A new study by Coldwell Banker Real Estate shows that millennial parents are more open than their older counterparts to the idea of their grown children living at home.
The majority of parents aged 18 to 34 believe their children can live at home for up to six years after college, while parents over 55 capped the time at four years. Nearly one in four parents said adult children can live at home as long as they want.
Living at home seems to impede both children and parents from making their next real-estate move, placing a strain on the move-up and retiree groups, Dr. Ludwig says.
“A generation or two ago, young adults would traditionally graduate from college, rent for a time and then buy their first home. Their parents would eventually downsize, and it was less acceptable for young adults to move home,” Budge Huskey, president and CEO of Coldwell Banker, said in a Tuesday news release.
The home ownership rate among adults under 35 is the lowest of all age groups, according to Census data for the second quarter 2013. Roughly 37% of adults under 35 own a home—a 12% drop from five years ago, according to the Census.
Let us at Acquaint know how you plan on getting your customers to cut the umbilical cord and buy their next home.