It feels like Deja Vue. During the great recession and young people continued to live with their parents because they had student debt and jobs were scarce.
According to PEW research, 52% of young adults (18-29) live with their parents. That is more than half and the largest number since the great depression.
The pandemic is credited with a migration back to mom and dad.
“in July, 52% of young adults resided with one or both of their parents, up from 47% in February”
Yet there is no shortage of Boston condo buyers. Downtown Boston real estate continue to sell quickly and often with multiple offers.
Some fear we might soon share the same fate as Greece real estate market.
With 18-29 years old still living with their parents, It will (and has) have repercussions in the apartment rental market, though not on the scale of the Great Depression. Well, at least that is encouraging for now.