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
Multifamily Housing | Feb 2, 2023
St. Louis’s first transit-oriented multifamily development opens in historic Skinker DeBaliviere neighborhood
St. Louis’s first major transit-oriented, multi-family development recently opened with 287 apartments available for rent. The $71 million Expo at Forest Park project includes a network of pathways to accommodate many modes of transportation including ride share, the region’s Metro Transit system, a trolley line, pedestrian traffic, automobiles, and bike traffic on the 7-mile St. Vincent Greenway Trail.
Giants 400 | Feb 2, 2023
2022 Convention Center Sector Giants: Top architecture, engineering, and construction firms in the U.S. convention and conference facilities sector
Clark Group, EUA, KPFF, Populous, TVS, and Walter P Moore top BD+C's rankings of the nation's largest convention and conference facilities architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Multifamily Housing | Feb 1, 2023
Step(1) housing: A new approach to sheltering unhoused people in Redwood City, Calif.
A novel solution to homelessness will open soon in Redwood City, Calif. The compact residential campus employs modular units to create individual sleeping units, most with private bathrooms. The 240 units of housing will be accompanied by shared services and community spaces. Instead of the congregate dorm-style shelters found in many U.S. cities, this approach gives each resident a private, lockable, conditioned sleeping space.
Codes and Standards | Feb 1, 2023
New Jersey to allow private firms to conduct construction inspections
New Jersey recently passed a law that will allow towns to supplement construction code enforcement with help from the private sector. The legislation, which received bipartisan support, also allows municipalities to enter into shared service agreements with neighboring towns for construction inspections.
Sports and Recreational Facilities | Feb 1, 2023
University of Houston opens 'game changer' wellness center at downtown campus
The University of Houston-Downtown (UHD) recently opened its new Wellness & Success Center (WSC). The $39 million, 75,000 sf facility greatly improves the quality of the school’s exercise programs and areas dedicated to them. It also establishes a dynamic core and recognizable landmark for fostering and nurturing an on-campus community, according to a news release from SmithGroup, which designed the building along with HarrisonKornberg Architects.
Giants 400 | Feb 1, 2023
2022 Cultural Facilities Giants: Top architecture, engineering, and construction firms in the U.S. cultural facilities sector
Populous, DLR Group, KPFF, Arup, and Turner Construction head BD+C's rankings of the nation's largest cultural facilities sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report. Building types include museums, public libraries, performing arts centers, and concert venues.
Giants 400 | Jan 31, 2023
2022 Retail Giants: Top architecture, engineering, and construction firms in the U.S. retail building sector
Gensler, CallisonRTKL, Kimley-Horn, Henderson Engineers, Whiting-Turner Contracting, and Turner Construction top BD+C's rankings of the nation's largest retail sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Giants 400 | Jan 31, 2023
2022 Government Sector Giants: Top architecture, engineering, and construction firms in the U.S. government buildings sector
Gensler, Jacobs, Hensel Phelps, and Page top BD+C's rankings of the nation's largest government sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Healthcare Facilities | Jan 31, 2023
How to solve humidity issues in hospitals and healthcare facilities
Humidity control is one of the top mechanical issues healthcare clients face. SSR's Lee Nordholm, PE, LEED AP, offers tips for handling humidity issues in hospitals and healthcare facilities.
University Buildings | Jan 30, 2023
How wellness is reshaping college recreation centers
Moody Nolan, a specialist in the design of college recreation centers, has participated in the evolution toward wellness on college campuses.
