A recent study by the National Longitudinal Study of Youth found that nearly half of all young Millennials move back in with their parents. The National Association of Home Builders said the information gathered in the study will help to better understand the implications this demographic has on the housing market.
Also known as Boomerang Millennials, this generation is likely to move out of their parents’ home, return, and then leave again. The data from the study also showed that young Millennials who hold a Bachelor’s degree are also more likely to move back in with their parents than those who don’t hold a degree or are from a lower income household.
According to the study, 90% of individuals born between 1980 and 1984 and who hold a Bachelor’s degree left home before they were 27 years hold. However, half of this group later returned to their parents’ home. Moreover, only 42.1% of those born between 1980 and 1984 and only had a high school diploma returned to their parents’ home.
“Understanding the makeup of those who return home could shed light on the timing of the release of what we know is quite a bit of pent-up demand,” said NAHB Chief Economist David Crowe. “The data may indicate that while this age group is delaying what we think of as typical milestones, the combination of resources and education and what we have found about their preferences suggest growing housing demand in the years ahead.”
Despite the likeliness that Millennials will move back in with their parents, they still hold a strong desire for homeownership and will likely lead to an increase in housing growth in the coming years.
Related Stories
| Aug 11, 2010
Housing America's Heroes 7 Trends in the Design of Homes for the Military
Take a stroll through a new residential housing development at many U.S. military posts, and you'd be hard-pressed to tell it apart from a newer middle-class neighborhood in Anywhere, USA. And that's just the way the service branches want it. The Army, Navy, Air Force, and Marines have all embarked on major housing upgrade programs in the past decade, creating a military housing construction boom.
| Aug 11, 2010
Loft Condo Conversion That's Outside the Box
Few people would have taken a look at a century-old cigar box factory with crumbling masonry and rotted wood beams and envisioned stylish loft condos, but Miles Development Partners did just that. And they made that vision a reality at Box Factory Lofts in historic Ybor City, Fla. Once the largest cigar box plant in the world, the Tampa Box Company produced boxes of many shapes and sizes, spec...
| Aug 11, 2010
World's tallest all-wood residential structure opens in London
At nine stories, the Stadthaus apartment complex in East London is the world’s tallest residential structure constructed entirely in timber and one of the tallest all-wood buildings on the planet. The tower’s structural system consists of cross-laminated timber (CLT) panels pieced together to form load-bearing walls and floors. Even the elevator and stair shafts are constructed of prefabricated CLT.
| Aug 11, 2010
CityCenter Takes Experience Design To New Heights
It's early June, in Las Vegas, which means it's very hot, and I am coming to the end of a hardhat tour of the $9.2 billion CityCenter development, a tour that began in the air-conditioned comfort of the project's immense sales center just off the famed Las Vegas Strip and ended on a rooftop overlooking the largest privately funded development in the U.
| Aug 11, 2010
Giants 300 Multifamily Report
Multifamily housing starts dropped to 100,000 in April—the lowest level in several decades—due to still-worsening conditions in the apartment market. Nonetheless, the April total is below trend, so starts will move progressively back to a still-depressed 150,000-unit pace by late next year.
| Aug 11, 2010
The softer side of Sears
Built in 1928 as a shining Art Deco beacon for the upper Midwest, the Sears building in Minneapolis—with its 16-story central tower, department store, catalog center, and warehouse—served customers throughout the Twin Cities area for more than 65 years. But as nearby neighborhoods deteriorated and the catalog operation was shut down, by 1994 the once-grand structure was reduced to ...
| Aug 11, 2010
Gold Award: Westin Book Cadillac Hotel & Condominiums Detroit, Mich.
“From eyesore to icon.” That's how Reconstruction Awards judge K. Nam Shiu so concisely described the restoration effort that turned the decimated Book Cadillac Hotel into a modern hotel and condo development. The tallest hotel in the world when it opened in 1924, the 32-story Renaissance Revival structure was revered as a jewel in the then-bustling Motor City.