Most young adults who moved back in with their parents during the pandemic focused on clearing debt.
The pandemic turned back the hands of time for many empty nesters as their homes were suddenly filled with young adult children returning to the relative safety and financial security of their parents’ homes. But in the two-plus years since the pandemic’s onset, only a third of those who returned home during the pandemic have spread their wings and flown their parents’ coop again.
LendingTree surveyed more than 1,300 parents and/or Generation Zers or Millennials to get their thoughts on pandemic parent-living arrangements. Here’s what the study found:
Nearly 3 in 10 Gen Zers (ages 18 to 25) are camping out with their folks to save money during the pandemic, followed by 18% of younger Millennials (ages 26 to 34) and 17% of older millennials (ages 35 to 41).
The younger age groups are more likely to have already moved back out. Those ages 26 to 34 lead the flight away from the nest (14%), followed by 13% of 18- to 25-year-olds. Only 8% of 35- to 41-year-olds who moved to their parents’ homes during the pandemic are back on their own. One in 10 Gen Zers and Millennials are still considering trading freedom to save dollars. The 35- to 41-year-old group is the most adamant about avoiding a move back under their parents’ roof (67%), followed by those ages 26 to 34 (56%) and those 18 to 25 (49%).
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