We leave home. We move into our dorms. We live the college experience. We move back home. Wait, what? That’s right fellow millennials, you read that correctly. Increasingly more millennials are moving back in with mom and dad. I should know. I’m one of them.
That’s right, I’m twenty-four years old and live at home. I have a full-time job where I make a decent salary; I actually even make a bit more compared to some of my peers. I have a very healthy social life (feel free to take a look at my Twitter or Instagram if you don’t believe me!), I’ve been able to save a decent amount of money, and I have never stressed over my finances. I’m able to put a good amount in my 401K each month, and still have money to spend.
For me, living at home is not only because I’d rather spend my paycheck on vacations rather than rent, but also cultural. In case you couldn’t tell from my last name, I come from a big fat Greek family. The movie is accurate; we live at home until we’re married to a nice Greek Orthodox man or woman. I never even considered moving elsewhere post college; it just wasn’t something that any of my friends did. But in today’s day and age, this trend of living at home has moved from solely being for cultural reasons, to just being the smart financial move.
According to CNN Money’s featured Millennials have jobs but still live with mom and dad, 42.2 million millennials are currently living with their parents. This number has increased from 41.9 million back in 2010. To put this in percentages for you, 26% of millennials today live with their parents, compared to only 24% in 2010. This may seem like small numbers, but I assure you it’s not. It’s becoming more and more common to live at home, and it may be something you want to think about when you graduate college. To break it down even more for you, here are some great reasons to live at home.
Cultural
In the past, culture has been one of the main reasons for millennials to move back home. There’s a precedent in many cultures that there’s no need to move out until you’re married. Don’t be hesitant solely because you want to rebel against your parents.
No Rent
Moving back in with your parents may be one of the best financial moves you can make. When you’re first starting out in your career, I guarantee your rent will cost as much as one of your paychecks, if not more. Of course, this varies depending on where in the country you are, however if you are in a city like most millennials want to be, your rent will take up a better part of your salary.
More Spending Money
With no rent, electricity, cable, etc. to pay, you have much more money to spend on things you want. Since January, I have been to Florida, Cancun, and the Dominican Republic, and I have not once had to worry about my finances. I’d much rather have my money going to basking on a beach with a drink in my hand, rather than to some landlord.
Student Loan Debt
This generation of graduates has a higher burden of student-loan debt. Student loans are expensive. Having to pay rent, as well as your monthly payment to Sallie Mae, is ridiculous. By the end of the month, you may be lucky if you have $200 left of your salary to spend on yourself.
Higher Education
More and more millennials are continuing their education past a Bachelor’s Degree. Many of us want to attend graduate school full time instead of prolonging it. Because of this, it’s nearly impossible to work as well, meaning you will not have income coming in. Do yourself a favor and move back home. You don’t need the extra stress of worrying about how you’re going to pay your rent on top of the stress you’ll already be having because of your finals and papers.
Buying a Home
Yes, instead of giving most of your money to a landlord for a small apartment, you can save this money and put a down payment on a house when you’re in your later 20s. Instead of paying rent for an apartment that you will most likely never own, you can save this money and one day own an entire house. Reach big, fellow millennials.
