More young adults living with their parents

As if massive student debt, high home prices, and low inventory weren’t enough, the pandemic of the last year has more young adults living with their parents than any other time since the Great Depression of the 1930s. The Pew Research Center estimates that approximately 52 percent of Americans aged between 18 and 29 are living with their parents.

Moreover, analysts predict this isn’t going to change anytime soon as vaccinations roll out but the effects of the pandemic linger.

Another interesting development is the increase in multigenerational homes which were purchased by 16 percent of buyers in 2020, up from 11 percent in 2019.

Multigenerational homes increasing

Green Escrow | Real Estate News

according to data provided by the National Association of Realtors, families are combining financial resources and purchasing homes that can accommodate multi-generations under one roof. Since the start of the pandemic, approximately 16 percent of home buyers have purchased multigenerational homes, compared with 11 percent the previous year.

in many cases, older parents are moving in as well as younger adults.

Unfortunately, homebuilders have not been able to keep up with the demand. Inventory remains low and builders continue to struggle with a shortage of labor, building materials, and available lots.