Pew Research finds that even in an improved job market, millennials continue to live with parents.
A new analysis of Census data from Pew Research finds that even in an improved job market, millennials are living at home with their families at a stable (or even slightly higher) rate.
In 2010, during the Great Recession, 24% of US young adults (ages 18–34) were living in their parents’ homes. Now, as the economy and job market rebound to pre-recession levels, that number has increased to 26%.
Why the lag in leaving the nest? “Young adults were the age group that was hardest hit by the Great Recession,” Richard Fry, a Pew researcher, told The New York Times. “They’re not fully healed from the damages.”
But there seems to be more at play here. Americans’ values are shifting—a recent survey from the American Institute of CPAs found that today people no longer prioritize home ownership as a sign of success. 28% of survey respondents cited having enough money for a comfortable retirement as the leading indicator of financial success, followed by being able to put their children through college debt-free (23%). Only 11% cited owning a home or being better off than their parents as benchmarks.
As we noted in our report Meet the New Family, multigenerational living is a trend that’s likely to have a lasting impact on consumer culture. Brands are tapping into the shift, with Swiffer showing three generations of women struggling to relate and Match.com offering dating tips to young singles living with their parents.
Expect more ads speaking to the multigenerational home, as well as products and services geared toward helping millennials cope with living alongside their relatives.