The Return of the Boomerang Kids During the Coronavirus
It could be a parent’s worst nightmare or wildest dream, but their grown kids are back and here to stay—at least for a little while. Landlords, on the other hand, are not happy: Roughly 2.7 million U.S. adults moved in with a parent or grandparent in March and April during the height of the coronavirus pandemic, according to Zillow. Back from school, newly jobless, or just dealing with young adult financial strife, Generation Z made up the largest demographic to move home. Though it is common for young adults to move back home after school, the number is nearly 10 percent higher than the same time last year and the highest on record, according to a Zillow analysis of Current Population Survey data.
Roughly 2.7 million U.S. adults moved in with a parent or grandparent in March and April as the coronavirus pandemic spread, potentially costing landlords hundreds of millions of dollars in monthly rent payments and casting doubt on the future mobility of young workers in particular if widespread unemployment continues.
More than 32 million adults lived with a parent or grandparent as of April, according to a Zillow analysis of Current Population Survey data,[1] up 9.7% from the same period a year ago and the highest level on record. A large majority of those who moved home in March and April — about 2.2 million — are from Generation Z, between 18 and 25 years old.