Broke Millennials Are Begging Parents to Move in with Them to Babysit
In today’s world, millennials face many financial challenges, including high student debt, low-paying jobs, and the rising cost of living.
With these challenges, it is no surprise that many millennials turn to their parents for help and, in some cases, beg them to move back home to babysit.
One of the most significant financial burdens on millennials is the cost of childcare. In many cases, childcare costs can consume a substantial portion of their income, leaving them struggling to make ends meet.
This is where grandparents come in. A New York Post report said that many millennials are turning to their parents to help with babysitting.
It is either to reduce the cost of childcare or to provide care when they cannot do so themselves.
— New York Post (@nypost) March 23, 2023
Rachel Zack, 41, and her husband Jason Fitzgerald, 45, found that city living was no longer feasible in 2018 due to the high cost of living.
They paid $2,100 monthly for a three-bedroom apartment in Astoria and approximately $2,400 on childcare for their 2-year-old daughter.
How Did it Start?
Despite having a combined income of around $250,000, Rachel Zack and Jason Fitzgerald still needed help to achieve home ownership as they required more savings.
However, during a dinner conversation in early 2018, Fitzgerald devised an ingenious idea for them to become first-time homeowners while also receiving free child care — they would forgo renting and instead share a mortgage with Zack’s parents.
You may also like: 8 Ways to Make Money as a Kid
As Zack, a Broadway stage manager, explained to The Post, “We got to talking, and we were like, ‘This makes sense.'”
Zack’s parents are both retired and are in their 70s. They had wanted to downsize from their home in Sherborn, Massachusetts, to be closer to their grandchildren. “It’s an everybody-wins situation,” Zack said.
Zack and Fitzgerald presented an idea to Zack’s parents: to purchase a six-bedroom, seven-bathroom house with a large driveway and backyard in South Orange, New Jersey, as a central hub for family life.
Zack explained, “We said, ‘It’d be good to have a house that’s big enough to be the center of family life.”
They successfully closed the house in June 2018 for $950,000. Zack’s parents contributed half of the purchase price in cash from the sale of their previous home.
In addition, Zack and Fitzgerald obtained a mortgage for $450,000 to cover the remaining half.
The entire family, including Zack’s 90-year-old grandmother, moved into the house that summer. They all assist in caring for their grandmother.
Zack’s parents provide child care for their 2- and 7-year-old daughters when Zack works nights and weekends.
What Millenials Can Do
While living with parents may seem like a step backward for many millennials, it can be a positive experience. Living with parents can provide emotional support as well as financial support.
Additionally, having grandparents involved in their children’s upbringing can benefit both the parents and the children. However, it is essential to note that living with parents comes with challenges.
Communication and boundaries are essential to ensure both parties are comfortable with the arrangement.
Before making a move, discussing expectations regarding household responsibilities, financial contributions, and childcare arrangements is necessary.