Five million young adults are currently living with their parents, according to the Census Bureau – an astounding one in eight 25- to 34-year-olds. But it’s no wonder: Unemployment for people in their early twenties now touches 14%, vs. the national average of 8.5%. Bridgewater and Central New Jersey are no exception to this trend.
New grads are having a harder time finding first jobs, and layoffs are forcing some older twentysomethings, even thirtysomethings, to return home. If your kid comes boomeranging back, use these tips to help smooth the financial transition – for both of you.
1. Consider charging token rent if the kid has income and assigning responsibilities around the home. This establishes that you’re not replaying adolescence and trains new grads to manage financial obligations. Lay out expectations right away, but think about offering an initial grace period on rent.
2. Rather than offering cash outright – which doesn’t teach your kid any lessons and may threaten your own financial security – offer an unemployed kid a hand in finding work. If they just can’t find that perfect job, you may want to suggest that your child take a “for-now” job while continuing to look for the perfect gig.
3. First month’s rent, security deposit, and moving costs add up fast. So encourage your child to have some of every paycheck deposited in a “move-out fund.”
Follow these tips, and you just might get your empty nest back one day.
The DoorPath Team is the most comprehensive online source for Central New Jersey real estate information. Whether you are looking for the latest sales, trends or homes for sale in Somerset, Middlesex Union or Hunterdon Counties in New Jersey, The DoorPath Team at Coldwell Banker Residential Brokerage has it all at your fingertips. Browse information regarding short sales, foreclosures, new construction, investment property, land sales or commercial locations throughout Central New Jersey plus much more at www.DoorPath.com or call us at 908-658-9000 x 159 or cell at 732-302-1771.