I may have the answer to the $64 question, why aren’t more millennials buying homes? The real estate industry spends a fair amount of time discussing the millennial generation trying to determine where they want to live, urban or suburban, and whether they want to own a home or are happier being a renter. I have found many answers are contained In the Census Bureau Report, “The Changing Economics and Demographics of Young Adulthood: 1975–2016“.
There are some fascinating facts in the report, many of which give a lot of insight into this generation as well as their housing needs and plans. Below a few highlights:
- Young people are delaying marriage. In the 1970’s 8 in 10 people were married by the time they turned 30, today it won’t be until the age of 45 that 8 in 10 are married.
- More young people today live in their parents’ home than in any other arrangement. In fact, 1 of every three 18 – 34-year-olds lived in their parents home in 2015.
- Between 1975 and 2016 the share of young women that were homemakers dropped from 43% to 14% of all women aged 25-34.
- Of the young people living in their parents home, 1 out of 4 doesn’t work nor go to school.
Find the complete report here.
