Millennial Rite of Passage – Moving Back Home

NeighborhoodThis year we have heard a lot about how a high percentage of millennials still live with their parents.  Much of this is attributed to people getting married and having children later.  It is easier to live with your parents if you are not bringing your spouse or kids.  When I graduated college without a job the first thing I did was move back home for nearly two years.  It sure saved me a bunch of money and allowed me to eliminate my student loans in a few years.  Well guess what, we are back from China and living with my parents.  It is a transition period so that is OK right?  I’m curious what you guys think is the appropriate amount of time to live with your parents.

How long is it OK to live with your parents after college?

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My thoughts

I’m for living with parents if you are not being a burden.  I wouldn’t recommend moving back in if it is going to make your parents move to the couch.  Be respectful, millennials already get a bad rap.  See if you can help take out the trash, help get a good deal on appliances, or fix the printer.  Why are printers always having problems?

If you left for college and your parents never got around to making your room into a quilting center then it could be a great place to stash your stuff.  Before we left for Taiwan we sold all our big  items and were left with a desk and a bed.  We survived out of three suitcases so not sure why we own so much more.

Savings

I know someone living in San Francisco sharing a room who pays $1300.  If you live at home for two years in a high cost of living area that could save you over $30,000 and if applied to your student loans this could mean savings of over $35,000.  Depending on how much you mooch (internet, Netflix, dinners) you could save hundreds more.

Conclusion

Living with your parents is more common in some cultures than others, but if you and your parents are comfortable with it, it should certainly save you some money.  However, it requires a lot of thought because it is a big change in lifestyle that will affect you and your parents.
In my case, I also have a wife, so I would only want to stay a couple of months.  Our Cal King bed certainly takes up a lot of my childhood bedroom.  Good luck on your living situation whether you live alone, with others, or with family.

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