Thanks to msrelo for pointing out today’s article in the PI.
“…living with mom and dad, or mom and dad-in-law, is just practical. The Gwinns are using would-be rent money to pay off debts and save up to buy into Seattle’s out-of-reach housing market. And they are not alone.
While moving home with a spouse has been common in many cultures, now it seems to be hitting the U.S. mainstream for economic purposes — at least in pricey cities such as Seattle.
More than 22 million adult sons and daughters were living in a household maintained by one or both parents in 2005, compared with 15 million in 1970, according to Census Bureau statistics. Fourteen percent of all U.S. families included at least one adult child in 2005 — up 3 percentage points since 1970; a Census analysis attributed the increase to delayed marriage and increasing costs to set up and maintain a household.
Kate Gwinn, 26, said some of her friends moved back in with their parents for a while before they bought houses, and these are young people with good jobs.
“It’s like what all the cool kids are doing,” she joked.
“The problem is, home prices outpaced income growth,” center Director Nicolas Retsinas said. “Moving in with mom and dad gives you that sort of breathing room to catch up.”
This USA Today article provides slightly different statistics.
“Since 1970, the percentage of people ages 18 to 34 who live at home with their family increased 48%, from 12.5 million to 18.6 million, the Census Bureau says.”
Peronally, I could never move back in with my parents. My dad watches Fox News 24/7 and my mother would insist on washing my underwear… ew.
(Aubrey Cohen, Seattle P-I, 09.28.2006)