Where you have a high cost of living, expensive housing, and expensive nursing homes, you have the recipe for the New American Family.
In New Jersey, the poster child for high costs of everything, 45.8% of young adults, up to the age of 34, live with their parents. That’s the highest rate in the US, followed by Connecticut and NYC.
- Sometimes it’s because the young adult doesn’t have enough money to get his or her own place.That’s the stereotype and there’s truth to it.
- Sometimes the parents need assistance. We have one friend in her 90s whose been shopping for a live-in health aide. The best person located thus far costs $200 per day. do the math — that’s $73,000 per year. Having family live with you is cheaper if the home is large enough. In fact, in some of my research, I’ve found seniors upsizing their homes just so family could live there with them.
The flip size is that seniors live longer in this part of the country. The life expectancy is 88, but this friend is well past that, and its plausible she could go well over 100. There’s a senior Continuing Care facility in the area whose resident board is made up mostly of people between the ages of 95 and 105.
The bottom line: multigenerational families make sense. Even if you didn’t grow up that way, it may be in your future.