From The Guardian:


… there’s one demographic group that, notably, isn’t touring open houses or scouring online listings in search of their new homes. No prizes for guessing which one.

Yes, far from buying new homes, millennials increasingly aren’t even renting. The proportion of this demographic – aged around 18 to 35 – who end up living with their parents has been on the rise steadily since the Great Recession, peaking at about 36%, according to the Pew Research Center.

Now, for the first time in 130 years, living with your parents has become the most common living arrangement for young men and women aged 18 to 34, Pew reported this week. …

Even if they didn’t have student loans to deal with, the affordability problem remains. In those markets where prices have soared, making buying a home problematic even for millennials’ older and more solvent peers, buying even a closet is simply out of the question. Apartment List, an online rental marketplace, ran some numbers and calculated that it would take an average of a decade for millennials to come up with the required 20% down payment to buy a home in the dozen or so most in-demand urban locales. …

It’s no surprise that the cities with the biggest affordability problem have been those to see the biggest boom in “adult dorms”, or “co-living” projects, in which residents have their own small rooms (sometimes shared) and then large, common spaces, such as kitchens and living rooms. Think of a cooler, millennial version of Friends. …

And what if – gasp – they decide they actually like their current living arrangements and choose to find a way to remain in them, even when their economic position becomes less strained? This is, after all, the generation turning out in droves to support Sanders, and refusing to accept the political status quo. Why accept the economic status quo?

Before you say, pshaw, it will never happen, stop and think. It already has, about four decades ago, when baby boomers – the last generation of this size – took both the political and the economic status quo, turned it on its head and shook it. The catalyst for what is happening today is quite different – an economic crisis rather than a war – but it’s far from impossible that the combination of political and economic stressors could end up creating radically new rules of the road.

Full article here.