Nearly 1 in 5 Americans now live in multigenerational households

Americans are more than twice as likely to live in multigenerational family households than they were half a century ago.

Why it matters: Financial concerns, caregiving needs, marital trends and demographic shifts are driving changes in how we live.

• The number of people living in multigenerational households quadrupled from 1971 to 2021, while the share of the population in such an arrangement more than doubled to 18%, according to a Pew Research Center study released Thursday.
• Population growth among people of color is a big reason for the increase as they are more likely than white Americans to live with extended family, according to Pew, citing census data.
• "This is not a phenomenon that has peaked," D’Vera Cohn, one of the authors of report, tells Axios.

Be smart: A majority of adults who live in multigenerational households say financial issues are a key reason why.

• 50% of lower-income adults in such households say the arrangement helps them at least a little financially, compared with 36% of middle-income and 24% of upper-income adults.
• Young adults moving away from home, postponing marriage or getting jobs later in life is a contributing factor.
• Caregiving is a “major reason” for many, Pew concluded — whether it's caring for an adult, like an aging parent, or caring for someone else's kids.

What they're saying: "We found that living in multigenerational households is apparently a pretty good strategy to stay out of poverty," Cohn says.

• 57% of adults in multigenerational households said it's been very or somewhat positive experience, while 17% said it had been very or somewhat negative.

What we’re watching: Whether the strong job market or the effects of inflation alter people’s living arrangements.