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 | Mar 24, 2015
High tech automation is one new condo development’s calling card
The Sterling Collection in Arizona will include the first robotic parking garage for a West-Coast residential community.
Multifamily Housing | Mar 23, 2015
Multifamily for Millennials: Understanding what Gen Yers want in apartment design
Authentic public spaces, pet-friendly options, and inviting, tech-focused lobbies are among the key ingredients to a successful multifamily rental development, writes BLT Architects’ Michael R. Ytterberg.
Multifamily Housing | Mar 18, 2015
Prefabricated skycubes proposed with 'elastic' living apartments inside
The interiors for each unit are designed using an elastic living concept, where different spaces are created by sliding on tracks.
Multifamily Housing | Mar 16, 2015
New Jersey Supreme Court puts control of affordable housing agency in the courts
The court said the state’s affordable housing agency had failed to do its job, and effectively transferred the agency's regulatory authority to lower courts.
High-rise Construction | Mar 16, 2015
Mexican Museum tower caught in turmoil to break ground this summer in San Francisco
Millennium Partners said it will break ground on the 53-story residential and museum tower while the lawsuits go through the appeals process.
Mixed-Use | Mar 13, 2015
Dubai announces mega waterfront development Aladdin City
Planned on 4,000 acres in the Dubai Creek area, the towers will be covered in gold lattice and connected via air-conditioned bridges.
High-rise Construction | Mar 12, 2015
Developers confirm Renzo Piano’s contribution in Sydney harbor overhaul
If the entire development is approved, One Sydney Harbour will be Piano’s second project in Australia.
Multifamily Housing | Mar 12, 2015
Multifamily construction has been a boon to L.A.’s economy
A new study finds that nearly one-quarter of Los Angeles’ population lived in rental homes and apartments in 2013, a number that undoubtedly has increased since.
Modular Building | Mar 10, 2015
Must see: 57-story modular skyscraper was completed in 19 days
After erecting the mega prefab tower in Changsha, China, modular builder BSB stated, “three floors in a day is China’s new normal.”
Multifamily Housing | Mar 10, 2015
Developers bullish about multifamily market for third consecutive quarter
After increasing steadily over the past several years, multifamily production has now reached a healthy, sustainable level, according to NAHB Chief Economist David Crowe.
