NJ RANKS # 1 FOR BOOMERANG KIDS

Boomerang kids are 18 to 34-year-old students living at home with their parents. If you are wondering what could be worse than that, at this very moment, I am with you! Here is the ranked list:

1. New Jersey - 47%
2. Connecticut
3. New York
4. Maryland
5. Florida

6. California
7. Rhode Island
8. Pennsylvania
9. Massachusetts
10. Mississippi

You may notice that this list contains states located on the east coast, with the exception of California, Pennsylvania, and Mississippi. Research tells us that states with the lowest concentrations of adult children living at home were located in the Midwest and Mountain states. I share this with you because some of you may feel inclined to relocate after ready these statistics.

It is important for us to think about what contributes to this phenomenon so we can avoid creating our own boomerang kids. I think we can agree that the cost of living in New Jersey is quite high. There is a lack of affordable housing, and high expenses like car insurance all contribute to this problem.

You should also be aware that student loan debt will play a big role in preventing your children from establishing their independence.

I met with a family who needed to borrow $ 45k for the first year of college at Monmouth University. The dad went online and applied for a private loan with an interest rate of 9.99%. His interest rate was very surprising because he had a nearly perfect credit score and paid all his bills on time. I was able to show him that his $45k loan was really going to cost him over $87k, for one year of college!

Avoid the costly mistakes that will create boomerang kids living under your roof till they are 34 years old. Remove yourself from the 47%. Scroll down and join the email list for college tips delivered right to your inbox.