Young adults are considering moving back in with their parents, due to soaring rents

Young adults in two major cities expressed their feelings about substantial rent hikes, with some indicating they would consider moving in with their parents if prices were unmanageable.

“My rent is far too costly right now,” says Connor of New York. “Before I signed my contract, the price for the apartment was around $3,000, and now it’s closer to $5,000.”

He stated that he was thinking about relocating back to his parent’s place.

“I live about 20 minutes outside of town, so if I had to, that may be a possibility,” Connor explained.

“I live about 20 minutes outside of town, so if I had to, that may be a possibility,” Connor explained. “Rent is definitely going up,” Danita, a mother in Washington, D.C., remarked.

“I had to move back in with my mother to save money.” “Now my kid and I have a safe place to stay.”

According to Apartment List, rents in New York City have jumped by over 32% since last year, while rents in the nation’s capital have increased by nearly 11%. The average rent for a one-bedroom apartment in New York City is $4,761, while in Washington, D.C. it is $2,527.

When Abbie, a D.C. resident, renewed her lease, her rent “raised substantially.”

“At the way things are going, I won’t be able to extend my lease next year,” she told Fox News. “I’d wanted to live here for a long time, but it wasn’t truly feasible until rentals dropped dramatically during COVID.”

“I don’t believe I’d ever contemplate returning home,” Abbie added. “I’d probably just downsize and relocate outside of town.”

“I got a wonderful COVID bargain,” Tess, another New York resident, stated.

“However, I’ve checked around the building for new flats, and they’ve gone up significantly,” she said. Tess, on the other hand, is unable to return home.

“My parents reside in California, and I work in New York City, so it’s a long trip,” she said to Fox News.

Teny Sahakian reported from New York City, and Jon Michael Raasch from Washington, D.C.