Millennials Relocating Back in with Parents to Pay Rent and Bills
- According to a new survey, nearly 25% of millennials live in the same household as their parents.
- As inflation rose, half of them moved in the past year.
- Many young people were evacuated by the pandemic in 2020. Now, poor finances are driving them back.
It appears that some millennials might be stuck living with their parents forever.
In 2020, millions will be young Americans moved home to ride out the pandemic. Some of these are not available. moved out in 2021Many have returned home over the past 12 months as COVID restrictions began to ease.
This is according to a brand new PropertyManagement.com survey of 1,200 Americans between the ages of 26 and 41, the millennial generation, according to Pew Research. Nearly one-fourth of millennials stated that they lived with their parents as of December 1st, and half of them have moved in the last year.
51% of millennials polled said that “saving money” was one of the main reasons they moved. 39% said that they couldn’t afford rent.
“Until rent becomes a reasonable price, and honestly, I’m not convinced that ever will go down, then I plan to live at home,” Sojourner White, 28, who moved back home in 2020 but hasn’t left. previously told Insider.
Rents are not available. beginning to fallIn some cities, they are still a problem for many millennials. 15% of renters surveyed said that they spend more than half their after-tax income on renting. These housing costs are as follows inflationContinue to outpace wage increasesLeading many is the most important thing for most workers to take on credit card debtTo cover expenses.
It has left many millennials to conclude. moving in with their parents is their best option. 31% of 25- to 29-year olds lived in multigenerational householdsAccording to a, as of October 2021 Pew Research surveyA practice that’s surged over the last five decadesDue to rising living costs and other factors.
Many millennials want to live independently, but others say they aren’t making enough money to do so.
38% of millennials surveyed stated that they still pay rent, despite moving home. Half of them send their parents less than $500 per year.
And while nearly a third said they enjoy living with their parents — and that this was among the reasons they moved back home — most are eager to move out as soon as they can afford to.
91% of those who have moved into their home in the last year indicated that they would be very or somewhat inclined to move out if they earned more money. Among this group, only 22% reported making over $40,000 per year — roughly the median US income.
Even if they do eventually move out, some millennials may soon find themselves back at home. Because as their parents age, they may decide to move home to care for them — and help them avoid some of the steep costs of elder care. 31% of millennials cited caring for their parents as a factor in their decision about moving home. the Boomer generation agesMany millennials could make the same choice.
For now, however, we are able to offer a recession looming next yearMillennials face even more challenges job lossesRising costs and other factors could lead to the decision to move. The transition may not be for everyone.
Renters who are millennials will be subject to their apartment leases. If they do lose their jobs, they may also have to live close to their employer. Although some Americans are able to work anywhere, most Americans don’t have that flexibility. Only 15% of US workers were employed as of June. working fully remotely30% of these were hybrids, and 55% were on-site fully-time.
Are you a millennial willing to share the story of your move in with your parents in the last year? REach out to this reporter firstname.lastname@example.org.
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