Nearly one-third, or 31%, of Gen Z are living with their parents because they can't afford to buy or rent their own space, according to a recent report.

These days, housing affordability is a struggle for nearly everyone.

But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own.

Nearly one-third, or 31%, of Generation Z adults live at home with parents because they can’t afford to buy or rent their own space, according to a recent report by Intuit Credit Karma that polled 1,249 people age 18 and older. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens.

“The current housing market has many Americans making adjustments to their living situations, including relocating to less-expensive cities and even moving back in with their families,” said Courtney Alev, Intuit Credit Karma’s consumer financial advocate.

Overall, the number of households with two or more adult generations has been on the rise for years, according to a Pew Research Center report. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago.

  • LifeOfChance@lemmy.world
    384·
    1 year ago

    This country Is such a fucking joke. My small family of three will be homeless in a month because we can’t afford to pay for food and our mortgage. We make to much got any government assistance but to little to live…My daughter already lost her asthma medication because insurance doesn’t cover it. I had to get rid of my insurance for myself because we couldn’t afford it and it wasn’t covering anything for me. I’d kill myself but the slim chance I’d live it would just bring on more fucking bills. Why even bother trying any more.

    • ChexMax@lemmy.world
      3·
      1 year ago

      Yup. My low wage job made me ineligible for assistance. With normal medical bills rising, it was more fiscally responsible for me to quit and be fully unemployed with free healthcare than to continue employment but go into big medical debt.

      • Adalast@lemmy.world
        1·
        1 year ago

        My fiance and I have had to withhold getting married because I make too much and she has an autoimmune disease. If we got married she would lose her Medicaid and essentially just die.

    • Flying Squid@lemmy.world
      31·
      1 year ago

      I am so sorry. I really wish I had the money to give you some, but even though I can’t, have you tried doing a GoFundMe to see if anyone can help you stay above water for at least a little longer?

      • LifeOfChance@lemmy.world
        2·
        1 year ago

        I really appreciate the kind gesture. I know I’ll land on my feet even if it takes time. There are people worse off who could use the money and I could never feel right taking money without paying back or providing something worth the money. Life has its ups and its downs and right now it’s my turn in the valley but I’ll be back at the next peak soon enough !

      • LifeOfChance@lemmy.world
        1·
        1 year ago

        We bought it for $222,222.00 with a $1,600 fixed rate. At that time we had a grace of 20% of our income for savings and such. Had to change jobs and kiddo got some medical issues. We are now at a loss of about 5% each month. Food and insurance is $2k a month alone now and that’s after cutting everything we can.

        • maness300@lemmy.world
          11·
          1 year ago

          Oh dang.

          That’s like, almost 4x how much my house cost lol.

          Food and insurance is $2k

          Woah. Ever think you might be living outside of your means?

            • maness300@lemmy.world
              1·
              11 months ago

              Insurance for what?

              Food is something that the vast majority of people can be spending less on. I can’t tell you how many people I come across that use delivery apps almost daily yet still find ways to complain about not having enough money.

              Something tells me the guy who spends >$200k on his house isn’t eating too many bologna and cheese sandwiches from Walmart.

              • ChexMax@lemmy.world
                1·
                11 months ago

                In my neighborhood a house just burned down. Just the concrete parts are left. It’s listed for 250k. You can’t find a starter home for 250k in my city. Just saying.

                I’m assuming he means health insurance, which for a family can be very expensive, and isn’t really negotiable if you have kids

                • maness300@lemmy.world
                  1·
                  11 months ago

                  Then move to a different city…

                  My house was $60k and 1,200 sqft. No burning down to speak of, lol.