American households are changing, and today’s young adults are living with mom and dad more than ever before. In fact, according to a new analysis, it’s even more common than living with a spouse, roommate, partner, or on their own.Verify your new rate (May 30th, 2020)
Living with mom and dad
According to a new study from Apartment List, the dynamics of American households are drastically different than in years past. In fact, about 30 percent of 26-year-olds live with a parent, while only around 25% live with a spouse.
Even lower on the spectrum are roommates and unmarried partners, and only about 10 percent of 26-year-olds live solo. The trend marks a big change from just a decade ago. In 2009, almost 35 percent of 26-year-olds lived with a spouse, and just over 20 percent lived with a parent.
If you go further back, the pivot is even more drastic. In 1990, almost half of young adults lived with a spouse, while just 20 percent lived with mom or dad.
As ApartmentList’s Rob Warnock and Igor Popov explain, “Millennials today live in a much more varied range of household types than their predecessors did in young adulthood.”
The housing crash that started it all
According to the analysis, the change in trends began with the housing crash.
“Starting with 2007 — the year before the collapse of the housing market bubble — we see the beginning of a steady divergence in young adult housing composition that has continued to the present-day,” Popov and Warnock found. “This is a period characterized by economic recession, ballooning student debt and even as the economy recovered, a dearth of affordable housing options in the cities with the best job opportunities. All of these factors put downward pressure on young adults who, in previous generations, would have been ready to start their own households.”
If you look at the full age range of Millennials, the share living with mom and dad has jumped 46 percent since 2007, while the share living with an unmarried partner rose 32 percent. The number who live with a spouse tanked, decreasing 19 percent over the same period.Verify your new rate (May 30th, 2020)
Get today’s mortgage rates
Are you tired of living with mom and dad? Want to get out of the rent race? Today’s low mortgage rates can make it possible. Shop around and see what mortgage rates you qualify for today.