More young adults, particularly from Generation Z, are choosing to live with their parents due to the high cost of living and housing. Skyrocketing housing costs and stagnant wages have made independence a luxury that many young people simply can't afford. While this decision may make financial sense in the short term, it can have long-term consequences, including delaying important life milestones and causing emotional strain. The trend reflects a shift in the concept of adulthood, with emerging adulthood becoming a new life stage characterized by delayed responsibilities and independence.
A recent Pew Research survey found that an increasing number of young adults are living with their parents and receiving financial support from them, with 59% of parents providing assistance to their adult children. The survey also revealed that 64% of young adults living with their parents believe it has had a positive impact on their financial situation, while many also contribute to household expenses. Experts attribute this trend to the delayed achievement of adult milestones, such as homeownership, and economic uncertainty. Another survey found that nearly half of young adults are obsessed with the idea of being rich, and many feel behind on their financial goals.
New York Giants rookie quarterback Tommy DeVito is benefiting from living with his parents during his first career start for the team. DeVito, a New Jersey native, is playing for his hometown team and resides just nine miles away from the practice facility and stadium. Living at home allows him to focus on football while his family takes care of daily tasks, such as laundry and meals. DeVito's decision to live with his parents has garnered support from teammates and coaches, who see it as a smart financial move and a way to minimize distractions. This unique opportunity as an undrafted rookie quarterback starting for the Giants has the potential to become a remarkable story.
