It Costs a Lot When the Kids Move Back In
NEW YORK (TheStreet) -- So you're looking to save on some household bills?
There are many ways to do that, starting with cutting your cable bill, reducing your mortgage rate with a refinancing deal or even moving to a smaller house.
But one surefire way to make your household budget balloon right back up again is to invite an adult child to move back into your house.
Sure, you may not have much of a choice. According to Gallup 28.4% of Americans in the 18-to-29 age group were "underemployed" as of July 31.the Pew Research Center and Securian Financial Group, or about 36% of all U.S. young adults between the ages of 18 and 31. "Most of these young adults are in the dark about the effect they have on their parents' finances," says Michelle Hall, a market research manager at Securian Financial Group. "Nearly 45% say their living at home has no financial impact. Yet elsewhere in the survey, nearly half (44%) of those same people said they are unsure of the impact. They simply do not know how living at home affects their parents financially." few parents make financial demands on them." A separate study from the National Endowment for Financial Education says that 25% of parents with adult children under the same roof go into debt, while 60% of U.S. parents are "financially supporting" their adult children. In addition, NEFE says that 13% of parents put off buying a new home, and 7% delayed retirement to help their adults sons and daughters out financially.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV