In part due to evolving familial structures and financial pragmatism, young adults are choosing to live with family members far longer than previous generations. According to an analysis of IPUMS data by RentCafe, 20% of millennials and 68% of Gen Z individuals still live with other family members.
The 14 million millennials and 23 million Gen Z individuals sharing a household with at least one family member compares with just 8 million Gen X individuals. Additionally, millennial and Gen Z individuals have expressed that generational living is not a short-term solution: 47% of millennials and 41% of Gen Z individuals expect to continue sharing their home with someone for at least another two years, according to a RentCafe survey. Over 10% of millennials expect to live in a shared household for at least 10 years.
The trend of living with parents or in a shared household with family members is becoming increasingly common among younger individuals: 20% of millennials reported living in multigenerational homes at age 34, a higher share than Gen X individuals and baby boomers. The appeal of living in a parental home is varied, from saving money on expenses and housing costs to access to child care.
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