Millennials either don’t want to move out of their parents’ home or they simply can’t afford to. Since the economic collapse, college graduates have had a difficult time finding work in their respective fields of study, which has then made it extra hard to pay off their student loans, rental accommodations and daily necessities.
In recent years, millennials have often been criticized for still living in their parents’ basements and failing to find their own apartments. There is actually a term for it: boomerang millennials. As soon as they graduate from college, they return home and stay with their parents while seeking out employment opportunities and paying off debt.
According to the United States Census Bureau, more millennials are moving back home than they were a decade ago. Meanwhile, a 2012 Pew Research Center study reported 19 percent of those between the ages of 25 and 34 have moved back home. Last year, the Federal Reserve published a working paper noting that rising student debt levels could be contributed to nearly one-third of the increased rate in which millennials moved back home between the years 2005 and 2013.
Experts have blamed the recession for this trend, while older observers simply resort to the common description of this tech-savvy, hip generation: they’re lazy, uncouth and entitled.
This demographic probably resents the fact that so many tease millennials for moving back home. Decades ago, it appeared that every teenager and college graduate was rather eager to move out and get their own bachelor pad. Moving on your own meant independence, self-reliance and success. Today, it’s a prevalent move to return to your roots and is now more common than ever before.
With that being said, here are four ways millennials can affordably leave the nest and find their own living quarters:
1. Basement Apartment
Basement apartments are a mixed bag: you’re paying somebody else’s mortgage, it’s sometimes unhealthy and it’s cheap for a reason. However, a basement apartment is affordable for young people and can assist them in paying down their student loans, increasing their savings and accumulating assets. Of course, they’re living on their own.
Do you want to live in the heart of downtown? Do you want to live in a nice condominium or a house? Are you too broke to live on your own? Well, the option of moving into an apartment, condominium or a house with roommates is an option that many consider because it offsets some of the costs associated with renting a space.
3. Bachelor Apartment
Sure, bachelor apartments are small and it requires some innovative design planning to hide the bed, but bachelor apartments are the first step for most people out of high school or college. A quick trip to IKEA can help remedy the size concerns for these kinds of apartments. A little bit of research can help millennials out in finding an affordable bachelor pad.
4. Renting a Room
Finally, renting a room used to be quite popular for young adults. In today’s environment, it’s not so much. However, finding a cheap room to rent can be just as helpful as a basement apartment. A homeowner may want some help paying the common bills, while another homeowner wants another voice in the house. Since you’re dealing one-on-one with the homeowner, then you can perhaps negotiate a fairer price.
Every young adult should move out of their parents’ house as quickly as possible. Moving out on your own creates higher self-esteem, a greater amount of respect among your peers, and a lesson in personal finance (you learn about money management and budgets). Sure, your mother and/or father may be welcoming you home with open arms, but you’re not overcoming life’s obstacles.