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.
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