Based on the survey, one in four millennials are currently living with their parents. Twenty-two percent of respondents live in their parents’ homes, and more than 50 percent of these returned within the past year.
BELLEVUE, Wash. (PRWEB) December 13, 2022
PropertyManagement.com, a leading resource to help property owners identify reliable, trusted, and experienced property management services in the United States, has published a recent survey report that shares insight into how inflation and rising rent prices have impacted millennials in 2022. The study also highlights the top reasons many adults have moved back in with their parents. Research experts analyzed responses from 1,200 adults aged 26 to 41.
Based on the survey, one in four millennials are currently living with their parents. Twenty-two percent of respondents live in their parents’ homes, and more than 50 percent of these returned within the past year. Among those who struggle with affordable housing options, a majority of individuals say they would likely move out if they made more money.
The study also shows that many millennials live in multigenerational households. Nearly 40 percent of respondents living with their parents say other family members also live with them. The most common reason extended families live together is the inability to afford separate homes. Likewise, some families share the same housing because they like living together or need help taking care of younger or older family members.
Most millennials who live independently rent their homes, and 77 percent plan to continue renting. In contrast, 19 percent of renters say they plan to buy a home when their lease expires. Although most long-term renters would like to buy a home in the future, 44 percent say they can only afford a house at a 3.5 percent or less mortgage rate, which is below the average 6 to 7 percent rate.
According to the survey, 15 percent of millennial renters spend more than half of their income on rent. Many respondents who rent their homes say they have taken additional steps to afford rent payments in the past year. Forty-nine percent have picked up extra gig work, 16 percent sleep on a couch, 12 percent have roommates, and 11 percent share a bedroom with someone who is not a romantic partner.
PropertyManagement.com commissioned this survey, which was conducted via the online platform Pollfish on December 1, 2022. All participants were selected based on demographic filtering and required to meet the 26 to 41 age range. The survey used a convenience sampling method, and to avoid bias from this component, Pollfish employs Random Device Engagement (RDE) to ensure random and organic surveying. To view the complete report, please visit https://www.propertymanagement.com/high-rent-and-job-losses-forced-1-in-8-millennials-to-move-back-in-with-their-parents-this-year/.
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