The nest is not getting empty. Nearly half of all young adults are living with their parents, according to a new survey by Harris Poll for Bloomberg.
About 45% of people ages 18 to 29 are living at home, which Bloomberg said is roughly the same level as it was in the 1940s.
But the factors are different now than they were nearly a century ago.
According to the survey, the main reason for returning home was to save money, with many saying they can’t afford to live on their own.
The median national rent now sits at $2,052 per month, according to Rent.com’s most recent data, which is still one of the highest numbers ever recorded.
Nearly half of parents still financially support their grown children
A survey conducted by savings.com found 45% of parents are giving their adult children an average of $1,400 per month to cover expenses.
Paying down debt, recovering from emergency costs and losing a job were other reasons young adults surveyed said they were back living with their parents.
The attitude toward young adults living with family members is also changing, according to the survey.
Moving into your own home was often seen as a milestone of adulthood. But most respondents to the survey, 87%, said people shouldn’t be judged for living at home.
Young adults are also embracing their choice, with 40% of reporting feeling happy to be living at home, while 33% said they felt smart for making the choice to live with family, according to the survey.
Millennials living with retired parents in multigenerational homes
In multigenerational homes, there are benefits for both older and younger generations.
