According to a survey conducted by Propertymanagement.com, 48% of young adults in the United States will be living with their parents in 2022. This is due to a number of reasons, one of which is inflation.
Inflation in the United States has been falling for the past two months. In October, the Bureau of Labor Statistics (BLS) reported that it was 7.8%, while for November, the data indicates that was 7.1%.
Yet even with this, it remains high, and Americans are still trying to survive on wages that don’t keep up with consumer price indices. And young people are one of the affected groups. According to a survey conducted by Propertymanagement.com, 48% of them will live with their parents in 2022.
The figure has caused astonishment, since it is reaching a historical level that has not been seen since the 1940s. At the time of the Covid-19 pandemic, a similar figure was also reached: the levels of young adults living in household peaked at 49.5% in 2020.
Behind these numbers are the high amounts that must be paid to rent a property. Similarly, the price of houses is through the roof and although some predictions indicate that rates could drop by 2023, the United States real estate market continues to expect.
In addition to rental costs, analysts indicate that other reasons why this phenomenon is occurring frequently are behind enrollment in higher education programs, delayed marriage and unemployment.
“When asked about incentives to move in with parents, 51% of young adults said it was to save money and 39% of them said it was because they couldn’t pay rent,” according to PropertyManagement.com, who went looking for the young people to ask them the reasons why they lived with their parents in 2022.
The survey included 1,200 people living in the United States. It was carried out at the beginning of December 2022.
What were the main findings of the survey
-1 in 4 millennials currently lives with their parents
-1 in 8 millennials will return to live with their parents during 2022
-Many cited high rents, money worries, and job losses as reasons they are living with their parents
-Of those who cannot pay rent, 91% would move if they earned more money
-Despite wanting to own a home, 44% can only afford a mortgage rate of 3.5% or less
-15% spend more than the recommended 50% of net income on rent
If you want to read the survey in detail, you can enter the following link.
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