By Marilyn Kennedy Melia, CTW Features
During the pandemic, now 28-year-old Megan Zuckerman left her New York City apartment for her parent’s home in New Jersey.
But seeing friends struggling to find affordable rentals in the city now, she’s decided to stay with family to save for a down payment and avoid continually facing a lease expiration.
She’s hardly alone. Although there aren’t statistics on the number of young adults living with a parent to save for a down payment, the Pew Research Center reports that in March 2021, 22.6 percent of 22 to 34-year-olds were living in the home of their parent.
“This trend is growing so popular,” says Dino Di Nenna of Southern Lifestyle Properties in Hilton Head Island, SC.
Still, not all family dynamics allow for easy multi-generational living, albeit temporarily. If you’re considering the option, those currently taking on the challenge and making it work share their thoughts and suggestions:
- Contribution considerations.
“If your family is struggling to make ends meet, you should be expected to ‘pay rent,’ asserts Paola, Perez, owner of Corporate-Millennil.com, who lived at home until she bought a home at age 26. If not a nominal rent, covering an expense like groceries “gives you more independence. You are an adult and you’ll want your parents to see you as one.”
- Setting a worthwhile goal.
As a lender with Amplify Credit Union, Austin, TX, Alex Rodriguez is “reminded every day” that homeownership offers financial security.
Earlier, his son experienced moving and changing schools when rent hiked, and that’s why father and son have devised a plan to allow him to save post-college by coming home.
- Stay motivated.
Guadalupe Sanchez came home when she left college at 22 with $43,000 in student loans. In six years, she paid it off and saved enough for a down payment. Set weekly updates on your phone to monitor savings to keep psyched on building balances, she advises.
Zuckerman says that being a short hop from the city allows her to keep up with friends and makes staying with her family longer easier. Plus, browsing real estate listings keeps her goal top of her mind.