30-Somethings Share Why Moving Back Home Was The Best Decision They Made For Their Financial Future


Portrait of happy mother and son embracing

Living on your own is one of the key markers of adulthood. However, as rent and mortgage rates continue to over-index, young-ish adults are moving back home.

As ESSENCE previously reported, a 2022 Pew Research survey found that 18% of the population had moved in with relatives in the last few years, and shows no signs of slowing down.

More than half of the adult children who reported living with their parents said it benefits them financially. Another 30% reported they don’t pay major bills like rent or mortgage, which helps offset any debt repayment they may have. Additionally, Bloomberg pointed out that a Credit Karma survey reported that 29% of 18 and 25-year-olds are at home with family and have no plans to move out anytime soon.

This rung true for some boomerang kids that took to social media to share why moving home was a smart step for them, and why they aren’t interested in being shamed about.

This user shared that among many financial accomplishments she achieved after moving home, they were able to pay off a vehicle. This is notable since the average car payment for new vehicles was $726 in the third quarter of 2023, per data from Lending Tree.

Another user shared he worked multiple jobs when he moved to be able to purchase a home. This is a feat since inflation has impacted mortgage lending rates by several percentage in the last few years.

“The peak in mortgage rates is behind us, but mortgage rates are not going to decline as fast as everyone would like them to,” said William Raveis Mortgage regional vice president Melissa Cohn in a recent Forbes Advisor report on current mortgage rates..The Fed and the markets will now closely analyze all data, and when there is a consistent flow of weaker data, the door will be opened for the Fed to initiate their first rate cut, hopefully, at the end of the second quarter.”

Would you be able move back home to prioritize your financial health?


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