Thanks, Biden: More Than 60% of Young People Have Moved Back in With Parents

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September 22, 2023

Young people are moving back in with their parents at a historically high rate, with many citing financial struggles, according to a new poll.

The Harris Poll for Bloomberg found that around 45 percent of people between the ages of 18 and 29 are living at home with their families, the highest the figure has been since the 1940s.

More than 60 percent of respondents who are Gen Z or millennial said they had moved back home in the past two years.

The poll found the main reasons young people move back with their parents are for financial concerns, CBS News reported:

The top reason for returning home, at more than 40%, is to save money, Harris found. In addition, 30% of respondents said they are staying with family members because they can't afford to live on their own. Other factors included paying down debt (19%), recovering financially from emergency costs (16%), and losing a job (10%), according to the survey.

The poll interviewed more than 4,000 U.S. adults, which included 329 people ages 18 to 29.

The numbers came days after Vice President Kamala Harris said young people aren't buying homes because of "climate anxiety."

Home prices are also nearing all-time highs, Insider reported in August. Mortgage applications are at a 27-year low this month, the site GOBankingRates reported.

An analysis by the Economist in May found that President Joe Biden "is more responsible for surging prices than he is for abundant jobs."

Published under: Joe Biden