One-third Of Millennial Adults Ages 18-34 Still Live With Parents, Many Are Discovering Manufactured Housing
Many of America’s young adults appear to be in no hurry to move out of their old bedrooms.
An analysis of census data by the Pew Research Center has found that for the first time on record, living with parents is the most common arrangement for millennials – people ages 18 to 34.
Note: The following data was tracked prior to the COVID -19 epidemic. It is reasonable to assume that the numbers of “living at home” millennials are now in greater numbers than those we are reporting here.
Nearly one-third of all millennials still live at home, slightly more than the proportion who live with a spouse or partner. It’s the first time that living at home has outpaced living with a spouse for this age group since such record-keeping began in 1880.
As recently as 2000, nearly 43 percent of young adults 18 to 34 were married or living with a partner. By 2014 that proportion was just 32.4 percent.
Some of these reports surmise that young Americans continue lingering in the home of their parents and delaying homeownership, as a result of economic circumstances. We doubt that living with parents is the preferred choice of young adult Americans or their parents.
Debt, jobs, and/or unaffordable housing are circumstances that factor in the young adult’s decision to remain at home. College student loan debt load after leaving school averages about $20,000, sending more young people back to their nests. Wages from entry-level jobs in the workplace for young adults often will not sustain family requirements for traditional site-built home ownership.
Nela Richardson, the chief economist at real estate brokerage Redfin, says one explanation for the sparse supply of housing is that many “baby boomers” (age 51 to 69) aren’t able to sell their family home and downsize for retirement because they still have adult children living with them. Redfin surveyed baby boomer homeowners and found that one-fifth still have adult children at home,
Since the great recession recovery that began in 2011, millennials have discovered manufactured home ownership to be the ideal solution for quality affordable housing, with young adults accounting for a large portion of the ever-increasing manufactured home sales in the U.S.
Manufactured homes are the fastest-growing type of housing in the nation, with a variety of floor plans and customizable options to meet a variety of housing demographic needs. Millennials will find that today’s beautiful high quality manufactured homes offer flexibility in design to address their special needs and wants, such as homes with two master bedrooms and private baths at opposite ends of the home for those wishing to further reduce housing costs by sharing a home with another person, integrated covered porch designs for indoor/outdoor lifestyles, modern kitchens, and open living areas, and more.
According to the National Association of Realtors (NAR), the median home price in April has jumped 14.8% from a year ago at this time to $392, 200. With the manufactured home averaging less than $100,000 (without land costs). With equal or superior quality of construction, comparable features, and amenities to fit any lifestyle, it is little wonder why homebuyers are choosing factory-built housing.
Millennials who discover manufactured homes will appreciate the advantages of homeownership which include: quality, value, pride of ownership, and independence. Maybe it’s time to flee the basement!