Recession Means There's No Place Like Home
Hoofy & Boo take a look at why adult children are moving back home in droves.
At least you're in good company. The rise in unemployment, along with the shaky economic climate, have persuaded millions of adults to pile all their worldy possessions into a U-Haul (UHAL) -- or a Public Storage (PSA) unit, if Mom and Dad's basement isn't all that spacious -- and move back in with their parents. According to an AARP survey, the number of multigenerational households shot up from 5 million in 2000 to 6.2 million in 2008.
Plus, more than a third of retired parents have helped their kids pay bills in the past years.
Of course, moving back home isn't all cupcakes and daisies. Experts strongly recommend that adults who choose to return home set guidelines to make the transition easier. According to an article in Time Magazine, establishing individual privacy, sharing household expenses, and discussing expectations are key to maintaining a healthy living environment with Mom and Dad.
On the upside, the money that "boomerang" children can save by moving home often goes a long way toward paying down student and credit-card debt. Indeed, there may be no place like home when it comes to riding out the recession.
Join Hoofy and Boo for a closer look at why you can go home again.
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