a bit. I know he wants to be in the City vs. the 'burbs, so realize he’ll be actively looking and it will be short term. Happy that we can offer the opportunity for him to get housing that works for him–and not feel pressured to take something because it is “available now”.
He was here between undergrad and grad school (had a 2 year work contract ). We didn’t charge him rent…but did ask him to contribute to the food and utility bill, which almost doubled when he was home. He was making good money and we felt it was fair deal…
Both of my kids were out of the house within six weeks after college graduation and never came back. I guess they’re outliers.
One kid lived with is for 3 months while relocating. We loved having him. No charge.
Other kid lived with us for three years, worked full time, volunteered some as well. Was taking some courses, and applied to grad school. Loved having her too.
Both were very responsible, and in both cases we knew it wasn’t a permanent move home.