Jul 31

More Young Adults Living at Home

More Young Adults Living at Home

More Young Adults Living at Home. Image courtesy of imagerymajestic / FreeDigitalPhotos.net

More Young Adults Living at Home. Image courtesy of imagerymajestic / FreeDigitalPhotos.net

The job market is rebounding and wages are increasing, yet a higher number of millennials—people born after 1981—are still living with their parents or other adults.

A new Pew Research Center study of U.S. Census Bureau data showed that in the first part of 2015, 26 percent of millennials lived with their parents, which is up from 22 percent in 2007 at the height of the recession, and 24 percent in 2010, at the start of the economic recovery.

There’s also an increase in young people living in “doubled-up” households, Pew reports. A doubled-up household is one in which there is an extra adult who is not the spouse or unmarried partner, often a parent, relative or a roommate. In the first four months of 2015, 48 percent of millennials were living in this type of living situation.

This is despite an improving job climate for young people. The national unemployment rate for millennials was 7.7 percent in the first part of 2015, a sizeable recovery from the 12.4 percent of millennials unemployed in 2010. Wages also increased slightly, with median weekly earnings up $574 this year from $547 in 2010.

“This may have important consequences for the nation’s housing market recovery, as the growing young adult population has not fueled demand for housing units and the furnishings, telecom and cable installations and other ancillary purchases that accompany newly formed households,” says Richard Fry, senior economist at Pew Research Center.

Rising rents across the country may be to blame for keeping young adults from heading out on their own. Recent research from NAR showed that the gap between rental costs and income is widening to unsustainable levels in many parts of the country, and rents throughout the country are showing no sign of slowing down.

Additionally, many millennials are still saddled with student loan debt, making it hard for them to qualify for a mortgage.

The increase of millennials living at home impacts the entire economy. “The decline in the rate at which young adults are forming households from 2007 to 2015 has had a negative impact on the demand for the nation’s housing and, in turn, residential construction,” says Fry. …”In other words, young adults have been a key demographic in the nation’s housing bust.”

Source: “More Millennials Living With Family Despite Improved Job Market,” Pew Research Center (July 29, 2015)

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