Both the housing market and the job market have returned to healthy levels since the Great Recession, but Americans adults seem to be in no rush to move out of the homes they’re now sharing with their parents and grandparents.
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Nearly 20 percent of Americans lived in multi-generational households in 2014, according to a new report by Pew Research Center, the highest level in more than 60 years. The percentage of Americans in such living situations has been on the rise since 1980, when it hit a low of 12 percent.
While the percentage of Americans in multi-generational homes is close to the percentage it was in 1950, the raw number of adults who live with another generation in their family is twice what it was back then. More than 60 million Americans now live in multi-generational homes, the highest number ever, according to Pew.
Report authors attribute the rise to demographic changes in the United States, citing the increase in the number of Asian and Hispanic families, which are more likely to include multiple generations under one roof.
While older Americans were previously the most likely to live in multigenerational households, now it’s young adults. Nearly a third of Americans age 25 to 29 lived with their parents or grandparents. Those without a college degree are more likely to live in such households.
The rise of such households is reflected in several housing trends shaping today’s real estate market, including the low rate of homeownership and the dearth of first-time homebuyers.