Millennials will be at home for Christmas and all they want is a lower rent.
One in four millennia, age from 26 to 41in the US living with his parents, according to a new source survey from PropertyManagement.com. Furthermore, one in eight of the 1,200 millennials surveyed moved in with their parents this year.
Saving money is the top reason they cite to return home, nearly 51%. It’s hard to do when removing a average rent $2,040 a month. Just over 39% of respondents said they were living with their parents again because they could no longer pay the rent.
The cost of renting in the US has grown exponentially this year, so high in fact Americans have to work six hours a month afford the rent compared to pre-pandemic. Rising costs have perpetuated a housing crisis been done for many years.
Others move back to their hometown to take care of their parents (31%) or simply prefer to live with their parents (nearly 30%). Some are dealing with personal health reasons (23%), job loss (21%) or fear of losing their job (7%)—the latter two are signs that layoffs on a large scale has begun to have an impact.
Moving back in with my parents is nothing new for thousands of years, who entered the Great Depression or the crash that followed. But after the pandemic, an economy is in a downward spiral—the level of inflationaryone economic depressionand spread layoffs— has exacerbated the struggles millennials have faced for years. The pandemic is only intensifying the great disappointment of the millenniumadds to the list of obstacles that keep them from getting rich and owning property.
While it’s not entirely new, the multigenerational life that emerged during the pandemic may still be around. In the early days of the pandemic, many young people moved back to live with their parents to escape the blockade. Pew Research Center reported in September 2020 that this is the first time since the Great Recession that more than half of Americans under the age of 29 live with their parents. The fact that the still-booming millennial generation is returning home is a sign that this trend is still present.
That being said, these are also unprecedented times. The vast majority of millennials who responded to PropertyManagement.com’s survey said that if they could afford to move out, they would. More than 90% of those who moved in with their parents because they couldn’t afford the rent said they would be “very” (68%) or “relatively” (23%) likely to move out if they made more money.
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