More Young Adults Opting to Live with Parents
Young adults ages 25 to 34 typically make up half of all first-time home buyers. However, according to recent NAHB analysis, this demographic of would-be buyers and renters is struggling to leave the nest.
The post-pandemic trend of young adults moving out of their parents’ homes has slowed amid a housing market challenged with elevated mortgage interest rates and the worst rental affordability conditions on record.
The share of adults ages 25 to 34 living with parents or parents-in-law in 2023 was 19.2% (or approximately 8.5 million people), according to NAHB analysis of the 2023 American Community Survey.
Although the 2023 share of 19.2% was the second lowest since 2011, it remains elevated by historical standards. In contrast, less that 12% of young adults lived with their parents in 2000.
Regionally, the highest shares of young adults living with parents are predominantly in high-cost coastal areas. The states with the highest percentages include California (26.5%), New Jersey (26.3%), Hawaii (25.2%), Delaware (23.2%) and Maryland (22.7%).
Percent of Young Adults Ages 25-34 Living with Parents
The regional data illustrate that prohibitively expensive housing costs are one of the primary reasons young adults continue to live in parental homes. Consequently, fewer younger adults entering the housing market will have a significant impact on household formations, ultimately hampering the home building industry.
NAHB economist Natalia Siniavskaia provides further insight in this recent Eye On Housing article.
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