Recession watch: Recession makes for suprising roommies
Filed under: Real Estate, Recession
This post is part of a series about real-life signs we're in a recession. Does the thought of moving to a new city after graduation, as the economy heads towards a recession, frighten you? If so, you may want to do what some whippersnappers are doing: move in with grandma and grandpa in order to save money on rent. While this may induce thoughts of plastic-covered furniture and conservative talk radio blaring from the living room, many families are making it work. Living with your grandparents can also provide benefits to the entire family. They can rest easy knowing someone is around to help out around the house and be a point of contact in case of emergencies.
CNN recently provided a set of tips for living with your grandparents. It includes laying down ground rules and having separate spaces. Moving in with "Oma" and "Pop Pop", in their two bedroom efficiency in Manhattan, may not work out for any of the involved parties. If you are lucky enough to have grandparents near your new job, moving in with them could insulate you from the rising cost of living which has come in the form of gas and food price increases. Having a support system in place is another "value add" in the event your new position gets cut during a recession. One example is Jennifer Blankenship, who lives with her grandparents to save money as rent in her town approaches $1,500 per month!
As I spoke with friends from college I didn't find anyone who was living with their grandparents but several did express concern about what they would do if a recession brought layoffs. Several friends mentioned that their grandparent's houses could provide a place close to work which would allow them to maintain their jobs and friends even during a recession. If we were in a boom period I doubt we would see young adults moving in with grandparents just to save on rent. When times get tough, the tough go to grandma's!
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Reader Comments (Page 1 of 1)
5-08-2008 @ 4:45PM
Cheryl said...
I'm retired on a small fixed income. I used to spend generously on my grands and help out my adult daughter financially on a regular basis. I kept 1-2 of my grands during the summer. At one point my adult daughter and 4 kids moved in with me. It had a decimating effect on my savings. Due to the economy I no longer keep the grands for weekend or summer vacations because my electric, phone, and food bills double or triple when they live with me. Their parents do not contribute to the additional expenses they cause me to incur. I can no longer afford to treat the grands to outtings such as dinners/luncheons, movies, amusement parks, etc. I don't even cook the family holiday meals anymore because of the expense. I love having them around but due to the recession, I just can no longer afford family boarders, or house guests.
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6-21-2008 @ 1:54PM
alida said...
Sorry to hear this. Many people do not realize that these things can become a burden. (or they don't care)
Hopefully you have explained the situation to avoid any hard feelings. No doubt they are feeling the pinch also
and should be aware of your financial changes. Things are changing daily for most people. It seems to be a downward slide for most of us.
5-13-2008 @ 2:42AM
WANI said...
This G/ma is about to have my 10yr old G/son FT. I'm retired on Disability, 50, and thought I finally had my own 2 gone, and it was going to be "my time". If anyone has any advice, pls contact me.
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6-12-2008 @ 8:30PM
B said...
I retired at 55 fr om my job because of LUPUS and cannot collect disabilty. My husband has to keep working full time even though he is 66. To ofset this he started SS. I feel trapped at times, but my daughter lives with us. And she is trying to work full time to keep her and her son taken care of. She now has him in daycare two days a week with no financial help for her sons father. She calls me a lot to check on us. I have bad days, and good days, my grandson has good and bad too. I just try to do my best, and I am sure they, my daughter and my husband understand we all have shortcommings. One day at a time.
7-05-2008 @ 9:24PM
Claudia said...
Tell them you can watch their children in an emergency situation, but not full time. They will get over it. Or, if that doesn't work calculate your increased cost and tell them that is what it will cost you.
I am 62 and do not want to watch children full time either.
5-15-2008 @ 1:53PM
Melanie said...
Grandparents should not have to pay for their adult children or grandchildren(except for the fun stuff) at all. If the adult children make the kids then they should be responsible for them. I'm 40 and haven't ever asked for a dime from my mother. I had to work it out on my own with 3 kids, which two are now adults.
You raised them to raise their own children and now they have to figure it out whether they are adults or not.
What about you? Maybe they should help support you in your golden years! I bet they wouldn't because they don't have the time or the money, that's why there are homes for the retired which cost too much money than what is coming in. But people are selfish and only think about themselves.
The reality is that the younger generation has the mentality of entitlement and the gimme until you have nothing else to give and your broke and they've moved on to the next victim.
You've done your work and have had to survive and save and work, they need to follow in the same responsible footsteps of their parents and teach their kids (your grandchildren)the same values. Nothing comes easy and you have to work hard for your money and your family.
We need to stop throwing the responsibility of providing for our family back on to the people who raised us!
It should be us that help you out in your golden years, because of what you have done to raise us. Not the other way around.
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6-12-2008 @ 8:30PM
B said...
Sorry, I feel if my child has a child, chose to give it life as opposed to other choices, and works full time, has her own insurance for her and her child and my grandsons dad is a poor excuse for a father then my daughter or son whoever, deserves to have someone in thier corner and being a parent of a parent I want to know my family is not being thrown out to fend on their own. Many of your generation feels if they did it any one can. Well kiddo, not everyone has the income of those who can afford to go off on their own, job or not, and maybe you wished you had home support to count on. Yes my home is small, but seeing my grandson everyday is trying and yet I cut cord and b een with my daughter and grandson everyday since. Grandpop has trouble with the noises f rom a 2 y r old but loves him no matter what. Loving my family no matter what.
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6-18-2008 @ 12:54PM
Grandma said...
If any of my grandchildren asked to move in with me (I have a guest suite) they already understand that they would:
Pay rent (half the mortgage and half of the utilities) on time
Pay for their portion of the food
Take care of the yard work (1/2 acre)
Share the house work
Do their own laundry
Cheerfully do whatever I need them to do
Move our if either of us decides that this isn't working
No freeloading at this grandma's house!
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6-13-2008 @ 6:30AM
B said...
You are lucky to have a suite for them. I have a two bedroom ranch and have my daughter and grandson sharing one room. Not much more we can do.
We are not well off. But we all try to help each other. My daughter buys all of her sons clothes and toys and pays for daycare. The dad is very slow on financial support. So maybe when you are financially set it is easy to say what you have. We are not. But we all contribute to h elping our grandson grow with love and a roof over his head.
6-18-2008 @ 10:16PM
A.J. said...
I read through these comments and they made me so very sad. My husband and I are both college students and hopfully we will be done with school in the next 3 years and then we are moving overseas to where my husband is from. In his culture it is a HONOR to have your parents, and even grandparents live with you. MANY times when a couple gets married they build their house on top of the parents house and so forth so it is VERY common to have 3 generations or more living in the same building together. Its beautiful to see how the family is so attached. It isn't about this whole me me thing. Its about us, as a family. Often I am asked why I would want to live with my mother inlaw and husbands grandfather so close and I just calmly reply. My husbands grandfather provided for his mother a father love and support, and his mother gave my husband life and a mothers love. Family is where its at. Family is all we have and when we let it go we lose us. This article is so sad because it promotes "using" of our elders who should be supported by WE the younger generation. Its a sad day that the elderly are being left to "fend" for themselves or shoved into homes. May god forgive us for letting it happen.
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6-21-2008 @ 11:06AM
Samantha said...
Yeah, I'm a little offended that everyone seems to think we (20-somethings) are all selfish and only out to mooch off of those around us until we suck them dry. I understand some people may have had bad experiences, but those are some serious (and seriously unflattering) generalizations.
I've been working since I was 16 (even at times when my parents told me I didn't have to) because I wanted to help support myself and NOT be that economic drain you're all referring to... and if I ever did move in with family, you'd be sure that I'd contribute - financially, chore-wise, and/or other...
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6-21-2008 @ 11:08AM
Josh Smith said...
Not sure I could have said it better myself! The point of the article wasn't to suggest that we move in with our grandparents and mooch off of them, but maybe to "rent" a room from them and help with chores they may have already been outsourcing due to age, all while working a regular job.
Thanks for the insightful comment.
7-01-2008 @ 5:55AM
Lin D said...
I am in my 50's with six children 1 girl and 5 boys all the boys are out on their own but the girl (age 19) is still at home I love all my children and they "still like their mom" I wish my parents were alive, I believe I would still be at home with them to help them out in their "ageing years". I see nothing wrong with children living with at home as long as its a help not an burden. I remember being young and my parents, aunts, uncles and cousins all lived in my grandparents large home as times were hard and everybody helped out each other. The way thing are going in the world we may have to resort back to the same ways.
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