In 2020, a record number of 18- to 29-year-olds lived at home with their parents. In July, 52% of young adults were living at home, surpassing the previous high of 48% recorded in 1940 at the end of the Great Depression. This record return to the family home has been driven by the coronavirus pandemic and exacerbated by the overall economic downturn, record-low housing inventory along with a shortage of affordable entry-level homes, and high levels of student debt. The number of young adults living with their parents grew across the board for all demographic groups and regions of the country.
About The Author
In 2000, Robert F. Murray & Company, CPAs formed RFM Financial Solutions, LLC to formalize their investment management practice of which Mike has been responsible for its operations. “For years, we had clients coming to us asking for our opinion on investments” explains Mike. “They trusted our advice and so we decided to elevate and expand our services to our client’s needs and requests. So we designed a unique approach to guarantee that our advice would always be in the best interest of our clients and that no outside influences such as commissions would impair our recommendations.”