Living with your parents after college graduation? Do chores, pay rent, save up for a home of your own and for goodness’ sake, don’t stay longer than four years.
Americans can’t seem to agree on how long college grads should be allowed to dwell in the nest, according to a Coldwell Banker survey released this week.
Millennials ages 18 to 34 thought it was acceptable for young adults to live with their parents for up to five years after college. Meanwhile, older Americans ages 55 and older set the cap at three years, according to the survey, which recorded the responses of 2,021 adults.
A recent Pew Research Center analysis discovered that more than a third of Millennials still share a roof with their parents, the highest percentage for that age group in at least 40 years. Last year, a record 21.6 million people ages 18 to 31 lived with their parents, an increase from 18.5 million in 2007.
However, Millennials aren’t always welcome at home. About two in three Americans said that too many adult children living with their parents after college overextend their stay, according to the Coldwell Banker report. Meanwhile, 57 percent of adults believe that when graduate return home, the arrangement prevents parents from moving on with their lives.
- Of the parents surveyed, 24 percent said that adult children could live at home as long as they want — thanks, Mom and Dad!
- The Northeast was the most open to boomerang kids; adults there said that graduates should live on their own after five years, while Americans in the Midwest, South and West feel the move-out date should occur within four years.
- A solid 82 percent of respondents said adult children should pay rent and 92 percent thought that boomerang kids should do their own chores.
- Women are more tolerant of kids moving back home: 16 percent of men believed that an adult should never live with parents after graduation, whereas only 11 percent of women shared that sentiment. However, women are more likely than men to expect adult children to do chores (95 percent versus 89 percent) and pay rent (85 percent versus 80 percent).