Since the pandemic, more millennials are opting to live with their parents to save money and aren’t in any rush to move out on their own.
- According to the U.S. Census Bureau, about 18% of men and 12% of women ages 25 to 34 were living with their parents in 2022.
- According to U.S. Census data, nearly half of Americans ages 18 to 29 also live with their parents.
- The older half of the millennials are saving money for a downpayment on a house or car, while the younger half is spending money on clothes and designer handbags.
Why it’s news
The pandemic sent prices skyrocketing, including rent prices—forcing many Americans to move back in with their parents.
Many of the Americans that found themselves back home liked the amount of money they began saving by not having to pay rent and other amenities that come with moving in with mom and dad.
What once was taboo has become normal as millennials are unashamed of moving back home with their parents and have begun opting to do so.
U.S. Census Data found that nearly half of Americans ages 18 to 29 also live with their parents, and about 18% of men and 12% of women ages 25 to 34 lived with their parents in 2022.
Research has found that the older half of the millennials at home have opted to put the saved money into savings for down payments on a major purchase such as a house or car, while the younger half uses the money to buy luxury items and go on multiple vacations a year, reports Insider.com.
This new wave of people moving in with their parents has shifted the way people think. Something that was once considered embarrassing is now becoming the norm.
“I think back in the day people used to look down on you for staying at home with your parents like you’re some kind of a loser, but I’ve got a job, I’ve got a salary,” Trysta Barwig, who remains at home, told Insider.com. “I don’t see why I need to live on my own.”