LAS VEGAS (KLAS) — It is a new trend to afford the finer things in life, moving back in with parents.
A new report reveals young adults are heading back to the nest to avoid the effects of inflation on rent, while splurging on travel, and fashion in exchange.
8 News Now spoke with Jade Estell as she was getting ready to board a plane in California to head home to Las Vegas.
She said it is a trip she was able to pay for because she lives with her parents.
“It is really weird that I still live at home at 20,” she expressed. “Right now I’m liking to travel but that gets expensive. To me a little Lululemon and Target are it. Nothing too crazy because I try to save my money.”
Data from Pew Research Center suggested nearly half of young adults ages 18 and 20 are living at home with their parents due to inflation concerns.
Spending more on luxury goods such as travel, designer handbags, and watches.
“It’s a little stressful but I’m building a foundation for myself so when I do move out I’m not in a bad position,” Ashleigh Liebig told 8 News Now.
She said she often feels the burden but said living on her own in Las Vegas was not possible, even with two jobs and finishing school.
“I’m thankful that I have the ability to live at home because I do have friends whose parents said you’re 18 now get out,” she added.
The report states that when millennials and generation z young adults free up their budget for daily necessities, they simply have more disposable income to allocate to discretionary spending where luxury retailers benefit.
“I would never go and buy high-quality things because what am I going to do with this stuff? At that point just buy an apartment.” Estell added.
Both Liebig and Estell said they work fulltime while going to school.
Student housing and other lower rent options were not doing for them, adding living at home is the best option for them.