Indiana Pacer Jeff Teague is back in his hometown and raised a lot of eyebrows by moving back to his parents. His decision also highlighted this growing millennial trend.
On the surface, Teague is a millennial. He is single and 28 years old which fits the 18 to 34 age category. Moving back to his parents is an accepted millennial housing choice, according to CNN Money. But that is where the comparison ends.
Many of his generation return home because they are jobless, want to save on rent or could not afford their own place. Teague has just been traded back to the Indiana Pacers and signed a contract worth almost $9 million. He has a good paying job and could definitely afford a house of his own.
Actually, he owned the house his parents are staying in. He gave it to them when he went to play for the Atlanta Hawks. Now that he is back in Indianapolis with the Indian Pacers, he thinks it would better for them to stay under one roof. It also saves him the trouble of looking for a new house.
Teague gets to stay in the basement. He may have to do his share of household chores but he is not worried, though. Many of Teague's age are returning to their parents mainly due to economic reasons.
Ed Yardeni, an economist said that single people moving back home is not a new concept. During the great depression, many young adults tend to stay with their parents until they can save enough to get a house of their own.
The current economic situation in the United States has made this living arrangement more appealing to young adults once again. Economists believed that the current trend will only be overturned once most of the millennial generation gets good paying jobs and county's economy turns around.
