According to the most recent census figures, approximately 16% of millennials in the United States were living with their parents in 2022.
Significant: The financial burden of soaring housing costs is causing more and more young individuals to find themselves forced to move back into their childhood bedrooms or basements.
- According to census data, there has been a significant increase of over 87% in the number of Americans aged 25–34 living at home in the past two decades.
According to Adina Dragos, a research analyst at RentCafe, it seems that younger generations are opting to stay home in order to save money on expenses such as rent or a future down payment.
- According to Dragos, there is a growing trend among young adults to take on the responsibility of caring for their family members, as reported by Axios.
In southern Minnesota, Sharon Wilson’s 29-year-old son and his wife have found a home in her remodeled basement apartment.
- Wilson, in an interview with Axios, expressed her gratitude for having family close by after the passing of her husband. She shared her plan to downsize and move downstairs, while the new family takes over the upstairs.
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In Commerce City, Colorado, Greg Francis is the parent of two young adults. One is currently attending college, while the other has recently graduated.
- According to Francis, his older son is making impressive progress, surpassing his own achievements at the same age. Although he pays a small rent, the majority of his paychecks are dedicated to reducing his student debt and making investments.
- The younger brother has made the decision to stay home in order to avoid accumulating student debt. Even after graduating, he plans to continue living there.
Despite the challenges of affordability, there are still millennials who are able to purchase homes, often with the assistance of their families.
- According to a recent report by Redfin, the homeownership rate among millennials, specifically those aged 27-42, increased from 52% in 2022 to nearly 55% in 2023.
- Meanwhile, the homeownership rate for adults in the Gen Z age group, specifically those aged 19-26, remained stagnant at slightly above 26%.
(Source: axios)
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