A recent study by the National Longitudinal Study of Youth found that nearly half of all young Millennials move back in with their parents. The National Association of Home Builders said the information gathered in the study will help to better understand the implications this demographic has on the housing market.
Also known as Boomerang Millennials, this generation is likely to move out of their parents’ home, return, and then leave again. The data from the study also showed that young Millennials who hold a Bachelor’s degree are also more likely to move back in with their parents than those who don’t hold a degree or are from a lower income household.
According to the study, 90% of individuals born between 1980 and 1984 and who hold a Bachelor’s degree left home before they were 27 years hold. However, half of this group later returned to their parents’ home. Moreover, only 42.1% of those born between 1980 and 1984 and only had a high school diploma returned to their parents’ home.
“Understanding the makeup of those who return home could shed light on the timing of the release of what we know is quite a bit of pent-up demand,” said NAHB Chief Economist David Crowe. “The data may indicate that while this age group is delaying what we think of as typical milestones, the combination of resources and education and what we have found about their preferences suggest growing housing demand in the years ahead.”
Despite the likeliness that Millennials will move back in with their parents, they still hold a strong desire for homeownership and will likely lead to an increase in housing growth in the coming years.
Related Stories
| Aug 25, 2014
Tall wood buildings: Surveying the early innovators
Timber has been largely abandoned as a structural solution in taller buildings during the last century, in favor of concrete and steel. Perkins+Will's Rebecca Holt writes about the firm's work in surveying the burgeoning tall wood buildings sector.
| Aug 25, 2014
'Vanity space' makes up large percentage of world's tallest buildings [infographic]
Large portions of some skyscrapers are useless space used to artificially enhance their height, according to the Council on Tall Buildings and Urban Habitat.
| Aug 21, 2014
Apartment construction hits 25-year high
The boost to apartment construction suggests that job gains are encouraging the creation of households.
| Aug 19, 2014
Goettsch Partners unveils design for mega mixed-use development in Shenzhen [slideshow]
The overall design concept is of a complex of textured buildings that would differentiate from the surrounding blue-glass buildings of Shenzhen.
| Aug 18, 2014
Seaside luxury: Arquitectonica, Melo Group introduce Aria on the Bay condo tower in Miami
Melo Group has launched sales for Aria on the Bay, its new 647-unit luxury condominium in Miami. The bayfront condo will overlook Margaret Pace Park, Biscayne Bay and the Miami Beach skyline.
| Aug 11, 2014
Will Alsop's funky 'high-rise on stilts' will be built over an apartment building in London
South London's riverfront will soon be graced by one of Will Alsop's eccentric designs: a curved apartment tower on purple stilts.
| Aug 6, 2014
Multifamily Sector Giants: Younger consumers, Sunbelt renaissance energize multifamily housing [2014 Giants 300 Report]
Multifamily housing construction is expected to remain relatively strong throughout 2014. Starts picked up in 2013, with completions due to catch up this year, finally approaching pre-recession levels, according to BD+C's 2014 Giants 300 Report.
| Jul 30, 2014
German students design rooftop solar panels that double as housing
Students at the Frankfurt University of Applied Sciences designed a solar panel that can double as living space for the Solar Decathlon Europe.
| Jul 28, 2014
Reconstruction market benefits from improving economy, new technology [2014 Giants 300 Report]
Following years of fairly lackluster demand for commercial property remodeling, reconstruction revenue is improving, according to the 2014 Giants 300 report.
| Jul 28, 2014
Reconstruction Sector Construction Firms [2014 Giants 300 Report]
Structure Tone, Turner, and Gilbane top Building Design+Construction's 2014 ranking of the largest reconstruction contractor and construction management firms in the U.S.
