Nearly half of homeowners whose adult children moved out have seen them move back in, according to the 2024 Boomerang Kids Survey published by Thrivent.
In an April survey of 2,201 adults, 46% of parents said their adult children returned home to live with them at some point. This “boomerang” was blamed by 50% of the parents on the rising cost of rent and housing – up from 35% in last year’s survey.
The survey found many young adults are delaying financial priorities because of student loan debt, which resulted in delaying such initiatives as buying a home (39%), saving for retirement (34%) or building emergency savings (36%). Additionally, 28% of young adults with student loans say they’re currently living paycheck to paycheck, and only 22% say their first job helped them pay down their debt.
As for the parents of these adult children living at home, 38% said they are struggling to pay off debt (up from 23% from last year) and 37% are finding it harder to save for long-term goals like retirement or housing, up jump from 16% last year. And the parents are not optimistic that their adult children can get their lives in order – 55% said they would give their kid a C grade or lower on financial readiness and 11% would give an F.
“This is a wakeup call that’s gone unanswered,” says Chaz Black, Thrivent financial advisor. “More young adults returning home underscores the enormous – and growing – financial pressures they’re facing after graduation. The ripple effect it has on them and their parents is a problem we can’t afford to ignore.”
