Key facts
- 18% of adults aged 25-34 lived with their parents in 2023, according to a Pew Research study.
- Keara Callahan moved back with her parents to save money and travel after leaving a high-rent city.
- Luke Howland is saving to buy a home after selling his business and moving back home.
- Danny Stewart is paying down $10,000 in credit card debt by living with his parents.
Rising housing costs, significant student loan debt, and a scarcity of affordable homes are compelling a growing number of young adults to move back in with their parents. In 2023, 18% of individuals aged 25 to 34 were living with their parents, according to a Pew Research study.
Keara Callahan, a 25-year-old government tech consultant, relocated from Miami to Northern Virginia to live with her parents. She found that her salary, while good, was insufficient to cover the high cost of living alone in Miami, where average rents exceed $3,200 per month. Callahan viewed this move as a strategic financial decision, enabling her to save money, quit her job, and pursue a career as a content creator while traveling internationally. She plans to move back to Miami independently in the future, feeling more financially secure.
Luke Howland, 24, returned to his parents' home in Arizona after selling his electric-bike retail business. He decided against renting a new apartment, opting instead to save money with the goal of purchasing his own home within two years. Despite a 2019 Urban Institute study suggesting that adults living with parents in this age group may be less likely to become homeowners, Howland is motivated to achieve his goal.
Danny Stewart, 28, a public relations professional, moved back with his parents in Chicago to address $10,000 in credit card debt. He incurred the debt after moving into his first apartment and purchasing a car, initially using credit cards to defer costs. Stewart realized the debt would worsen if not addressed, leading him to give up his apartment to improve his financial situation.