These days, housing affordability is a struggle for nearly everyone.
But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own.
Nearly one-third, or 31%, of Generation Z adults live at home with parents because they can’t afford to buy or rent their own space, according to a recent report by Intuit Credit Karma that polled 1,249 people age 18 and older. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens.
“The current housing market has many Americans making adjustments to their living situations, including relocating to less-expensive cities and even moving back in with their families,” said Courtney Alev, Intuit Credit Karma’s consumer financial advocate.
Overall, the number of households with two or more adult generations has been on the rise for years, according to a Pew Research Center report. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago.
The United States just refuses to allow any new construction of houses. It’s wild
What are you talking about?
They’re talking about why we’re in this situation, supply and demand. New homes are not being built at the rate of population growth and have been trending down for quite some time. But yes hyperbole doesn’t help.
Restrictive zoning laws that force expensive space inefficient single family homes on large lots.
This is a dumb take.
There are new neighborhoods going in all over the place where I live, but they are no more affordable than existing home and often much less. Guess prices on building materials and labor have gone up a lot, too.