Over 18% of Chicago's millennials lived with their parents in 2022, Axios' Erin Davis reports from the latest census figures.

• That's compared with the national average share of 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 aged 25–34 living at home has jumped over 87% in the past two decades, according to census data.

Zoom in: Clarendon Hills parent Lucia Cueto's son is among the many Chicago-area Gen Z adults living with their parents.

• Her 20-year-old daughter also plans to move home to save on rent. She'll commute downtown to UIC, while her twin brother drives to community college.
• "We keep her bedroom at home, but she may want to adapt the basement as her own studio apartment and pay us a symbolic rent," Cueto tells Axios.

What's happening: In addition to saving money, more younger adults could also be staying home to care for family members, says Adina Dragos, research analyst at RentCafe, an apartment search website.

Reality check: Plunging affordability hasn't stopped some millennials from buying homes, often with family help.

• Nearly 55% of millennials owned a home in 2023, up from 52% in 2022, according to a new Redfin report.
• Meanwhile, adult Gen Z's homeownership rate stagnated at just over 26%.

What we're watching: Those who move out might find rent is a lot more expensive than it was a few years ago, even as price increases slowed last year.

• It's one big reason why renters are feeling badly about their finances, according to the Axios Vibes survey by The Harris Poll.

💭 Axios Chicago reporter Monica Eng's thought bubble: My son has moved back home after college. He pays expenses while working as a teacher and figuring out his odds of becoming a professional athlete.

• For now, it's just nice to have him around for family dinners.

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👋 Axios Chicago's Moyo Adeolu here. I've temporarily returned to my parents' place after moving from Brooklyn back to Chicago.

Here are some of my tips for millennials moving back home:

• Create a day-to-day routine with healthy boundaries and realistic expectations.
• If you work remotely, ensure you are set up for success and family members are aware of your needs.
• Discuss rent prices with colleagues and friends.
• Create a flexible exit strategy, and give yourself grace!

The big picture: I'm taking advantage of saving as much money as possible, especially with today's economy. And, more time spent with my family is a bonus.

Between the lines: My parents joke about collecting monthly financial contributions while I shack up rent-free in my childhood home but have yet to enforce this idea.

• I occasionally get a questionable side eye on my spending habits.
• I typically purchase all my essentials, such as food, gym memberships, and everything I need to feel truly "at home."

The bottom line: There's no right or wrong way to "adult," but I'm excited to leave the nest again in early spring as a 30th birthday present to myself — with plans of returning only during the holidays.

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