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Living at Home as an Investment
NAHB / August 21, 2013
Even with improving economic conditions, a record number of Millennials live with their parents. According to a recent study published by the Pew Institute, the share of the U.S. population aged 18 to 31 living in their parent’s home increased to 36 percent or a record 21.6 million young adults in 2012. The share of the same age group living with parents prior to the start of the Great Recession was 32 percent and 34 percent at the end of the Great Recession in 2009.
This growth has largely been attributed to three factors; declining employment, increasing college enrollment, and declining marriage. And these changes are part of an overall increase in the establishment of multigenerational households.
For a generation coming of age during the worst economic crisis since the Great Depression, this may appear to be more bad news. However, a closer look shows the increase is partly due to more investment in human capital. Facing reduced employment opportunities and poor earning potential without a college degree, in 2012 a record 38.9 percent of individuals aged 18 to 24 enrolled in college.