Charlotte Cowles, of the New York Times, writes about the growing trend of parents moving in with their millennial children. Her article begins as follows:
Sian-Pierre Regis, 35, is used to living with roommates. For the past 10 years, he has split the rent on his apartment in the Chelsea neighborhood of Manhattan with two (in some cases, three) friends. But in June, he’s getting a co-tenant of a different sort: his 78-year-old mother, Rebecca Danigelis.
“I don’t think either of us expected to be in this situation,” said Mr. Regis, a freelance filmmaker. His mother worked for over 40 years as a hotel housekeeper, rising to a management position, until her job was abruptly eliminated three years ago.
Since then, she has lived off her slim retirement savings (she liquidated most of her 401(k) to pay Mr. Regis’s college tuition in 2002) and whatever part-time cleaning jobs she could find. When the coronavirus pandemic hit, she again was out of work, and at the end of May, the lease on her subsidized housing in Boston will expire. She can’t afford the rent.
“I don’t know what she could have done better, or how she could have prevented this,” Mr. Regis said. “She worked long hours, never called in sick and cleaned houses to make extra money when she wasn’t at her hotel job. She had no vices.”
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.