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More Young Males Living with Parents Longer
A bad economy, poor employment prospects, and increasing mortgage foreclosures,means that more young American males are still living with their parents, according to a study released by the US Census Bureau.
And depending on race and culture, it may not be such a bad turn of events for all involved. As the babyboomers age, having in-home companionship and care becomes more important. And for some brothers (and sisters) who return to the nest, it’s an opportunity to reign in bills and debt and increase savings for a more stable future. So here are seven advantages to consider when staying in the family home longer.
Advantages of Returning Home:
1. If you’re under age 26, you can access health insurance via your parents policy (albeit it has dependent coverage) per the Affordable Health Care Law.
2. Entrpreneurship never sounded so good. Risk-taking is less risky when its done under mommy and daddy’s roof. Start a business.
3. You have more time to connect and develop deeper family ties. Don’t miss an opportunity.
4. Continuing your professional development, whether its school, seminars, training, etc.
5. Strategizing your next “big move” without the pressure of eviction, utilites, etc. is a gift. Take time to size up what’s next for you because now you have the benefit of time. Use it wisely.
6. Having another adult in the home adds security to the home and can encourage overall responsibility.
7. There is also the added benefit of another potential wage earner contributing to the household income. Make every penny count.
Research supports the trend of adults, especially males, staying in the family home longer, this is especially happening among those just starting out in life. Figure that between 2005 and 2011, the proportion of men age 25 to 34 living with their parents rose from 14% to 19% in 2011. For women in that same time, the numbers rose from 8 to 10 percent.
“The increase in 25 to 34 year olds living in their parents’ home began before the recent recession, and has continued beyond it,” said study author Rose Kreider.
In 2011, 59% of men aged 18 to 24, and 50% of women in the same area range, were living in their parent’s home, which was an increase from 53% and 46%, respectively.
Along with the parents-offspring data, the study also noted that the percent of all households with just one person has consistently risen in recent decades, increasing from 13 percent in 1960 to 28 percent in 2011. The study said it included in those figures students who are living in a college dormitory. Finally, no matter the reason for the living at home longer, there are distinct advantages that cannot be ignored.