‘We are going to start looking a lot more like Europe’: Millennials are living at home into their 30s, signaling a major shift
Source: Fortune ·
A real estate expert tells Fortune that there’s a “secular shift” underway in American life: more young adults are “content” living at home with their parents.
From the source
Generations of Americans have followed the same formula: excel in school, land a job with a steady paycheck, and move out of their parents’ places for good. But now the formula for success has changed, and more Gen Zers and millennials are living with their family to weather an increasingly unaffordable economy. “Now since rates have been going up and affordability remains very stretched, we’re seeing [multi-generational living] increase,” Ivy Zelman, cofounder and executive vice president at housing research firm Zelman, a Walker & Dunlop Company, recently said during a roundtable discussion Fortune attended. “We assume that it’s going to stay fairly stable as we continue into the second half of the decade.” The proportion of adults in their 20s and 30s living at home has continued to rise in recent years, and shows no sign of letting up. Back in 1980, only around 15% of these younger adults opted to live with their parents—now, around 22.4% of Gen Zers and millennials are bunkering…