You likely never anticipated you would be at this stage of your life and living with your parents. Maybe an unexpected job loss or a failed relationship has changed your living situation, or perhaps you’re simply moving back home so that you can save for a down payment to buy a home or pay off student loans. 
Regardless of the reason, moving back in with your parents after you’ve already flown the nest can feel like a setback. However, know that you are in good company. Currently, 52% of adults aged 18–29 are living with their parents, the highest number since the end of the Great Depression.1
Before making the move, here are a few tips to consider:
Consider your relationship carefully.
If you have a good relationship with your parents, they will likely be thrilled to have you back at the house. But if your relationship with your parents is rocky, a move back home may cause further issues. Even under the best circumstances, living in close quarters with your loved ones can put everyone’s patience to the test. To ensure that this move will benefit both your mental and financial health a good idea would be to make a list of all of your living options and determine what makes the most sense for you.
Assess the living situation. Is there an appropriate space where you will have privacy to work and take zoom calls? Will you be able to co-exist with the household members and their various schedules and routines? It’s wise to talk through the household schedule with all family members and ensure that your presence won’t disrupt their routine, and vice versa.
Establish boundaries.
Living at home as a young adult is much different than living there as a child, with a whole new set of potential conflicts. Your parents may still want to know where you’re going or who you’re going with, even though you’re not a teenager anymore. If you’re dating or in a relationship, your folks may be uncomfortable with your partner spending the night or hanging out in shared living spaces with the rest of the family. Make sure that you’re all on the same page before you unpack.
Do your share.
No one likes a freeloader. If your parents are letting you live at home rent-free, make a concerted effort to contribute to cleaning, cooking, and grocery shopping. Even if they are charging you rent, it’s wise to understand if they have other expectations of you while you’re under their roof. Discussing these things ahead of time will potentially avoid future conflict and resentment.
Don’t get too comfortable.
It can be easy to fall into the comforts of living back at home. You’re saving money on rent and spending time with your family. What’s not to like? If you eventually want to move back out on your own, you’ll need to actively work towards that goal. If you’re unemployed, make sure you set aside time each day to network and job search. If you’re back at home to save money, make sure that you have a budget in place and you’re sticking to it.
Just because you’re back at your parents’ house doesn’t mean that your dreams and goals are out of reach. Use this time to reset and re-evaluate your financial plan. Not sure how to get started? A financial professional can assist with helping you set financial goals, establish a budget, and set up an emergency fund so that you can fly the nest for good.
Interested in learning more? Book a consultation.
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This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.
Citations:
1 pewresearch.org/fact-tank/2020/09/04/a-majority-of-young-adults-in-the-u-s-live-with-their-parents-for-the-first-time-since-the-great-depression/ [9/4/20]
This material was prepared by LPL Financial, LLC.
