Is Rising Rent Preventing Young People From Moving Out? Here's What Parents Feel
Most GenZ and millennials live on their own since their college days but they do not fully grasp the concept of adulting. They only realize later that adulting is not just being independent but is a mix of responsibilities and commitments. Living solo can be fun at the beginning but as and when you get settled, there are many unforeseen expenses and costs that can be really tough to manage. The most crucial factor is the rise in living costs with wages remaining at the same level. Hence a larger percentage of US youth has decided to live with their parents until they feel that they are financially stable enough to move out and live on their own.
A TikToker @annoyingtony or Anthony, shared a video in which he sparked a conversation about the major issue his generation is dealing with which leads to the decision of not leaving home and living alone. In his viral video, the 22-year-old from California questions the idea of moving out in this economic climate and blames the surging rent as one of the crucial factors that he prefers to stay home with his parents.
The Pew Research Center revealed results in a recent study which shows that around 57% of the youth aged 18-24 live in their hometown which is just a 4% increase since 1993. The reason behind these numbers is a range of affecting factors including lower wages, layoffs, higher rents, unnecessary expenses, and changing careers. The average rent in the United States is $1,964 and in the locality in which Anthony lives, the median rent goes up to $2,941 which makes it impossible for him to find a spacious house with this much rent.
The minimum wage in California is $16 hourly and if he worked 40 hours a week, he would just have $2,560 in hand, which means he would have to find other income sources to fulfill his rent requirements. A report by Kantar released in 2023 mentioned that around 40% of the GenZ are juggling to do two or more jobs so that they can survive the higher rents. Anthony shares that besides being a certified nursing assistant, he is also working as a freelance graphic designer and pursuing a computer science degree which would be quite a hassle if he moved outside.
Many younger TikTok users, especially students, agreed with Anthony, but parents had different reactions about grown-up kids staying with them. Some parents believe that nowadays living alone for kids is hard due to the high competition and surging prices while during their times, it was pretty relaxed. Parents mostly support their kids and feel they should move when they are ready as seeing their kids in misery is not easy for any parent. A few parents felt it is better that the youth figure out challenges on their own as it is a part of growing and learning how to adult.
Besides the comments, Pew study research revealed that around 18% of parents feel burdened with adult kids living at home as it hampers their retirement savings. Some findings from a Pew study found that around 72% of adult kids share their part in managing home finances with 46% contributing in the rent and 65% in the regular chores and groceries. The lesson of financial responsibility must be taught to both parents and kids which will help them nurture their bond as well as their individual lives skillfully.
