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Business Insider
11 hours ago
- Business
- Business Insider
Meet America's typical live-at-home 20-somethings
In 2023, around 40% of younger Americans lived with their parents. Living with mom and dad is a popular safety net for Gen Zers who face steep housing costs, expensive higher education, and a shaky job market. "If you have the luxury of being able to move back home and pay less for rent, groceries, and other basic bills and put some money away in an emergency fund or towards other big financial goals, it can be a really big deal," Matt Schulz, chief consumer finance analyst at LendingTree, told Business Insider. BI examined the demographics of America's live-at-home young adults — the 42% of 18- to 30-year-olds who lived with at least one parent — using the 2023 American Community Survey, available from the University of Minnesota's Integrated Public Use Microdata Series. So, who made up that 42%? The charts below show the young adults who were more likely to be living at home. A majority of young adults living with at least one parent were men Over half of young adults living with at least one parent were men, while just under half of young adults not living with a parent were men. There's also a cultural element to multigenerational living. Pew Research Center found Black, Hispanic, and Asian young adults in the US were more likely than white young adults to live with their parents. Young adults living with at least one parent were more likely not to be in school The share of young adults living with at least one parent in the household who were in school was about double that of those living on their own — 39% compared to 20%. They're less likely to have a college degree Fourteen percent of young adults with at least one parent in the household had a bachelor's degree as their highest educational attainment, compared to 27% of those without a parent. Single young adults were more likely to live with at least one parent More young adults without a parent in the household were married than those living with at least one parent. Nearly all young adults living with at least one parent were never married or single, at 96%. They're not stay-at-home kids; they're more likely to be working than not Almost two-thirds of young adults with at least one parent in the household were employed, compared to 82% of young adults without a parent in the household. The share of young adults living at home who were out of the labor force — that is, neither employed nor looking for work — was nearly double that of those living on their own. While many were employed, they weren't earning as much as those not living with a parent On average, employed young adults with at least one parent in the household weren't working as many hours or making as much money as their peers who didn't have a parent in the household. According to Pew Research Center researcher Richard Fry, who authored a recent report on where in the country younger Americans live with their parents, young people are more likely to live with their parents when jobs are hard to come by and wages are stagnant. Pew previously found the share of people living in multigenerational households surged during the Great Recession and continued rising afterward. Living at home can also mean being disconnected from work and school There are those who choose to live at home for family connection and financial convenience, and there are others who don't have a choice. So-called disconnected youth who aren't employed or in school made up about 11% of the 16 to 24 age group in 2022, per a 2024 report from the research firm Measure of America. This cohort was more likely than their peers to live in poverty, lack health insurance, and receive government aid. Minorities and young people of color have higher rates of disconnection. "These are creative young people who, for a whole host of reasons, haven't had the opportunities or the support they've needed to explore what they want to do and figure out how to transition to adulthood in a way that's exciting for them," said Megan Millenky, a senior research associate at MRDC who studies youth development.
Business Insider
11 hours ago
- Business
- Business Insider
Meet America's typical live-at-home 20-somethings
Your parents' basement might be looking pretty good these days. In 2023, around 40% of younger Americans lived with their parents. Living with mom and dad is a popular safety net for Gen Zers who face steep housing costs, expensive higher education, and a shaky job market. "If you have the luxury of being able to move back home and pay less for rent, groceries, and other basic bills and put some money away in an emergency fund or towards other big financial goals, it can be a really big deal," Matt Schulz, chief consumer finance analyst at LendingTree, told Business Insider. BI examined the demographics of America's live-at-home young adults — the 42% of 18- to 30-year-olds who lived with at least one parent — using the 2023 American Community Survey, available from the University of Minnesota's Integrated Public Use Microdata Series. So, who made up that 42%? The charts below show the young adults who were more likely to be living at home. A majority of young adults living with at least one parent were men Over half of young adults living with at least one parent were men, while just under half of young adults not living with a parent were men. There's also a cultural element to multigenerational living. Pew Research Center found Black, Hispanic, and Asian young adults in the US were more likely than white young adults to live with their parents. Young adults living with at least one parent were more likely not to be in school The share of young adults living with at least one parent in the household who were in school was about double that of those living on their own — 39% compared to 20%. They're less likely to have a college degree Fourteen percent of young adults with at least one parent in the household had a bachelor's degree as their highest educational attainment, compared to 27% of those without a parent. Single young adults were more likely to live with at least one parent More young adults without a parent in the household were married than those living with at least one parent. Nearly all young adults living with at least one parent were never married or single, at 96%. They're not stay-at-home kids; they're more likely to be working than not Almost two-thirds of young adults with at least one parent in the household were employed, compared to 82% of young adults without a parent in the household. The share of young adults living at home who were out of the labor force — that is, neither employed nor looking for work — was nearly double that of those living on their own. While many were employed, they weren't earning as much as those not living with a parent On average, employed young adults with at least one parent in the household weren't working as many hours or making as much money as their peers who didn't have a parent in the household. According to Pew Research Center researcher Richard Fry, who authored a recent report on where in the country younger Americans live with their parents, young people are more likely to live with their parents when jobs are hard to come by and wages are stagnant. Pew previously found the share of people living in multigenerational households surged during the Great Recession and continued rising afterward. Living at home can also mean being disconnected from work and school There are those who choose to live at home for family connection and financial convenience, and there are others who don't have a choice. So-called disconnected youth who aren't employed or in school made up about 11% of the 16 to 24 age group in 2022, per a 2024 report from the research firm Measure of America. This cohort was more likely than their peers to live in poverty, lack health insurance, and receive government aid. Minorities and young people of color have higher rates of disconnection. "These are creative young people who, for a whole host of reasons, haven't had the opportunities or the support they've needed to explore what they want to do and figure out how to transition to adulthood in a way that's exciting for them," said Megan Millenky, a senior research associate at MRDC who studies youth development. In an unsteady economy, it's unlikely that Gen Z and younger millennials' interest in living at home will fade anytime soon. And, as Millenky said, the group reflects "quite a spectrum" of America's socioeconomic ladder.
Yahoo
23-04-2025
- General
- Yahoo
Here's where Gen Zers and millennials still live with their parents
Some millennials and Gen Zers still live with their parents, particularly in the Northeast and West. Economic challenges and cultural factors drive young adults to put off forming their own households. Cities in Texas, Florida, and California had the highest shares of young adults living with parents. Some millennials and Gen Zers are still opting to live with their parents, especially in the Northeast and the West. A new Pew Research Center analysis looked at where younger Americans, ages 25 to 34, lived in a parent's home in 2023; cities in Texas, Florida, and California had the highest shares of these home-dwellers. Five of the six metros with the highest shares were in California, with about a third of younger adults living in a parent's home. Meanwhile, the Midwest and the South had the lowest shares of young adults living with parents. Young people are much more likely to live with their parents when jobs are hard to come by and wages are stagnant, Pew researcher Richard Fry, who authored the report, told BI. Previous Pew research also found that Black, Hispanic, and Asian young adults were more likely than their white counterparts to live with their parents. "This may be reflecting economic differences in terms of being able to afford to live independently, and it also may be reflecting some cultural differences," Fry said. There's also a gender gap: 20% of young adult men lived with a parent, while just 15% of women fell into that category. The share of younger Americans living with their parents has dropped in recent years, coming down to 18% in 2023, but it's still well above historic lows in the 1970s. The 2008 financial crisis and Great Recession supercharged the trend, with many young adults living in their parents' homes for years after. Many recent college graduates and millennials found themselves back in their parents' homes when the pandemic hit, closing schools and forcing widespread remote work. As of 2022, some Gen Zers considered it a more permanent arrangement, especially as housing costs and inflation raised the barriers to living independently. A 2023 Pew survey found that nearly two-thirds of young adults who were living with their parents said it was good for their wallets. "Even if you got a job, even if earnings are coming in, as a young adult, you may indeed want to live with your parents because it improves your finances," Fry said. Perhaps surprisingly, local housing markets didn't seem to have much influence on younger people living at home. The Pew analysis found that housing costs weren't strongly correlated with the rates of younger Americans living at a parent's home. As BI previously reported, the reliance of Gen Z and millennials on their parents has led to new conversations on when — or if — to cut off support. After all, Gen Zers are facing their own set of economic hurdles, which may only be accentuated in another downturn. It's not clear how the trend will change in the coming years — much depends on how well the US economy fares. And whether young adults rent or buy their own homes will have implications for the US economy, broadly, as well as their personal finances. "Household formation is important for the national economy, so in terms of an economic driver, this is a bad thing," Fry said. But, if living with parents helps young adults "manage their finances and maintain their credit scores and be able to pay their student loan payments, that's probably a good thing." Are you an adult living with a parent or a parent with adult kids living at home? Reach out to these reporters to share at erelman@ jkaplan@ and mhoff@ Read the original article on Business Insider
Business Insider
23-04-2025
- Business
- Business Insider
Here's where Gen Zers and millennials still live with their parents
Some millennials and Gen Zers are still opting to live with their parents, especially in the Northeast and the West. A new Pew Research Center analysis looked at where younger Americans, ages 25 to 34, lived in a parent's home in 2023; cities in Texas, Florida, and California had the highest shares of these home-dwellers. Five of the six metros with the highest shares were in California, with about a third of younger adults living in a parent's home. Meanwhile, the Midwest and the South had the lowest shares of young adults living with parents. Young people are much more likely to live with their parents when jobs are hard to come by and wages are stagnant, Pew researcher Richard Fry, who authored the report, told BI. Previous Pew research also found that Black, Hispanic, and Asian young adults were more likely than their white counterparts to live with their parents. "This may be reflecting economic differences in terms of being able to afford to live independently, and it also may be reflecting some cultural differences," Fry said. There's also a gender gap: 20% of young adult men lived with a parent, while just 15% of women fell into that category. The share of younger Americans living with their parents has dropped in recent years, coming down to 18% in 2023, but it's still well above historic lows in the 1970s. The 2008 financial crisis and Great Recession supercharged the trend, with many young adults living in their parents' homes for years after. Many recent college graduates and millennials found themselves back in their parents' homes when the pandemic hit, closing schools and forcing widespread remote work. As of 2022, some Gen Zers considered it a more permanent arrangement, especially as housing costs and inflation raised the barriers to living independently. A 2023 Pew survey found that nearly two-thirds of young adults who were living with their parents said it was good for their wallets. "Even if you got a job, even if earnings are coming in, as a young adult, you may indeed want to live with your parents because it improves your finances," Fry said. Perhaps surprisingly, local housing markets didn't seem to have much influence on younger people living at home. The Pew analysis found that housing costs weren't strongly correlated with the rates of younger Americans living at a parent's home. As BI previously reported, the reliance of Gen Z and millennials on their parents has led to new conversations on when — or if — to cut off support. After all, Gen Zers are facing their own set of economic hurdles, which may only be accentuated in another downturn. It's not clear how the trend will change in the coming years — much depends on how well the US economy fares. And whether young adults rent or buy their own homes will have implications for the US economy, broadly, as well as their personal finances. "Household formation is important for the national economy, so in terms of an economic driver, this is a bad thing," Fry said. But, if living with parents helps young adults "manage their finances and maintain their credit scores and be able to pay their student loan payments, that's probably a good thing." Are you an adult living with a parent or a parent with adult kids living at home? Reach out to these reporters to share at erelman@ , and mhoff@
