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The pandemic has caused 52% of Americans aged 18-29 to live with their parents, the highest rate since the Great Depression. Economic impact has blocked job opportunities and academic progress, with 23% citing school closures and 18% citing job loss. The last time the moving rate was this high was in 1940. Before the pandemic, the top reason for moving was the breakup of a relationship.
While the coronavirus has caused much of society to be forced apart, it has also brought a demographic back home. According to the Pew Research Center, more Americans aged 18 to 29 are living with their parents than at any time since the Great Depression. Indeed, as of July 2020, a whopping 52% of that age group – or 26.6 million people – lived with one or both parents, up 5% (2.6 million people) from February.
The trend has affected young men and women of all races and geographies. The economic impact of the pandemic has hit the 18-29 age group particularly hard because it has not only blocked job opportunities, but also slowed or halted academic progress. According to Pew, 23 percent of those who moved back in with their parents said they did so because their schools were closed; 18% cited loss of employment or lack of job opportunities.
There is no similar data for the Great Depression, but the last time the moving rate was recorded at this high level was 1940, just after the Depression, when 48% of young people stayed or left. back home.
Moving Home or Staying:
Before the coronavirus, the top reason cited by most young adults for moving was the breakup of a relationship.
XNUMX% of all young adults who have not moved home receive some or all of the rent paid by their parents.
The average American will move nearly 12 times in his lifetime.
