67% of pandemic ‘boomerang children’ still live with mom and dad

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Why so many young adults live with mom and dad

In general, multigenerational living is on the rise and has been for years.

The number of households with two or more adult generations has quadrupled in the past five decades, according to a Pew Research Center report based on census data from 1971 to 2021. Such households now represent 18% of the U.S. population, they estimate.

Finances are #1 reason families double, Pew found, partly due to ballooning student debt and housing costs. Informal care also plays a role in the decision-making process.

Therefore, multigenerational life has grown fastest among adults aged 25 to 34.

In 2020, the proportion of those living with their parents – often referred to as “boomerang children” – is temporarily peaked to a historic high.

“The pandemic was a short-term rocket, but today’s levels are still significantly higher than in 2019 — and it’s been rising over the past 50 years,” said Richard Fry, senior researcher at Pew.

Today, 25% of young adults live in multi-generational households, up from just 9% five decades ago.

In most cases, 25- to 34-year-olds live in the home of one or both parents. A smaller proportion live in their own home and have an older or other older relative with them.

The percentage of young adults living with parents or grandparents is even higher among men and those without a college education.

“It’s really a private social safety net for them,” Fry said.

Young adults without a bachelor’s degree tend to: earn considerably less than those who finished college, Pew thought, too.

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Not surprisingly, older parents are also more likely to pay the most expenses when two or more generations share a home. The typical 25- to 34-year-old in a multigenerational household contributes 22% of total household income, Pew found.

For parents, however, supporting adult children can be a significant burden at a time when their own financial security is at risk.

In an economy that has produced the highest inflation percentage Since the early 1980s, the cost of living at home for young adults has risen sharply.

But overall, there’s an economic benefit to these forms of housing, Pew found, and Americans living in multigenerational households are less likely to be financially vulnerable.

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