According to recent data analysed by the real-estate tracking company Trulia, the last time this many young Americans were living with a parent, relative, or sibling, it was 1940 — just one year out from the Great Depression.
More than 70 years later, the reasons for the trend are pretty much the same: The opportunity costs of going out and finding an apartment by yourself, or with another cash-strapped roommate, far outweigh just staying home with Mum and Dad.
Not every state is equal, however. In fact, Here’s how today’s landscape looks:
Based on Trulia’s analysis, it’s clear many states still hover at or below the lowest average rate in US history: about 24% of young Americans living at home. The US last achieved this in the early 1950s, when young vets were buying houses in the post-WWII boom years.
There’s also a clear urban-rural split in the state data: States on the coasts generally have higher rates of people living at home than people in the landlocked states in the middle and toward the northwest — another possible indication that housing costs are simply too overwhelming for young people.
“I don’t think those are challenges that are going to keep young households permanently out of the housing market, but it may keep their homeownership rate near historic lows for likely the indefinite future,” Ralph McLaughlin, Trulia’s chief economist, told the Wall Street Journal.
And perhaps in certain regions of America more so than others.