Most Pandemic Boomerang Millennials and Gen Zers Are Still Living With Their Parents

A LendingTree study finds that two-thirds of the millennials and Gen Zers who moved in with their parents during the pandemic still live there.

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Surveying more than 1,300 U.S. parents, Gen Zers, and millennials, a recent LendingTree study has found that two-thirds of young adults who moved in with parents during the pandemic still live there. While a little over half (51%) of those who moved home say it was out of necessity, 49% say it was to save money.

Broken down into age groups, the younger demographics are more likely to already have moved back out. Out of the almost 3 in 10 Gen Zers who moved home, 13% have already left. For the 18% of younger millennials (aged 26 to 34), 14% also have gone back to independent living. Of the 17% of elder millennials (aged 35 to 41) who moved in with parents during the pandemic, only 8% have left. This could be to help take care of aging parents as well as paying down debt.

Saving for a home down payment (31%) and clearing debt (39%) were the two major focuses for young adults moving home. Yet, no matter the generation, a LendingTree study from 2021 shows that credit card debt is the most common non-mortgage debt burden. Other ways moving home positively impacted finances of young adults includes investing more or saving for retirement or for life events like a wedding or baby.

By state, the percentage of adults ranging in age from 24 to 40 who live with their parents is about 20% in Hawaii (21.6%), New Jersey (20.7%), and Florida (20.1%). California, Rhode Island, New York, Maryland, and New Mexico follow close behind. Conversely, the states with the lowest percentage of young adults at home with parents are North Dakota (5.3%), Nebraska (8%), and both South Dakota and Iowa (8.2%).

How do parents feel about having their empty nests filled? Most said they would let their adult children live at home (56%), and 29% have or are currently living with grown children.

While 73% of parents say they wouldn’t charge rent, most would add rules and financial agreements to adult children moving in. The most popular is having help with cleaning and cooking at 58% and cash for groceries and household expenses at 56%. Also important to parents is for the child to be employed (53%). Other arrangements noted include rent payments (27%), planning a move-out date (11%), and setting a curfew (10%).

For purposes of the survey, LendingTree researchers also analyzed U.S. Census Bureau data to create a national and state-by-state snapshot of the number of younger adults living at home.

About the Author

Leah Draffen

Leah Draffen is an associate editor for Zonda's Builder and Multifamily Executive magazines. She earned a B.A. in journalism and minors in business administration and sociology from Louisiana State University.