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Young adults are moving back in with their parents because of the economy and the rental market

Young adults across the DC region are choosing to move home with mum and dad, and while free housing reduces monthly expenses, it’s not without a cost.

Young adults across the DC region are choosing to move home with mum and dad, and while free housing reduces monthly expenses, it’s not without a cost.

In Virginia, 42% of young adults have moved back in with their parents. In Maryland and the district, around 27% made the same choice, according to online real estate service ISoldMyHouse.com.

It’s called “home boomeranging,” and a quarter of young adults in the DC region have done it in the past year. Many of these decisions are dictated by the economy and the real estate market. The average home rent has increased 8% over the past year.

It also means a lot of changes for mom and dad. Of the 27% of young adults between the ages of 18 and 35 who moved back in, 16% also receive financial help from their parents.

About 15% of parents said they had to postpone retirement because of this, and another 22% said that instead of downsizing, they are now looking to move up. When asked how they perceive the new dynamic, 11% of parents said they felt stressed.

However, the survey also found that the choice could help young people’s mental and financial health, which could have positive effects in the future.

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