Millennials have found a way to buy houses: Living with mom and dad: More than a fifth of adult millennials chose to live rent-free before buying their own houses, according to real estate data (Julian Mark and Eli Tan, January 1, 2024, Washington Post)
The strategy has gained traction among young adults trying to bridge the gap between sky-high rents and a daunting real estate market. In 2022, the share of first-time buyers who moved directly from a friend’s or family member’s home and into their own hit 27 percent, according to the National Association of Realtors. That’s the highest share since the group started keeping track in 1989. Though that number trended lower this year to 23 percent, it remains elevated, said Jessica Lautz, deputy chief economist and vice president of research at NAR.
For swaths of millennials, hunkering down with family gave them breathing room to save for a home. The trade-off comes down to temporarily relinquishing a measure of independence to achieve a milestone increasingly out of reach for people their age.
Having the aduut kids home was one of the things that made the pandemic so enjoyable.