Why some Salt Lake City millennials are moving back home
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Nearly 13% of Salt Lake City metro millennials lived with their parents in 2022, Axios' Erin Davis reports from the latest census figures.
- That's compared with the national average of 15.8%.
Why it matters: Younger people are increasingly struggling to swing high housing costs and are returning to their childhood bedrooms.
- The number of Americans ages 25–34 living at home has jumped over 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 may also choose 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 (ages 27–42) owned a home in 2023, up from 52% in 2022, according to a new Redfin report.
- Meanwhile, Gen Z's (19–26) homeownership rate stagnated at just over 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 why renters are feeling badly about their finances, according to the Axios Vibes survey by the Harris Poll.
Go deeper: Multigenerational living is up 1 million households in last decade; here's which states