Record Number Of Millennials Moving Back Home
KELLER (CBS 11 NEWS) – Drew Maudlin, 23, from Keller lives with his mom, dad, sister, brother-in-law and niece.
“Sometimes it feels a little cramped,” says Maudlin. “It’s nice to see my niece grow up every day. It’s nice to see my mom and dad. It’s nice to get a good meal every night pretty much, and it’s nice to have free rent.”
Maudlin graduated from the University of North Texas in May and has been living at home.
“It was probably the smartest decision I could do for my financial future,” says Maudlin. “Being able to pay back my loans – as soon as I wanted to. Being able to save up for something in the future either a house or apartment.”
According to researchers, 36 percent of 18 to 31 year-olds are living at home with their parents, compared to 32 percent prior to the 2007 recession and 34 percent when the recession officially ended.
It’s also the highest percentage in four decades.
“That first few months when the kids were away, it was like ‘This is great! Paul and I are dating again,’” laughs Robin Hooper from Fort Worth.
Her 21-year-old son moved back in more than two years ago.
“These kids have so much stimulation and so much competitiveness and so much to choose from, their heads are spinning,” says Hooper adding that sometimes it may be hard to handle.
The new study says one of the main reasons why so many have moved back home is the fact there are fewer job opportunities.
For Maudlin who graduated with an accounting degree, the job search took some time, but he says he finally got lucky.
He starts his full time job in September.
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