Young adults aren’t able to move out because of high rent prices.
Per a new survey Intuit Credit Karma, 31% of Gen Z live with a parent or family member because renting and owning their own home is too expensive.
As previously reported by ESSENCE, the number of shared household haven’t been this high since 1971. A recent Pew Research survey found that 18% of the population has moved in with relatives in the last few years, and show no signs of slowing down. according to a survey.
As ESSENCE pointed out in 2023, more than half of the adult children who reported living with their parents said it benefits them financially. Another 30% reported they don’t pay major bills like rent or mortgage, which helps offset any debt repayment they may have. Additionally, Bloomberg reported that a Credit Karma survey reported that 29% of 18 and 25-year-olds are at home with family and have no plans to move out anytime soon.
As Fortune wrote, Gen Zers certainly aren’t the only ones struggling—of U.S. adults across generations who rent, 24% say they can’t afford their rent anymore, the report finds, causing almost 40% to sacrifice necessities to pay their housing bill. But the hardship is exacerbated among millennials and Gen Z: 30% and 27%, respectively, are struggling to pay their rent, versus 10% of those who are at least 69.