Courtesy of Trulia.
It’s no news that the recent recession meant that many college grads moved back home with their parents. With jobs hard to come by and the housing costs in many cities out-of-reach, it was the only option for many.
Now that a few indicators show the economy gaining strength, are Millennials ready to venture out and find their own homes?
Not yet, says Jed Kolko. Trulia’s chief economist took a look at household formation numbers in recent years, and found that the number of “missing households” is as high as ever. While 1.1 million new households should be added in a normal year, according to population growth patterns, only 521,000 households were created between early 2012 and early 2013. After several years of similarly slow household formation, there are now 2.4 million “missing households” or in other words, households that should’ve been formed during those years.
More specifically in regard to Millenials, 31 percent of 18-34 year-olds are still living with their parents, found Trulia, as compared to 27 percent before the housing crash. Jobs are, of course, a huge factor: only 66.8 percent of young adults in that age range are employed, compared to 71 percent before the crisis.
For the full analysis, click here.
This article originally published at http://dc.urbanturf.com/articles/blog/are_millennials_leaving_the_nest_not_yet_says_trulia/7355
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