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.