Many parents are carrying adult children through the cost-of-living squeeze
Retired and in their 70s, Mabel Lago and her husband thought carefully before leaving New Jersey for South Carolina this year. Their reason was not
Retired and in their 70s, Mabel Lago and her husband thought carefully before leaving New Jersey for South Carolina this year. Their reason was not just a new home. It was their 39-year-old son, who was still living with them because he could not afford to live on his own.
So they built for him. Their 1,500-square-foot retirement home was made a bit larger than they might have chosen, with a bedroom set aside for him. Small house. Big strain.
Why he stayed
Lago said her son works hard, but his pay from helping manage a liquor store was low and came with no benefits. His Type 1 diabetes added another burden. Under his Affordable Care Act plan in New Jersey, insurance cost nearly $1,000 a month. That changed after the move to South Carolina, where his plan is much cheaper.
He has not found a new job yet. Still, the family felt they had little choice but to keep him close.
"We could not leave him behind, because he could not afford to live on his own," Lago said.
A wider shift
Lago’s family fits a pattern many Americans now recognize. Polls show a majority think young adults today face a harder climb to financial independence than their parents did. The pressure comes from rising living costs, weaker wage growth for many low-paid workers and the growing burden of health coverage.
Parents are stepping in. Housing, insurance and basic bills are pushing some adult children to stay in the family home well into their 30s and beyond. For families with limited savings, that support can shape where they live, how they move and how long retirement plans stay flexible.
“The young people have really been shafted, big time, with the economy, with the cost of living,” Lago said.
The numbers tell only part of the story. The real picture sits in homes like the Lagos’, where a retirement move had to make room for an adult son — and where one extra bedroom now says plenty about how hard independence has become.
