Parents worry about affordable housing for adult children
Nearly 30 percent of moms are “anxious” that their adult children will move back in with them for an extended period of time.
According to the NHP Foundation, who surveyed more than 1,000 moms, more than half of the moms (62 percent) reported their grown children are not fully prepared to live alone.
Most moms understand that housing can be costly, as 90 percent worry about the housing economy, and 43 percent are worried on behalf of their kids. Nearly 40 percent worry at least daily about their grown children being able to find affordable housing.
Of those adults who live at home with their parents, 30 percent of moms reported that their children are actively searching for another place to live. However, only 41 percent pay rent, but 67 percent of their kids help out at home, and 65 percent of them have a job. But some moms are sticking to their guns. More than one-third (36 percent) said they cannot help their adult children financially. Yet, one-third would co-sign a loan, and 24 percent reported they would help pay a rent or mortgage.
The new administration is causing concern for parents. Close to 40 percent of moms aid they have “no confidence” that Trumps’s administration will make housing more affordable. Fifty-six percent are worried about affording their own mortgage or rents, while 74 percent are concerned they or someone they know will end up spending more than 30 percent of income on housing, also known as being cost-burdened.
NHPF President and CEO Richard Burns said the government needs to continue with programs like the Low Income Housing Tax Credit to help housing be more affordable. “LIHTC is vital to enabling providers to offer stable, long-term affordable housing options,” he said.