Due to the shortages of lower priced housing options and high rent prices, the younger generation is increasingly having to pack together with roommates to be able to afford rent, if they are to move out of their parents home.
It's not surprising. Due to a shortage of lower priced housing options, young adults are having to cram together into housing situations. This of course can create all sorts of additional stresses.
While it's true that having roommates has always been popular among the younger adult population, the situation has changed and become more dire now. Many who do not want to live with roommates are finding themselves forced to do so.
Renting alone is too expensive for Gen Z
The article shows a map, "Share of renters who live alone by metro area, 2022"
The average age of someone living alone now is 50 years old, and it used to be 25 years old.
Generation Z is being squeezed out, and most have roommates and friends, spouses, even parents.
The typical homebuyer now is 50 years old.
87% of Gen Z lives with their parents because it's unaffordable to rent or buy right now.
Many young Americans are splitting steep rents that eat into their income. Meanwhile, more baby boomers have ditched homeownership for low-maintenance apartments.
The big picture: Squeezed Gen Z-ers are moving in together or leaving big cities.
Some are getting creative: Manhattan transplant Piper Phillips shared a one-bedroom apartment with her boyfriend and a friend.
More are returning to their childhood bedrooms: The number of Americans aged 25–34 living at home has jumped over 87% in the past two decades, per census data.
It's not just the East and West coasts that are out of reach. Solo living is unaffordable in many of the country's bigger cities, including Charlotte, N.C., and Charleston, S.C., according to The Economist's Carrie Bradshaw index.
Nationally, 17.6% of renters lived alone in 2022, census data shows.
The typical repeat homebuyer this year was 58, according to new data from the National Association of Realtors.
link to article
Renting alone is too expensive for Gen Z, Sami Sparber, Axios - Economy, updated Nov 21, 2023
It wasn't that long ago that being expected to move out and live on one's own at the age of 18 was common in the United States. Many parents had this attitude in the 1990s. Obviously it's become unrealistic today.
1 out of 10 young adults now experience homelessness each year in the U.S.
Gen Z has experienced exceptionally high poverty rates -- greater than those of millennials, Gen Xers and baby boomers during 2010 to 2021 (the years available on the KIDS COUNT Data Center). The share of zoomers living in poverty reached a peak of 23% in 2011 and 2012, then steadily fell to 17% -- about 11.3 million young people -- by 2021.
What the Statistics Say About Generation Z, updated Nov 1, 2023. Annie. E. Casey Foundation
The high costs of housing are especially hurting those who did not buy their house yet and those who have not had time to get a foothold on the career ladder.
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