Young Millennials likely to return home

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.

When tapped to create a modern 280-unit residence in downtown Philadelphia, modular builder Volumetric Building Companies used the MagicPak All-in-One™ HVAC system to optimize square footage, expand rooftop amenities, improve the exterior aesthetics and simplify ongoing maintenance – all with 60 percent less onsite HVAC install time than a traditional split system.

Monaco Apartments in Midland, Texas, designed by HEDK Architects, Connect Structural, and Jordan & Skala Engineers, and built by BC Contracting. Photo: Brian Martin, Hommati

Giants 400 | Nov 18, 2021

2021 Multifamily Sector Giants: Top architecture, engineering, and construction firms in the U.S. multifamily building sector

Clark Group, Humphreys and Partners, and Kimley-Horn head BD+C's rankings of the nation's largest multifamily building sector architecture, engineering, and construction firms, as reported in the 2021 Giants 400 Report.

EXACOR mgo underlayment panels on multifamily jobsite

How TDK Construction Saves Time and Money with EXACOR™ MgO Panels: Getting in on the Ground Level

Smart decisions made at the start of multifamily design-builds can improve efficiency on the job site, keeping projects on-time and on-budget, so you can make your properties profitable sooner. TDK Construction did just that on a recent luxury apartment project in Tennessee.

Tuck under parking at Fairfax Flats, Nashville, designed by The Bradley Projects.

Multifamily Housing | Nov 14, 2021

How to build better parking for multifamily housing projects

In designing and building multifamily projects, parking determines everything from site suitability to the building’s footprint to revenue optimization.