There is a growing trend where people are staying with their parents a lot longer than they once may have. With the exception of leaving for college, the average age for Gen Z to move out is 27. Things have definitely changed and we have outlined 17 reasons why Gen Z won’t move out of their parents’ basement.
Cost of Living
The main reason why people are not moving out until later in life is due to financial constraints. High living costs and low wages make it challenging for Gen Z to afford to live alone. Savings are also lower due to the cost of living and it is pretty difficult to make it on your own.
Student Loan Debt
With loan companies chasing you for repayments, a significant amount of your budget is eaten into each month before you even consider living costs. Student loan debt burdens Gen Z and with low starting salaries fresh out of college, the debt is significant. According to Forbes, the average student loan debt is $28,950.
Job Insecurity
It is not a wise move to put your name on a lease or purchase a property when you don’t have great job security. However, this generation is facing precarious job markets and a gig economy that offers unstable income. This discourages independent living as the risk is too high.
Housing Prices
Skyrocketing housing prices and rental rates make it difficult for Gen Z to find affordable accommodations. For those wanting to get on the property ladder, the entry point is not easy. However, rental prices are higher than monthly mortgage payments making renting even harsher on the budget.
Delayed Marriage
It is still common for people to stay at home until they marry. For many, there is no incentive to move out unless they’re moving in with a partner. However, Gen Z are not getting married as early as other generations. Census Bureau found for men, the average age of marriage is 30, while for women, the average age is 28.
Digital Nomadism
Since the pandemic, remote work has soared in popularity. It was once common to move to the big cities in search of work, but remote work allows Gen Z to work from anywhere, reducing the urgency to move out. You can get the same opportunities in your hometown as you can anywhere else.
Comfort and Convenience
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Living at home offers both comfort and convenience that living independently just doesn’t provide. Even as an adult, there’s still pleasure in being taken care of by your parents. Who wants to give up having someone doing your laundry and making your meals?
Financial Support
Gone are the days of standing on your own two feet as soon as you’re an adult, many Gen Z individuals continue to receive financial assistance from their parents well into adulthood. Rather than acquiring something solid, it is more common now to test the waters and dabble with jobs that might require parental support.
Lack of Responsibility
Responsibilities are limited when you live with your parents and you can enjoy the freedom that offers you. Once you move out, you have to enter the real world and can’t enjoy the same flexibility. Some Gen Z may also lack the skills and responsibility required for independent living.
Social Connections
There is currently a loneliness epidemic affecting Gen Z with 73% stating they feel lonely according to CNBC. Living alone can be very lonely and living with parents allows for social interaction and companionship. This has been especially highlighted in recent years when we all experienced some form of social isolation.
Savings Goals
Gen Z prioritizes saving for future goals such as travel or education over immediate housing expenses. With no immediate need to move out, there is plenty of flexibility to use your finances to enjoy your youth instead. There will be plenty of years when all your money will go on housing so save for fun experiences while you can.
Mental Health
Verywell Mind says that Gen Z are talking more openly about their mental health than previous generations. With greater awareness, there is less pressure to just get on with it and living at home may provide a supportive environment for mental health struggles.
Lifestyle Choices
Alternative living arrangements appeal to Gen Z’s values and lifestyle preferences. The stereotypical idea of moving out, getting married and having children is no longer held to as high a standard as it once was. If your needs are met from living in your childhood home, where is the desire to move out?
Environmental Concerns
This generation has a deeper awareness of environmental concerns than previous generations. Gen Z has the highest consideration for the environment and has been dubbed ‘the sustainability generation’. Sharing resources reduces carbon footprint and aligns with Gen Z’s environmental consciousness.
Uncertain Future
The economy is constantly in flux and recently, it hasn’t looked positive. Economic instability and uncertainty in the housing market discourage any desire to commit to independent living. It is a risk assessment of putting your finances on the line when you don’t know what may happen.
Cultural Norms
Multigenerational living and interdependence also influence Gen Z’s living arrangements. According to RentCafe, 68% of Gen Z still live with their family and in many cultures, multigenerational living is the norm. With people living at home until later in life, this is becoming a more common path.
Parental Influence
Once upon a time, parents couldn’t wait for their children to fly the nest but now, they’re holding on. Parental encouragement and preference for children to stay at home helps to shape Gen Z’s decisions regarding independent living. Fewer parents now put pressure on their kids to move out.
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