There is an interesting trend developing in single-family homes: the kids aren’t leaving!! U.S. Census Bureau statistics show a whopping 14% increase in the number of families with grown children living at home.
Rising tuition, a sluggish job market and the high cost of rent are the major reasons that adult children are moving back or staying at home. Consider that in cities like Los Angeles, Atlanta and Boston, it is common for rent for a one-bedroom apartment to exceed $1,000 a month!
Instead of sharing a place with ten roommates, kids are opting to stay with their folks and save money for down payment on their own home. This presents a wonderful opportunity for parents to foster their children’s financial security and responsibility.
Parents might consider buying a property where their child attends college or university, building equity until graduation. Then you have some choices. Keep it and gain income from renting it (although you’ll probably have to hire a maintenance person). Or sell it, likely at a profit. Or maybe your son or daughter will want to stay.
If you’re looking at new houses and anticipating an adult child living at home, look for amenities like ample parking, guest suites (remember when they were “mother-in-law suites”?), or a guesthouse. Today’s real estate market offers many options to accommodate this recent trend toward “boomerang” kids.