Boomerang Generation: Older Parents Living With Their Offspring Again

Cohabitation in the Property Market

Unless you are part of the Boomerang Generation, or the generation that parented them, you might not fully appreciate what has been happening in recent years.

Many people have pointed their fingers at the cost of living and the difficulty in getting onto the property ladder, and these may both be factors, but there is still a sense of mystery surrounding the new-fangled trend of children returning home during their 20s and early 30s.

It seems obvious, with all the media surrounding housing prices, that the reasoning is simple – young adults fresh out of university with nigh on £30k of debt to their name, simply cannot afford rent, let alone a mortgage.

But it isn’t the sole reason for the increase in cohabitation amongst older and younger generations. In fact, it isn’t even the primary reason.

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Home is where the heart is

As much as we complain about the current house prices in the UK or US, many couples find that they have the adequate funds to afford a mortgage. What makes mortgages tricky, is that you are left to pay them by yourself once you’ve put down the initial deposit.

It turns out that one of the main reasons for youngsters returning home to live with their parents is the bitter sting of love.

It makes, we think, practical and emotional sense. In the wake of a break up there are few people who would feel comfortable to return to an empty home that they are now entirely responsible for. And should things be a little, well, messier than that, you might not feel entirely comfortable in that home anymore.

(Most) parents will understand the need to be around loved ones in times of emotional turmoil. They’ll likely understand that you are unable to afford a place of your own. They may also appreciate a hand around the house themselves – after all, they aren’t as fit as they used to be.

Preparing to Buy a House

Unless you’re lucky enough to go into a well-paid job straight out of your degree you may find that you have to spend some significant time spending before you can even consider the idea of buying a house.

This is obviously made far more complicated by bills, rent, soaring petrol costs and so on.

As a result there are many young adults (and in many cases, their partners) who’re returning home so that they can save some money.

There will be some parents that are quite happy to forego the prospect of you ‘paying your way’, just so that you can save more money for your objective. Others would obviously like you to pay your keep – it is only fair.

Care Homes

On the other end of the spectrum there is a rise in children returning home to look after their parents. With care homes going out of fashion, it makes sense for us to return to the family values of looking after one another in maturity as well as in youth.

There are a few benefits to this arrangement – parents are able to bestow life lessons upon their children, whilst the costs of a cohabited house are split.

With all these incentives to return home, it is hardly a surprise that the Boomerang Generation has come into existence. And whilst you may think that the older generation might be less than pleased to see their children returning home as they plan for retirement, it seems as though the move is quite popular among parents.

Gavin Hockett is the Branch Manager of Balgores Property Services in Romford. Gavin has extensive knowledge of the local area and takes a keen interest in the property industry news.