Pandemic Pushing Gen Z and Millennials to Move Back Home

Posted To: MND NewsWire

It was a phenomenon 12 years ago that ended with a huge decline in homeownership among Millennials, and now it is happening, for the same reason to Gen Zas a huge surge in unemployment sends young adults home to live with their parents. The root cause this time, of course, is vastly different; a deadly virus rather than a general slowdown in the economy coupled with mortgage defaults and delinquency. The Pew Research Center has found that the share of 18- to 29-year-olds living with their parents now constitutes a majority of that age group, surpassing the share in the Great Recession and even topping the previous peak during the Great Depression. Three Pew Center analysts, Richard Fry, Jeffrey S. Passel, and D’Vera Cohn found, using Census Bureau data, that in July 26.6 million or 52 percent…(read more)

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