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One in 10 Australian adult children have moved back in with their parents in the last 12 months, according to new data.
A Finder survey of 1073 people found 10 per cent of Australians have either moved back home with their parents or had a child return home in the past year.
Of those moving back, almost a third (30 per cent) did so because their rent was “unaffordable”.
Another 30 per cent did so to save for a house deposit.
Head of consumer research at Finder Graham Cooke said rate increases were having a higher impact on renters than homeowners.
“Many are unable to juggle all their expenses and afford to live independently so they are moving back in with their parents,” Cooke said.
The survey also found one in seven moved back due to the loss of a job, despite record-low unemployment.
Others moved back for caring requirements.
Cooke said for those fortunate enough to be able to move back in, it was the fastest way to tackle debt and save money.
If you can’t move back in with your parents, other tips for saving money on rent include negotiating with your landlord, considering different neighbourhoods, downsizing and sharing a place with one or more roommates.
