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Will Millennials ever move out?

Posted by Scott Van Voorhis July 26, 2013 08:27 AM

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Just call them Generation Homebody.

Prices and rents may be rising, but the real estate recovery still has a long way to go.

More than 2.4 million homeowners and renters have gone missing, either living at home with mom and dad or double-bunking with other relatives, friends or roommates, real estate website Trulia reports.

That's down from 2.6 million in 2009, at the height of the Great Recession. OK, hardly a big improvement.

As Trulia explains it, "these "missing households" are people who would be heading up their own households today if pre-recession trends had continued but instead are living with their parents, their adult children, or roommates."

Of course, one obvious reason that so many Millennials are still living at home, long after picking up that college or high school diploma, is a completely stinky job market.

Back during the good old days of 2007, 71 percent of adults between the ages of 18-34 were employed.

That dropped to a low of 65 percent two years ago, bouncing back up to 66.8 percent today. Again, hardly an big improvement.

Moreover, the real estate market recovery, such as it is, may actually be making it harder for junior to move out.

Rents are rising right alongside home prices, with Zillow rent index for the Boston area having jumped 4.8 percent June to just under $2,000.

Leading the way were neighborhoods that are typically launching pads for twenty-somethings, such as Brighton, which saw an 11.6 percent jump in rents this June compared to a year ago.

But look on the bright side - if you are still living at home, at least you are not stuck with an underwater mortgage.

Here's an Atlantic piece that argues today's twenty-somethings will end up doing just fine in the long run, having escaped relatively unscathed the great real estate market collapse.

Cheers!

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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