Viking Magazine - March 2020 - 10

Finance
Returning to the Nest
Thanks to rising college costs, competitive housing prices and
a tough job market, adult children are moving home with their
parents to save money for the future. BY TAYLOR HUGO
hen Molly O'Brien fi rst graduated from the University of
Northern Iowa in December 2017, she didn't have any plans to
move back in with her parents in Minnesota, outside of a brief period
between graduation and full-time employment. But after a little over
a year of paying sky-high rent in Chicago, where O'Brien worked in
appliance sales, she jumped at the opportunity to relocate closer
to home.
W
O'Brien isn't alone in her decision to become roommates with mom
and dad. According to a recent study by TD Ameritrade, 59% of young
millennials move home after school, with one-third planning to stay
more than two years-a refl ection of rising college costs, competitive
housing prices and a tough job market.
Furthermore, many parents seem happy to give up their " empty
nester " status, with 82% claiming they would welcome their children
back home after college. Bonnie Boisner is one of those moms. She and
her husband lived alone for six years before two of their three sons-27year-old
Alex and 24-year-old Zak-moved back in after graduating
college and serving four years in the military, respectively.
As this cohabitation arrangement is becoming the norm, O'Brien and
Boisner give both an adult child and a parent perspective on everything
from setting boundaries and addressing challenges to discussing
fi nances-plus offer their tips for a smooth transition back to the nest.
What rules and expectations were put in place
before you/your children moved back home?
Molly O'Brien: We did sit down and say, " How is this going to work?
What's OK, what's not OK? " My parents understand that I'm an adult
10 VIKING MARCH 2020 sonsofnorway.com
and treat me like one, but also it is their house
and they do have rules I have to follow. It's a
respect thing.
Bonnie Boisner: The rules were a little different
for each of them. With Alex, it was, " You need
to focus on getting a job. That should be your
number-one goal. " With Zak, it's, " You need
to get back in school. " They also have to help
around the house. We have three acres, and
there's a lot of outside work that has to be done:
mowing, shoveling, cleaning, staying organized,
taking the garbage out, grocery shopping-your
typical house maintenance chores.
How are fi nances handled?
MO: I do " pay rent " to my parents. My mom
pulls out a certain amount of money every month
and puts it into a savings account. So, technically,
I'm paying rent, but at the end of me living at
home, they are going to give it all back to me.
It's something that I can't touch, which is super
helpful. I'm hoping to purchase a condo or singlefamily
home, and I have numbers I want to hit for
my savings goals. It's been a lot easier to get close
to those while living at home.
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visit sonsofnorway.com.
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Viking Magazine - March 2020

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