Research suggests that Millennials are more likely nowadays to live at home and avoid independent living, even compared with the period concerning the Great Recession, which began in 2007.
With that being the case, how much should a parent charge their adult offspring in rent? Is $500 a month fair?
The Associated Press posed the question to a few different families.
Terri and her husband Peter charge their 23-year-old son Brian $300 a month. He works as a paralegal in a law firm.
Raven is 35 and has lived with her mom in a three-bedroom apartment in Manhattan since 2009. She has split the apartment’s $2,200/month rent with her mom since February.
Rossana is 41 (an older Millennial), with an 11-yr-old son and 17-month-old son. She moved in with her parents (who are in their 70s) in 2008, left in 2014, but moved back in again last July. The first time around she paid $500 a month. Now, her rent is $600.
What do you think is fair? Is $500 a month in rent from your adult child too much? Does that include the cost of food? Should they perform free chores around the home as well? Should it depend on their current situation? Maybe they’re out of work, still in school, or just fell out of a bad relationship!