Hey Mommy - I Mean Roomie! (Category: Financial Security)
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September 26, 2008 |
12:58 PM
Studies are showing that there's been a huge spike in parents moving in with their children, reports the Chicago Sun-Times. And this goes for parents under 65 too:
The number of parents under 65 in these households increased by 75 percent, and those 65 and older were up 62 percent.
There's also been an increase in folks cohabiting with in-laws and siblings. While there a number of factors that could be behind this, researchers are saying a large reason could be the struggling economy and rising costs of living, which is forcing families to combine expenses.
Stephanie Coontz, director of research at the Council on Contemporary Families, also says that parents and children are closer than they were in the past. This can be a bad thing for what they call the "helicopter parent", who hovers too closely, but a good thing for parents and children developing close friendships in addition to child-parent dynamic.
While it's nice to think closer relationships are the reasons why more parents are moving in with their children, I don't doubt that the economic crisis in this country is a large factor as well. Regardless, giving back to your parents in this way is probably something many children do willingly and happily.
Tags: economic impact, moving in, parents
Comments
Joseph Grant says:
In our case we did not move in with our children but rather they moved in with us as we purchased a new home. My wife and I were looking to purchase a home and had a significant nest egg ready to make the move but family circumstances pushed up our need to make the move ahead of what we originally planned. You can make your own mind up if it was the current financial crisis or just the general state of things in the country.
Factors that moved up our timetable first were due to my son developing severe RA on top of a tumor in his brain. He was responding well initially to treatment but then they insisted that he need live in care even though he has to work to maintain insurance since his disability payments would not even pay for his COBRA. I am already disabled and my wife works so being in another state was just not working. Shortly after this happened my other son and his wife both lost their job with a store closing. So we purchased a home with sufficient but tight space for all of us in GA where we could get something that I can pay the majority of the bills including the mortgage on my SSDI and LTD. My wife and I both have no health care though she should once she is back to work and I will qualify for medicare in a couple of months. My regular COBRA rain out and paying 150% of the premium to continue it until I am on medicare was the difference between getting the house and helping our sons or letting the struggle.
09/30/08 11:25 PM
Anonymous says:
Moving in with the kids? Are you kidding? They moved back in with me!
10/01/08 6:45 AM
jack maggard says:
I keep wondering when america will wake-up. No taxes----no roads,
no schools, no bridges, except for one falling down, no military,
(China take-over)- TOTAL SOCIALISM. Well if you ask me what I
would rather have, then I must admit, more taxes with more services.
Common sense tells you can't have it both way. No taxes, no services. Which one would you rather have??????????????
10/01/08 1:18 PM