For the better part of a decade, we have been reading news stories about how the millennial generation is struggling to leave their parents’ homes.
Constant surveys show large percentages of the age group — which is never fully defined — still living at home well into adulthood. For example, in May of this year, one survey found nearly 23% of millennials were still living in their parents’ home, up from 13.5% in 2005. That survey was from the real estate database company Zillow, which analyzed U.S. Census Bureau data between 2005 and 2016.
But in the latest survey, commissioned by the former Ernst & Young (EY) since 2016, it appears millennials are finally moving out on their own. Axios reports the number of millennials living at home has plummeted since EY’s last survey in 2016, from 30% to 16% in 2018. EY’s survey also found that home ownership among millennials has grown from 26% in 2016 to 40% in 2018.
There’s an obvious caveat here, and that is the millennial generation has grown two years since 2016 (obviously). Axios notes:
“The first survey was of individuals aged between 18 and 34; this year, it’s of individuals aged 20 to 36. Who are naturally more likely to own homes and to no longer live with their parents.” – READ MORE