The good news is that they still have jobs (if one believes the goalseeked propaganda spewed by the Bureau of Labor Statistics). The bad news is taht soaring rents have forced millions of young Americans to move back in with their parents this year, according to a new survey.
As Bloomberg’s Alex Tanzi writes, about one in four millennials are living with their parents, according to the survey of 1,200 people by Pollfish for the website PropertyManagement.com. That’s equivalent to about 18 million people between the ages of 26 and 41. More than half said they moved back in with family in the past year.
Among those who slunk back to their parents’ basement, the surge in rental costs was the main reason given for the move. About 15% of millennial renters say that they’re spending more than half their after-tax income on rent.
The disruptions of the pandemic, which triggered massive job losses as well as a spike in housing costs, have driven an unprecedented shakeup in living arrangements. In September of 2020, a survey by Pew found that for the first time since the Great Depression, a majority of Americans aged between 18 and 29 were living with their parents.