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Recession leaves many homeowners with a full nest

March 22, 2010 - As the recession continues to take its toll on the job and real estate markets, many young adults are choosing to save money by moving back in with their parents, the New York Times reports.

Approximately 39 percent of the children of baby boomers - who have been dubbed boomerangers - lived in their parents' homes in 2008, according to a report from the Pew Research Center. A total of 10 percent said they moved back because of the recession, about one-third said they had lived alone before returning and approximately 20 percent were full-time students.

However, the survey found that 37 percent of individuals between the ages of 18 and 29 year were unemployed or not looking for work, which could be indicative of a growing trend toward multigenerational housing.

The growth of the aging population is also contributing to this trend, as many senior citizens are choosing to live with relatives instead of renting rooms at expensive retirement homes.

In 2009, the number of households in the U.S. with three or more generations living under one roof increased by 30 percent to 6.6 million, the Associated Press reports.

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