The purpose of this study is to examine the preference for living with adult children of the baby-boomer generation and the elderly based on independent variables such as demographic characteristics, the values of their children and the consciousness for supporting their parents. The National Survey of Korean Families was done by the Ministry of Equality and Family in 2010. Respondents were 664 baby boomers and 628 elderly, and the results are as follows. First, the baby boomers rely heavily on their spouse, whereas the elderly rely heavily on their children. While both groups desire to live with their spouse in their later years, and the elderly rely the most on their children, they are reluctant to live together. This result shows that the elderly have high expectations for financial and emotional support from their children, but in reality, the elderly have lower expectations for living together and they prefer to live alone or with their spouse. Second, the boomers, who for the most part live in big cities, have comparatively high average monthly income and jobs and own a house, consider filial obligation as their own responsibility and yet tend to live independently. The boomers, who have a relatively high education level, consider living with aged parents as the children's obligation and consider their children as the most reliable people in their lives, and thus have high expectations to live together with their children. Third, the elderly, with a spouse, who consider having raised children to be their happiness, while considering providing financial support for the aging parents to be the children's responsibility, at the same time accept that the obligation of support lies on themselves, the government or the society, and thus have lower expectations of living with their children in later years. The elderly, now living with their family, with generous financial plans for their aging years and considering the children's success as their own success, have higher expectations of living together with their children.