Jan 30, 2024 - News
How many Philadelphia millennials are living with their parents?
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How's this for real estate: 17% of millennials in the Philly area still lived with their parents in 2022 compared with 15.8% nationally.
Why it matters: Younger people are increasingly struggling to swing high housing costs and are returning to their childhood bedrooms.
- The number of Americans aged 25–34 living at home has jumped over 87% in the past two decades, according to the latest census data.
What's happening: Younger generations may be staying home to save on expenses like rent or a future down payment, says Adina Dragos, research analyst at apartment search website RentCafe.
- More young adults could also be choosing to care for family members, Dragos tells Axios.
Reality check: Plunging affordability hasn't stopped some millennials from buying homes, often with family help.
- Nearly 55% of millennials (those aged 27–42) owned a home in 2023, up from 52% in 2022, according to a new Redfin report.
- Meanwhile, adult Gen Zers' (those aged 19–26) homeownership rate stagnated at just over 26%.
Go deeper: Multigenerational living is up 1M households in the last decade, here are which states