Idahoans Withdraw from The Bank of Mom & Dad
Rent in Idaho is higher than it's ever been and besides the fact that the Bank of Mom & Dad is open on weekends, holidays and after hours, there are some major benefits that young adults in Idaho are reaping from doing this.
Look, times are hard in Idaho and around the country this past year or so. Rent is higher than it's ever been, employment has been scarce and money hasn't been falling off of trees for any of us. According to USA Will Guru, or Gen Z'ers and Millenials aged 21-39 (yes, all the way to 39), more than a quarter (29% to be exact) have borrowed money from their parents. One of the greatest benefits to borrowing from one's parents vs a traditional bank is that there is typically no interest on the loans and no real penalties if it's not paid back on time. Win! The flip side of that is, however, than 1/5 of parents who have lent money to their adult children are not confident that they'll ever see it again.
The state with young adults borrowing money from the parents the most happens to be North Carolina, where they actually have a relatively good overall cost of living. The state that is borrowing money from their parents the least, is Hawaii! Hard to believe since Hawaii is one of the most expensive states in the country to reside in. Those island vibes aren't cheap!
Overall, the message here is that if you've borrowed money from your parents since the start of the pandemic, you're not alone. Check out how Idaho compares to the rest of the states:
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