More Americans are choosing to live in multigenerational households than ever before. In other words, grown adults are moving back in with their parents to save money. Some fear they will never be able to live on their own again.
The number of shared household haven’t been this high since 1971. A recent Pew Research survey found that 18% of the population has moved in with relatives in the last few years, and show no signs of slowing down. according to a survey.
More than half of the adult children who reported living with their parents said it benefits them financially. Another 30% reported they don’t pay major bills like rent or mortgage, which helps offset any debt repayment they may have. Additionally, Bloomberg pointed out that a Credit Karma survey reported that 29% of 18 and 25-year-olds are at home with family and have no plans to move out anytime soon.
This isn’t an issue only plaguing US young adults either. Bloomberg shared that 3.6 million U.K. citizens between 20 to 34 lived with their parents in 2021, which is up 1.1 million from 20 years ago, per Office of National Statistics.
A recent Redfin report stated that listed rents across the country for available increased 15% from last year, with the average rent price being above $2,000 a month.
NPR reported that rent in cities like Austin, Seattle, and Cincinnati is up by 30%. The median asking price for rent in Los Angeles is $3,400.