If your adult child is living at home, you may be wondering how much they're adding to your monthly expenses. The financial cost of supporting your grown son or daughter may be higher than expected, according to a new survey — and that's money you could be saving towards your retirement.
Porch, a company that connects homeowners and home makeover experts, recently released a report that puts the average cost of housing an adult child at roughly $459 per month. That figure could be explained by the fact that less than half of parents surveyed — just 43 percent — were receiving rent money from their kids. That said, 83 percent of parents said their grown children were helping out in other ways, like completing chores around the house.
Given those statistics, it's not surprising that 65 percent of parents surveyed said they wouldn't want their kids to move back home. Another 11 percent said they would only let their kids move back in if they paid to stay.
It's a wonderful thing to let your child move back in, especially if they need some help getting back on their feet after losing a job or unexpected medical bills. However, supporting your children financially again may compromise your chances of retiring on time. After all, that $459 could go towards paying off your mortgage or into your retirement accounts.
If your child is planning to stay with you for the foreseeable future, ask them to start contributing what they can financially. Let them be the ones to buy groceries and cook meals. You certainly deserve it after picking up the tab for their first 18 years. And if your new rules don't go over so well, politely remind them that they could be paying a small fortune to live on their own.