Why are so many more young people living with their parents? Gen Z on their struggle to move out
NEW YORK -- It's no surprise that the cost of living is causing Americans to cut back, but it's also causing some to move back.
According to Harris Poll for Bloomberg, roughly 45% of people ages 18-29 are living at home with their families. That's the highest figure since the 1940s.
So who are they, and what are their stories?
"I've done everything right. I went to college and I graduated debt-free. I've been smart with my money. but I still don't have enough," said Annelise Sforza, who's 30 and lives at home.
"White Americans have this thing where as soon as your kid turns 18, ping, they're out and they can't come back, and they have to learn to be independent, blah, blah, blah. And that is a really, really individualist, isolationist mindset that my parents have always found so foreign," said Mia Arias Tsang, 24.
Young adults living with their parents has become so common that Gen Z themselves have created businesses to help their peers.
"I am one of the co-founders of 'Gen Z for Fin Lit.' Me and Matthew both founded the organization in 2021 after taking a personal finance class at our school. We realized, 'Hey, a lot of the information on the topics, the tools we're learning, are super important for everyone to know,'" said co-founder Stephen Lin, 18.
"A kid comes back at 25 and feels the need to move back in with their parents. That might not make sense to a lot of parents who were able to move out at 20 to pay their college tuition by working in the summer. That's really not the reality anymore," co-founder Matthew Shadid, 18, said.
"One of the biggest things is less about what it's actually like to live in your family and more how the world kind of perceives that," Arias Tsang said.
"What does it look like to move out? It's been an alternate lifestyle. Does that mean converting a bus and living in and traveling? Does it mean buying a small piece of property and living off grid?" Sforza said.
Many young adults still struggle, and find themselves stuck in an area that can feel shameful to talk about. But there are ways to be proactive in your financial planning to help reach your goals.
"But what students can do is learn of personal finance, learn about budgeting, saving, investing from a young age to put themselves in a better financial position compared to their peers," Lin said.
Maggie Cole will be reporting on this throughout 2024. Are you in a similar position? Let us know, and we may contact you to cover your story.