More homeowners nationwide are finding themselves housing grown children—in fact, the share of adults who live with their parents has gone up since the 1970s.
Many parents, according to findings from a new survey, are concerned about just how long their grown children will stay in the nest—and if they’ll be able to fly out on their own at all.
Ahead of Mother’s Day, the non-profit NHP Foundation recently surveyed 1,000 moms to gauge their attitudes about housing grown children. About 30 percent of those surveyed are “anxious” about their grown children living in their home for a long time, and roughly 40 percent “worry at least once a day” about their grown children’s ability to afford “desirable” housing. Forty-three percent, in addition, are “very concerned” about climbing housing costs. Home prices hit a 32-month high in April.
Most moms are not playing landlord, the survey shows. Just 41 percent of those surveyed report their grown children pay rent, while 30 percent report their grown children are “actively looking for other places to live”—though only 24 percent of those surveyed would help their grown children pay for a mortgage or rent. Sixty-five percent of grown children, notably, are employed.
A considerable share of those surveyed, as well, are not confident the Trump Administration will make affordable housing a priority. In March, the Administration proposed a 13.2 percent budget cut to the Department of Housing and Urban Development (HUD), which oversees key affordable housing initiatives.
The NHP Foundation’s President and CEO Richard Burns says preserving the Low-Income Housing Tax Credit (LIHTC) is one step toward ensuring housing remains within reach.
“LIHTC is vital to enabling providers to offer stable, long-term affordable housing options,” says Burns.
The results of the survey affirm other recent research conducted by The NHP Foundation that revealed baby boomers are troubled by their grown children’s inability to afford housing, as well as their own incapacity to pay for housing as they age.
Source: The NHP Foundation
For the latest real estate news and trends, bookmark RISMedia.com.