As housing costs rise and student loan debt grows, mothers are becoming increasingly concerned about their children’s ability to afford a home. According to a recent survey of 1,000 mothers by The NHP Foundation, a not-for-profit provider of affordable housing, many are concerned about the ability of their adult children to live on their own. Nearly a third (29.86 percent) of the moms surveyed are anxious about their grown children needing to stay with them for an extended period of time.
These concerns are no surprise, considering that 53 percent of the moms surveyed make family financial decisions either alone or with “some input” from a partner. These moms often act as CFO of the family, taking a more active role than ever in the household’s finances and investments.
Many women are also living with extended family. In fact, 17 percent of those with a partner and children also report parents or other relatives living with them, emblematic of the modern “sandwich generation.”
Here are some other interesting findings from the report:
- Nearly 63 percent of moms say their adult children are not fully prepared to live on their own.
- Only 30 percent of moms say that their adult children who live with them are actively looking for other places to live, and less than half (41 percent) say their kids pay rent. One positive note: 67 percent of adult children help around the house, and 65 percent of them are employed.
- Mothers are very aware that their grown children don’t have it easy. Ninety percent are concerned about rising housing costs, with 43 percent saying they are “very concerned” on their kids’ behalf. Nearly 40 percent of moms worry at least once a day about their adult children’s ability to afford desirable housing.
- Once kids do move out, only one-third of moms would co-sign a loan for their children, and even fewer (24 percent) would help subsidize rent or a mortgage. Nearly 36 percent say they aren’t prepared to help their adult children financially in any way.
To combat these and other rising concerns about housing affordability, The NHP Foundation is looking to the government to continue programs like the Low Income Housing Tax Credit, and to new private and public partnerships designed to increase its stock of quality affordable housing. The NHP Foundation has also been selected by the University of Virginia School of Public Policy as part of a study seeking new models to help ensure that this and future generations are able to afford desirable places to live.
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Published with permission from RISMedia.