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Moving in with family best option for some

October 7, 2010 - The economy's struggles have forced many people to consider an option they may not be excited about - moving back in with their families.

Typically, recent college graduates might be more likely to move back to their parent's homes. But today, many older Americans - struck with unemployment or other financial hardships - are finding themselves moving in with family members until they can get back on their feet, reported NPR. For most, it's not a preferred option, though it can be financially appealing.

"We fought it because you don't want to be a burden on your family, but in the end we had no choice," Sherry Shaffer, a former homeowner and owner of a failed real estate business, told NPR. She and her husband had to move in with her brother-in-law when hard times struck. "We're both college graduates; had been successful. We'd done everything right and now, all of a sudden, we're 40 years old - this happens. It was embarrassing."

According to the report, 500,000 adults aged 35 or over made similar relocations in the past two years. Experts say the move can provide substantial savings until families get back on their feet and can afford moving back out on their own.

Many are already doing so, according to a new report. Rental market analysts at Reis report that the nation's rental vacancy rate is dropping as fewer people are doubling up and more people are moving into apartments of their own.  

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