Here's why letting your college grad move back home could be a bad idea.
When John and Colleen Story's oldest daughter, Becca, graduated from college with a teaching degree, it was their idea that she move back home with them and save money while she got her career off the ground.
Fifteen percent of 25- to 35-year-old millennials were living in their parents' home as of 2016, according to Pew's analysis of the most recent census data. The number of young adults postponing romantic partnerships and marriage has also contributed to the growing share of those who are still living at home. The median marrying age has risen steadily for decades. It's now 27 for women and 29 for men, up from 20 for women and 23 for men in 1960, according to Pew.
For parents, however, having grown children at home can be substantially more expensive at a time when their own retirement looms. From medical coverage to auto insurance, groceries and Netflix, there are hidden costs that can quickly derail even a well-padded savings account. In fact, adult children returning home can have a substantially negative impact on parents' wellbeing, according to a recent study from the London School of Economics published in the Journal Social Science & Medicine.
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