Student debt, rising housing costs and generational laziness are all reasons commonly supplied for why American homeownership rates remain relatively low, especially among young Americans.
Starting during the great recession, there was copious coverage of how young people were moving home to live with their parents because of factors like these. The phenomenon earned many Millennials (ages 23 to 38 in 2019) the nickname "Boomeranger," because they returned to their Baby Boomer parents' homes.
Now that Millennials have gotten older and the labor market has improved, their likelihood of living at home is actually decreasing. In fact, today the most common reason for younger American to move back home with their parents isn't debt or a moral shortcoming or even economic turbulence — it's heartbreak.
According to a Homes.com survey of over 1,000 Americans who moved back in with their parents, the most common reason young people return to the nest is because of a divorce or breakup.
Love gone wrong was the primary reason for moving back home for 33 percent of 26 to 30-year-olds, 37 percent of 31 to 35-year-old and 24 percent of 36 to 40-year-olds.
Across all generations, the most common reason for moving back in with parents was "saving money for a house or purchase" with break ups being the second most common reason over all. Other common reasons for living at home with parents are joblessness and debt.
"The number one reason overall is saving money, so we have to extrapolate out and say perhaps there is a financial reason for moving back after a breakup," Grant Simmons, Vice President of Homes.com tells CNBC Make It.
Couples who live together can save serious cash by splitting the cost housing. After a breakup, cost-saving cohabitation is no longer an option, forcing young workers without significant financial reserves to revert to moving back in with mom and pop.
Another reason that breakups are such a common reason for young people moving back home is the emotional support that family can provide while mending a broken heart. "I also think [home] is a safe place a lot of times," says Simmons. "Perhaps it's just a safe place to get your act together and start fresh."
According to the survey, among those who lived with their parents, 45 percent live in their childhood bedrooms and roughly 22 percent pay rent to their parents.
The most common causes of household conflict? Privacy and noise issues.
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