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 | Jan 8, 2016
Manager of New York’s first micro-unit development inks pact with ‘personal butler’ service
The co-living platform Ollie is leasing its initial building, in New York, with housekeeping and grocery shopping available via Hello Alfred.
Urban Planning | Jan 4, 2016
The next boomtown? Construction and redevelopment sizzle in San Diego
The city's emission-reduction plan could drive influx into downtown
Multifamily Housing | Dec 23, 2015
Student housing developer broadens its reach into multifamily
Aspen Heights Partners evaluates seven metros for its initial projects.
Multifamily Housing | Dec 17, 2015
Developers respond to demand from tenants for ‘smart’ design
A number of green prerogatives are having a beneficial impact on multifamily design and construction.
Multifamily Housing | Dec 14, 2015
Study finds increase in cost-burdened renters
Harvard’s Joint Center for Housing Studies released its biennial rental housing report, and it found that 21.3 million renters spend 30% or more of income towards rent.
Multifamily Housing | Dec 10, 2015
Developer of Jean Nouvel-designed New York City condo complex sued
One resident says living in the curvy, glass 100 Eleventh Avenue building is like being in a wind tunnel.
Multifamily Housing | Dec 7, 2015
Are long-term apartment rentals Airbnb’s next target?
Some developers are thinking about that possibility, says one West Coast real estate consultant.
Smart Buildings | Dec 7, 2015
AIA Baltimore holds rowhouse redesign competition
Teams competed to provide the best social and environmental design solutions for the city’s existing rowhouse stock.
Multifamily Housing | Nov 19, 2015
Herzog & de Meuron designs curving NYC luxury apartments
The 160 Leroy building will have 49 luxury homes, along with a white concrete façade covered with large windows.
High-rise Construction | Nov 17, 2015
CTBUH awards '2015 Best Tall Building Worldwide' to Bosco Verticale
Designed by Italian architect Stefano Boeri, the building design was applauded for its “extraordinary implementation of vegetation at such scale and height."
