Millions of young adults have moved back home with mom and dad since the COVID-19 pandemic began, and now, the majority of 18-to-29 year olds are said to be living with their parents.
That surpasses a previous peak that was set during the Great Depression, the Pew Research Center reported.
The survey by Pew found that 52% of 18-to-29 year olds are living at home with either both or one of their parents, up from just 47% in February. That means around 26.6 million young adults are now living at home with mom and dad.
The migration of young adults moving back home affects all genders, racial and ethnic groups, and is taking place in both metro and rural parts of the country, Pew said. However, the biggest increase in young adults moving back home was observed in those aged 18 to 24 years old.
Previously, the highest number of young adults living at home was set back in 1940 at the end of the Great Depression, when it was found that 48% were living with their parents. There’s no data prior to this that might reflect the situation during the worst of that recession, in the 1930s.
“Young adults have been particularly hard-hit by this year’s pandemic and economic downturn, and have been more likely to move than other age groups,” the Pew Research Center said, citing other surveys.
Its survey found that 9% of young adults have relocated back home either temporarily or permanently as a direct consequence of the coronavirus pandemic. Around 23% said they moved back home due to college campuses being closed, while 18% said they’d done so due to job loss or other financial reasons.
Young adults moving back home was trend even before the pandemic, and it has an effect on the housing market. Because people are moving back home, growth in new households is slower than that of population growth.
Pew said that between February and July, the number of households headed by a person aged between 18 and 29 years old fell by 12%, from 15.8 million to just 13.9 million.
Another survey by MagnifyMoney in the summer identified Riverside, Calif.; Miami; Los Angeles; San Antonio, Texas; New York; and Memphis, Tenn. as the metros where young adults are most likely to live with their parents.
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