Instead of downsizing or moving south, many baby boomers are instead remaining in their homes, or even upsizing.
More and more young adults in their mid-20s are finding themselves moving back in with mom and dad. A new report from ApartmentList found that in 1970, 78% of 26-year-old adults were living with a spouse, while 10% living with their parents. In 2018, 24% of 26-year-old adults lived with a spouse, while 30% lived with their parents. Today, more young adults are facing stronger financial hardships than those in the 1970s though. With staggering student loan debt, low housing inventory on the market and higher home prices, young adults have far fewer options than their parents.
The percentage of young adults living with their partners unhitched has seen an increase from 0% in 1970 to 17% in 2018. Also, those residing with a roommate has also increased, from 5% in 1970, to 17% in 2018, as has the percentage of those living alone at age 26, from 4% in 1970 to 10% in 2018. In 1970, the majority of 26-year-old adults were living with their spouse or parents, and while significantly more are living with their parents today, they are also exploring other options.
While it’s not surprising that living arrangements have evolved over the past 40 years, there have also been both big drops and gains in the past decade alone. Since the Great Recession, young adults aged 25-34 are 46% more likely to live with their parents since 2007. They are 32% more likely to be residing with a partner not married and 19% more likely to live with a roommate. They are 19% less likely to be residing with a spouse and 20% less likely to live with a child.
Nationally, the number of unrelated households has jumped 22% from 2007 to 2018.
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