More Young Adults Living at Home Since the Great Depression
For the first time since the Great Depression in the 1930s, the majority of young adults are living with their parents, according to the Pew Research Center. Although studies show that increasing numbers of Millennials & Gen Zers are entering the housing market, the pandemic is forcing more of them to move back home as well.
During July, 52% of young adults--between the ages of 18 and 29--lived with one or both of their parents, up from 47% in February. The last record of young adults living at home was 48% in 1940, meaning this year marks the first time that the percentage has exceeded 50%.
Young adults are usually renters but have been hit hard during the downturn. Most moved due to college campuses closing (23%), followed by job losses (21%) and other financial factors (18%).
The Pew study also noted that there’s a higher share of young adults living with parents in metro areas than rural areas. The greatest increase occurred in the South, but overall the largest share was in the Northeast. Contrary to other pandemic trends that have sharpened disparities among different racial groups, this appears to equally affect everyone: 58% were Hispanic, 55% were Black, 51% were Asian and 49% were white.