May 25, 2016
The state of the economy is always a sensitive topic – many see the reflections of the economy and industry trends are grim reminders of what direction we're headed.
According to a new report by Pew, this is the first time in over 130 years that Millennials are mostly living with their parents rather than on their own or with romantic partners. The shift may seem small, but these Millennial housing trends speaks volumes on the climate of the economy, Millennial capabilities, and the future of the industry.
Where Millennials Live Today
Though there are some living alternatives popping up across the country, millennials largely face a crisis of being shorted out of the housing market. With rising costs in urban areas where most millennials want to live, many find that their only option lies in moving back home.
In the Pew report, it's noted:
“By 2014, 31.6 percent of young adults were living with a spouse or partner in their own household, below the share living in the home of their parent(s) (32.1 percent). Some 14 percent of young adults were heading up a household in which they lived alone, were a single parent or lived with one or more roommates. The remaining 22 percent lived in the home of another family member (such as a grandparent, in-law or sibling), a non-relative, or in group quarters (college dormitories fall into this category).”
What This Means for the Economy
It's important that we all take note of the Millennial housing trends because they prove to be a prominent predicting force of how business and other industries are affecting consumers. Though living at home doesn't automatically sentence Millenials to a future of mediocrity, it can still be limiting for Millennials to adjust to this change, especially while still so early in their careers.
A shift in economic growth could be the key to getting both the Millennial workforce and economy back on track.
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