For some reason in the African American community it is taboo to be an adult living in your parent’s home, however there are some major advantages to postponing your plans of departure. Too often we see one mom raises 5 children, but those same 5 children are not able to take care of that one mom at retirement. Lets change the narrative, and consider these benefits.
Home ownership plays a big part in the wealth building process, however for many this is an unrealized achievement. If adult children stayed in the house with their parents until they get married, they can contribute to the household bills. Once the home is paid off it will remain in the family. Additionally while at home the adult children can save and invest a larger portion of their income and once they are ready to purchase their home, they will have a better credit score and a larger down payment so that they can have more favorable terms for their mortgage. Overall it is a win win to work together as a family towards wealth accumulation.
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