Overall, multigenerational living is on the rise and has been for years.
The number of household with two or more adult generations has quadrupled over the past five decades, according to a Pew Research Center report based on census data from 1971 to 2021. Such households now represent 18% of the U.S. population, they estimate.
“Clearly, for some adults there are favorable aspects to it,” said Richard Fry, a senior researcher at Pew.
However, finances are the No. 1 reason families are doubling up, Pew found, due, in part to ballooning student debt and housing costs. Caregiving also plays a role in the decision process.
To that end, multigenerational living has grown the fastest among adults ages 25 to 34.
Why so many adults live with mom and dad
In 2020, the share of those living with their parents — often referred to as “boomerang kids” — temporarily spiked to a historic high.
“The pandemic was a short-term rocket, but the levels today are still significantly above where they were in 2019 — and it’s been rising over the past 50 years,” Fry said.
Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago.
(source:CNBC)
