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Yes, It's OK to Charge Your Kid Rent Comments

  • By DailyWorth Team
  • January 28, 2013

So your kid is armed with a shiny new college degree. Next step: moving back home?
 
“Boomerang kids” are a growing (and not necessarily bad) trend. 
Returning home has lost its stigma in the recession: 78% of boomerang kids are happy with their arrangement, and 77% feel optimistic about their futures—and their finances. 

But when your 22-year-old returns, you need a plan.

First up: rent. Nearly half of boomerang kids pay rent, and 90% help out with their parents’ daily expenses, according to a recent Pew survey. Setting a token rent payment and holding your kid responsible helps her develop a habit she’ll need when she moves out, says Dr. Carl Pickhardt, psychologist and author of "Boomerang Kids."
 
As for unemployed kids, Pickhardt recommends setting a rent anyway: once your boomeranger gets a job, she’ll owe back payments.
 
Feel awkward? Take it as a good sign. “Yes, it puts a strain on the relationship—and it should,” says Pickhardt. “Otherwise, your child will never move out." 
 
Ideally, a returning grad should be grateful to have a home. Parents should be grateful that they are able to offer support—which will enable their children to become successful, independent adults.

Tagged in: Spending, Budgeting, Kids

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