For the first time in more than a century, more young adults are back home living witht heir parents instead of with partners. It is a very narrow margin, but the 32.1% of 18 to 34-year olds who are living at home with their parents are more than the 31.6% who are married and cohabitating with a partner. According to a study by the Pew Research Center, this is the first time in 130 years that the number of young adults living with their parents has surpassed the number of young adults living with partners.
National Public Radio reported this information in a May 24, 2016 report and went on to say that the Pew research indicates that less educated and Black and Hispanic young adults are more likely than non-Blacks and non-Hispanics and people with more education. Although these numbers are still lower than young adults in southern Europe where young adults are even more likely to love with their parents. For instance, in the country of Macedonia nearly 70% of the young adults still live at home.
In a search for a reason for this new trend, millennials might be quick to point out that the Great Recession happened during this time. In a time when well paying jobs are becoming difficult to find and even college graduates find themselves paying back large student loans, it may not come as a surprise to many of these young adults that many, like them, are living at home.
Affordable Townhomes for Rent May Provide a Way to Move Out from Your Childhood Home
While it is unlikely that many young adults in this group still living with their parents can afford to purchase a home, they may find that townhomes for rent might be an option. Condos and townhouses often come with property maintenance. The fact that someone else is going to be mowing your grass and shoveling your snow means that these renters can continue to work longer shifts or overnight shifts that pay more.
Although living with parents can make monthly bills far more manageable, at some point this age group will hopefully decide to seek a greater sense of independence. Again, townhomes for rent allow first time renters an opportunity to experience managing a budget with a living expense, but not have to deal with expensive and time consuming maintenance and upkeep.
And while townhomes and condos cost more than living with parents for free, they are also more conveniently located. In many urban locations, condos and townhomes for rent are often within walking distance to groceries, shopping, restaurants, and other places of interest. Many are also located by companies that are known for hiring millennials.
Renting Is Often a Precursor to Buying a Condo or Townhome
Before buying a condo, some financial advisers suggest learning to budget and manage a rental agreement first. Once the renter is accustomed to making the monthly payments the transition to mortgage payments is easier. In fact, with today’s low interest rates many mortgage payments are not a lot more expensive than some monthly rent fees.
Although condo and townhome values appreciate at a slower rate than single-family homes, you will still build equity 100% faster than if you were renting an apartment.
Living with parents is an option, but if you are a young adult who is ready to make the move to your own place, townhomes and condos might be a place to start.
Even in Today’s Economic Times, Young Adults Still Try to be Independent
The Pew Research Center study also indicates that another 14% are living alone and are the head of their households. For these individuals, townhomes and condos are still a smart way to begin owning a residence. Even when purchased, many townhomes and condos come with maintenance and landscaping. As first time owners, these tasks can seem overwhelming.
Where do you fall in the latest Pew Research Study? Are you a young adult who is still loving with mom and dad? Are you finally ready to venture out on your own? Are you tired of having to answer to a mother and father the same way you did when you were still in high school? Maybe it is time to reconsider your living options.