More than half of all the young adults in America are now living with their parents. This is according to a new report by the Pew Research Center, an organization thatlooks atdemographic trends and public opinion. Pew defines young adults as people who are between 18 and 29 years old and never before have 52% of them been recorded as living at home withat leastone of their parents.
Historic data is incomplete. It's possible that more young people were doing it during the height of the Great Depression in the 1930s' but info on that doesn't exist. The last time the recorded number was this high was in 1940 near the end of the Depression when 48% of young adults were living with their parents.
Overall though, this percentage has been increasing since 1960. At that time it was at 29%. By February of this year, it had risen to 47%. And by July it was at the record 52%. So why the recent jump? Probablybecause ofthe coronavirus pandemic according to the report.
Pew Research says that young adultsin particularhave been hit hard by the shutdowns and closures and they're more likely to move. A senior economist at Zillow, a real estate information company, says because most 18 to 25 year olds tend to be renters, this is having an effect on that market with an increasing number of rental homes coming available.