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According to the Pew Research Center, after 80 years of statistical data, it is the first time that more than 52% of children between the ages of 18 and 29 live with their parents.
In the case of Latinos, this percentage rises to almost 58%.
Given the effect of COVID, the closure of university campuses and the number of layoffs, which they live with, has affected minorities in the USA.
What young people live in the United States vs. other countries
Anyone who has had contact with North American culture knows that children live with their parents until very early ages.
In contrast to Spain, which has an average age of almost 30 years and other Latin American countries, where children do not have the possibility of moving as they wish.
Latino vs North American Thought
Seeing this information, the first thing that comes to mind is: “I couldn’t ask my daughters to leave the house…
Rather almost if they lived at home one would always be happy to know they were always there.”
A study carried out by Porsche: In the USA, 65% of the parents consulted stated that they wanted their children to leave as soon as possible.
The most common response is that our Latino culture promotes more family life; But since this is a personal finance blog, we wanted to see what other reasons might exist:
1. Do your adult children live in your home? Do you know what your child spends on average in the USA for a year at home?
According to a survey conducted by the Personal Capital firm, it can cost you about $5,500 a year for each child.
And it is that the great reality, as we Latinos say, is that it is one more mouth to feed.
For example: if you want a pizza delivery night, you are not going to tell your children that they are not going to eat and of course the cost goes up.
2. In the United States, independence is a fundamental value
Parents know that it is not easy to maintain a home where their children live as if they were in a 5-star hotel.
Therefore, moving to a place for them allows them to learn that there is rent to pay, buy food, clean, among others.
When they live alone, they learn to manage and others not so much; statistics show that for every 3, at least 1 young person returns home after two years.
3. The American economy allows some young people to start generating income
Which, for many young people in other countries, it is difficult to be able to save for the down payment of a house, which is not in the minds of many Millennials.
So: until what age should my adult child live in my house?
The big answer is, it depends on many factors.
However, our main suggestion would be: first remember that the return of your child to your home, although it brings many joys, also other challenges.
It represents an investment that you are going to have to make, it would be interesting to take some of the suggestions of the North Americans.
Then, they will establish a deadline where of course you will help him look for a job and achieve his transition taking into account that:
- You must continue to strengthen your retirement plan so as not to be a burden to your children in the future, which would be the worst case scenario.
- If he stays forever in your house, it will be difficult for him to learn to be independent.
As they say over there: To the extent that you help yourself, you help them!
Founder & CEO Advise Financial
Alonso is a “CERTIFIED FINANCIAL PLANNER™” who is dedicated to increasing the Financial Well-being of nurses, physicians and successful immigrants in Florida and Texas. With more than 20 years of experience in the world of finance, always working for the best interest of his clients, under fiduciary criteria.
