Why some NWA millennials are moving back home
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11.2% of Northwest Arkansas millennials lived with their parents in 2022, Axios' Erin Davis reports from the latest census figures.
- The national average share is 15.8%.
Why it matters: Younger people are increasingly struggling to swing high housing costs and returning to their childhood bedrooms.
- The number of Americans ages 25–34 living at home has jumped more than 87% in the past two decades, according to census data.
What's happening: Younger generations may be staying home to save on expenses like rent or for a future down payment, says Adina Dragos, research analyst at RentCafe, an apartment-search website.
- More young adults could also be choosing to care for family members, Dragos tells Axios.
Zoom in: The average selling price for a home in the first half of 2023 was $422,564 in Benton County and $392,306 in Washington County, per the Arvest Skyline report.
- Average rent was $952.
Reality check: Plunging affordability hasn't stopped some millennials from buying homes, often with family help.
- Nearly 55% of millennials (ages 27–42) owned a home in 2023, up from 52% in 2022, according to a new Redfin report.
- Meanwhile, the homeownership rate for adult Gen Z's (ages 19-26) stagnated at just more than 26%.
What we're watching: Those who move out might find rent is a lot more expensive than a few years ago, even as price increases slowed last year.
- It's one reason renters are feeling badly about their finances, according to the Axios Vibes survey by The Harris Poll.
Go deeper: Multigenerational living is up 1M households in last decade; here are which states