It seems that every decade, we take a few steps forward, then one or two steps back. We believe the first 10 years of the millennium included way too many steps back, but now that the economy is slowly easing forward, many parents are celebrating the mass exodus of young adults from their homes.
What should you do now with all that free space? A den, an office, a hobby room or gym? Maybe it’s time to downsize. After all, you’ve lived without the space in your child’s bedroom until recently, so do you really have a need for it?
Without that additional adult presence in the house, maybe it seems a bit bigger now. Food goes bad in the fridge before it gets eaten. The kitchen trash needs to be emptied only once a week, the dishwasher runs twice a week, and electric and water bills are down. Do you really need the most expensive cable TV package anymore?
The Federal Reserve Bank of New York reported that the unemployment rate for college grads ages 22 to 27 dropped to 4.9 percent in 2015 — lower than the current national average — and salaries for this demographic are higher than they have been in more than a decade. While the millennial median income jumped to $43,000 last year, the top 25 percent of college graduates earn more than $60,000 a year.1
If you’ve got one who hasn’t flown the coop yet, check his or her pay stub. It may be time for a one-time monetary gift, and then once they move out, maybe you can, too.
1Millie Dent. The Fiscal Times. Feb 3, 2016. “Millennials are finally moving out of their parents’ homes.” Accessed April 7, 2016.
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