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The pace of young adults leaving their parents\u2019 homes is accelerating significantly, Fannie Mae\u2019s Economic and Strategic Research Group notes in a new analysis.<\/p>\n
Young adults in their mid- to late 20s or early 30s living with their parents fell between 2013 and 2015\u2014a period known as the economic recovery\u2014much more so than between 2010 and 2012, when the economy and housing<\/a> market were still recovering from the Great Recession, researchers note.<\/p>\n Read more: New Households Favoring Homeownership<\/p>\n<\/blockquote>\n Young adults aged 24 to 25 in 2013 and 26 to 27 in 2015 residing with their parents dropped by 7.6 percentage points. On the other hand, those who passed through that same age range between 2010 and 2012 saw a decline of only 5.4 percentage points, researchers note.<\/p>\n \u201cStronger income growth and an accelerated rate of marriage are likely two primary reasons why millennials are starting to leave their parents\u2019 homes at a faster pace,\u201d researchers note.<\/p>\n Millennials in their 20s or early 30s saw their income, adjusted for inflation, grow by at least 23 percent between 2013 and 2015 when compared to 2010 and 2012. Further, their incomes are at least 81 percent greater than between 2008 and 2010.<\/p>\n Also, millennials in their late 20s and early 30s between 2013 and 2015 were getting married at a markedly faster rate than their predecessors did in that same age range during the recession and the recovery thereafter, Fannie Mae\u2019s report notes.<\/p>\n \u201cMillennials\u2019 accelerated rate of departure from their parents\u2019 homes bodes well for housing demand,\u201d Fannie Mae\u2019s Economic and Strategic Research Group notes in the report. \u201cCohort analysis shows that the increased pace of leaving home has been accompanied by accelerated young-adult household formation.\u201d<\/p>\n Source: \u201cStarting to Launch: Millennials Are Leaving Mom and Dad\u2019s Basement,\u201d Fannie Mae\u2019s Housing Insights (2017)<\/em><\/p>\n<\/div>\n<\/div>\n [ad_2]\n
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