Young adults across the D.C. region are making the choice to move back home with mom and dad, and while the free housing cuts down on monthly expenses, it doesn’t come without a cost.
In Virginia, 42% of young adults have moved back in with their parents. In Maryland and the District, around 27% have made the same choice, according to the online real estate service ISoldMyHouse.com.
It’s called “boomeranging back home,” and a quarter of young adults in the D.C. area have done it over the past year. Many of those decisions are a result of the economy and the real estate market. The average rent for homes has increased by 8% over the past year.
It also means a lot of changes for mom and dad. Out of the 27% of young adults ages 18 to 35 who have moved back in, 16% are also receiving financial help from their parents.
About 15% of parents said they’ve had to delay retirement because of it, and another 22% said instead of downsizing, they are now looking to upscale. When asked how they feel about the new dynamic, 11% of parents said they feel burdened.
But the survey also noted the decision could help young people‘s mental and financial health, which could have a positive outcome in the future.