First we saw millennials living with their parents - and now it's parents moving in with their millennial kids! Economist Peter Morici says it could be temporary and splitting the increasingly heavy financial burden will help both parties. "This happens when times get tight - and this is one of those times! Parents moving in with their kids - so many Baby Boomers weren't ready for retirement!"
Morici is also saying inflation and the market are also to blame. "Seniors who relied primarily on stocks are getting a 30% hit -- 10% from inflation and 20% from stocks!" Assisted living costs and retirement home prices are rising as well.
Record Number of Millennials Living with their Parents!
He continues: "If they have prosperous kids who are doing well - then it makes sense! It doesn't have to be permanent - but just long enough to see them through." He says it can be a perfect storm of retirement, inflation, and a changing stock market. "A lot of Boomers really weren't ready for retirement. Many of them took early retirement during the Covid Lockdown and they weren't counting on the downturn in their stocks!"
Multigenerational households were abundant a century ago and they could be coming back.
Baby Boomer parents moving in with Millennial children and their children.Photo: Getty Images