The COVID-19 pandemic disrupted American lives, particularly affecting young adults’ economic stability. Many high school and college graduates faced a turbulent job market, prompting them to move back home to save on rent and gain family support.
Recent Census data shows over half of 18 to 24-year-olds live at home, including those in college dorms who return home between semesters.
High inflation, rising student debt, and steep housing costs make independent living difficult, driving this trend.
Why are millennials moving back home?
Historically, young adults living with parents is not new. In 1960, 52% of young men and 35% of young women lived with their parents. By 2022, these numbers shifted to 57% for men and 55% for women, with young adults reaching life milestones later.
A 2023 Harris Poll for Bloomberg found 45% of 18 to 29-year-olds live at home, an 80-year high. Between 2021 and 2023, over 60% of Gen Z and millennials moved back home, primarily to save money and due to the high cost of living independently.
Another survey of 1,249 U.S. adults revealed that 31% of Gen Z reside with a parent or family member due to the unaffordability of renting or purchasing their own house.
It’s the wise thing to do
For those aged 25 to 34, living with a spouse is common, but the number living with parents has increased from 11% of men and 7% of women in 1960 to 18% and 12% in 2022, respectively.
Moving back home, once seen as a setback, is now a strategic decision for many, allowing them to save money and plan for a more secure future. As these dynamics evolve, the landscape of young adulthood and family life is being reshaped in ways that would have been hard to predict just a few decades ago.
Cover Photo: Depositphotos
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The post Back home: Why more young adults are living with their parents appeared first on The Independent News.
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