Coming home: 662,000 Australian households reunite with adult children
Australians are moving back in with their parents as the housing crisis deepens, according to new research by Finder.
A Finder survey of 1,073 respondents revealed 1 in 10 (10%) Australians – equivalent to 662,000 households – have either moved back home with their parents or had an adult child return home in the past year.
This includes 3% who are about to move back out and 3% who are about to move back in.
Of those who have moved back home or had an adult child move back in, almost 2 in 5 (36%) did so to save money.
Soaring rents are a big factor, with 30% admitting they moved home as rent became unaffordable.
The same amount (30%) used it as an opportunity to save money for a house deposit.
Graham Cooke, head of consumer research at Finder, said some Aussies are being forced to make major changes to their lifestyles.
"Soaring living costs have left thousands of young adults struggling to make ends meet – with rate increases having a higher impact on renters than homeowners.
"Many are unable to juggle all their expenses and afford to live independently so they are moving back in with their parents."
Despite record low unemployment, 14% of those who moved home or had a child return were forced to due to the loss of a job.
A further 23% did so to help with caring requirements.
Cooke said moving back in with relatives is a huge adjustment, but the fastest way to tackle debt and save money.
"Returning to the nest can be a major challenge, and many are not fortunate enough to have the option to do so.
"Prioritising a budget is critical – there's no point transitioning home only to keep up the same spending habits.
"Start cutting out non-essentials and look for ways you can save money.
"Working out all your expenses to the smallest detail will give you an idea of how much capacity you have to save," Cooke said.
|In the past 12 months, have you moved back into your family home OR has your adult child moved back in with you?|
|No, I already live with my parents or my adult kids live with me||8%|
|Yes, but about to move back out||3%|
|Yes, I'm about to or my child is about to||3%|
|Source: Finder survey of 1,073 respondents, August 2023|
|Why did you or your adult child move back home?|
|To save money||36%|
|To save money for a home deposit||30%|
|Rent became unaffordable||30%|
|Caring requirements (e.g. help with children or aged parents)||23%|
|Loss of a job||14%|
|To build a house or renovate||9%|
|Source: Finder survey of 195 respondents who moved back home or had their adult children move back home, August 2023|