Many young people from Gen Z, also known as Zoomers, are choosing to live with their parents. They are doing this to save money due to the recent high cost of housing. However, this choice has hidden emotional and financial downsides. According to Business Insider, living at home isn’t truly free even though they don’t pay rent. There are mental health challenges and possible long-term financial impacts that come with this decision.
Gen Z: Balancing Short-Term Savings and Long-Term Goals
Living with your parents as a Zoomer can save you money now, but it might cause problems down the road. Every advantage has its drawbacks, and in this case, reports prove it.
Research shows that staying at home can make it harder to become financially independent. You might also find it challenging to buy your own house. It can feel like you’re saving money, but there are drawbacks. Living with your parents might actually delay essential steps toward your financial future.
Financial Challenges Push Gen Z Back Home
Economic challenges are forcing many in Generation Z to move back in with their families. A survey by Harris Poll for Bloomberg made a finding. It found that over 40% of young adults say saving money is their main reason for returning home. Also, 30% of them admit they can’t afford to live on their own.
However, there are other reasons. About 19% of them had other important reasons, including wanting to pay off debt. 16% of the Generation Z population said they are recovering from unexpected financial problems. 10% are dealing with unemployment.
The Emotional Challenges and Personal Growth of Gen Z Individuals
Living with your parents can have more emotional effects than just feeling frustrated. Business Insider highlights young adults who say staying with their parents limits their personal growth and hinders their social life.
Sarah Obutor, a 20-year-old, moved back to her family home in Georgia because of mental health issues. She shared that returning home has been emotionally challenging for her. She expressed a common feeling among Gen Z in similar situations. She said, “They still see you as a child, no matter how old you are.”
How Living with Parents Affects Social Life and Independence
Living at home significantly limits the social activities of Gen Z individuals. Not only that, it also increases their dependence.
Amy Lewthwaite gave an explanation. She said, “When you live with your parents, you don’t have the freedom to do more adult things. Things like hosting a dinner party or having a wine and cheese night can be banned.”
Prolonged Financial Dependence
The research carried out on the future implications of Gen Z individuals living with their parents does not entirely show positive results. The study shows that these young adults are less likely to buy their own homes within ten years.
According to a study by the Urban Institute, staying at home longer can delay financial independence and the ability to build personal wealth.
The Unattainable Dream of Buying a Home
For many in Gen Z, owning a home might feel out of reach. Even though some people are trying to buy houses, it’s becoming more challenging.
The National Association of Realtors says that the average age for first-time homebuyers is now 36, the highest it’s ever been. Many Gen Z individuals share this concern, as a Freddie Mac survey shows. The survey shows that over one-third of the people in their generation doubt they’ll ever be able to own a home.
Changing Attitudes, Stigmas, and Public View
Millennials used to be judged for living with their parents. However, the case is different with the following generation. Gen Z individuals are seeing more acceptance from society.
According to Bloomberg, most people today recognize the financial struggles that lead young adults to stay at home. They understand the economic problems that lead young adults to stay at home, which makes them more supportive of multi-generational living. This change shows that society is becoming more understanding and less critical of young adults who live with their parents.
Understanding Mental Health When Living with Parents
Living with parents can affect your mental health. Research shows that it can lead to more feelings of depression. According to The New York Post, not having enough personal space is not exactly a good thing.
The lack of personal space and freedom can cause stress and other mental health problems. It’s essential to think about these issues when deciding whether to live at home.
Gen Z: The Stress of Falling Behind on Life Goals
Many Gen Zers feel like they are not keeping up with their peers. They think this way because they believe they are delaying important life events. Some of them sense that, unlike their peers, they are not buying a house or starting a family.
In a 2022 survey by Relate, 83% of Gen Z participants said they feel pressured to achieve traditional life goals. Millennials felt this way, too, but there’s a difference. The percentage of Zoomers who feel this way is higher than that of millennials and much higher than that of older generations.
Changing Views of Adulthood Among Gen Z
Young people in Generation Z are redefining what it means to be an adult. Jeffrey Jensen Arnett, a psychology professor at Clark University, made an interesting observation. He observes a new stage of life called “emerging adulthood” occurring.
This phase postpones traditional adult responsibilities such as getting married or having children. Responsibilities that were previously expected in one’s twenties have been postponed until later in life.
Adapting to Changing Life Stages
In his discussions with young adults who live with their parents, Arnett identifies a shared sense of being in a transitional phase of life. These individuals are no longer adolescents but have not yet achieved complete independence. This prolonged period of transition reflects a broader societal trend. This trend shows where traditional milestones of adulthood, such as moving out and becoming financially independent, occur later in life.
Arnett emphasizes that this delay does not stem from laziness or a lack of desire to mature. Instead, it underscores societal changes where the expectations and timelines for adulthood have shifted.