Almost half of all young adults aged 18 to 29 are living with their parents — the highest level since 1940 — according to U.S. Census Bureau data.
Multigenerational living as been steadily increasing over the past five decades, although the economic repercussions of the COVID-19 pandemic put a spotlight on the trend, with many adults “boomeranging” back home.
While the hosts of The Ramsey Show claim these adult children are being “enabled” and “coddled”, many simply cannot afford to live on their own in the current economic climate.
Rising rents and high mortgage rates have made it much more difficult to move out. And high inflation is impacting everything from gas to groceries, while interest rate hikes are raising borrowing costs.
The Morgan Stanley report also says that they may also be driven by other sociological factors, such as enrolling in higher education and getting married later in life.