Study: More adults living at home with their parents, mooching money
Society is seeing more and more adults living at home with their parents and depending on them for food, phones, utilities and entertainment, according to a new report.
Vouchercloud.net released a survey that shows there are more adults living at home with their parents well into their twenties and beyond, costing their parents an average of $2,300 per year.
Thirty seven percent of parents also confessed that their adult, home-bound children don’t contribute toward living expenses.
More than 2,580 US citizens took part in the study, with an equal split between male and female respondents, all of whom had a child aged 21 or older living with them in the family home at the time of the survey.
Over half – 66 percent – of these respondents revealed their adult children who lived in the family home were male, while only 34 percent had female adult children living at home.
A majority of respondents – 42 percent – said that they had children aged between 21 and 24 living at home, while 37 percent had children aged between 25 and 29 at home.
One in five respondents, the remaining 21 percent, had children aged 30 or older living at home.
The results showed that a majority of parents - 41 percent – accumulate over $2,000 of annual expenses due to their adult child remaining in the family residence. Only 8 percent spent less than an additional$1,000 per year while their child lives at home
How much do adult children cost their parents?
-Groceries – $1,250
-Insurance – $100
-Utilities – $440
-Phone Contract – $250
-Entertainment – $260
Sixty-three percent of respondents said their adult kids did contribute toward their household expenses. The remaining 37 percent said they got nothing.
“With the current economic situation and the recent rise in house prices, it is no surprise to see a number of American adults still living at home with their parents,” said Matthew Wood of vouchercloud.net.
“It’s interesting to see the average young adult seems to favor staying at home with mom and dad. It is important to remember that many of these young adults might have accumulated a lot of debt from college and possibly other lifestyle spends, so spending a few years back at home really can be the best option for many”