42% of Kansas young adults moved back in with parents this year: study

A new study has found that 42% of young adults in Kansas, aged 18-35, have moved back in with their parents over the last year.

The 3,500-person Google survey conducted by ISoldMyHouse.com, an online real estate resource, says 20% of Kansas parents feel burdened by their adult children and 15% have had to delay retirement plans.

The study deems these young adults the “boomerang generation” and cites the pandemic-hobbled economy and rising rent prices as the chief reasons for adult children moving back in with parents.

According to Forbes, the average rent price for homes climbed 7.9% in the last year, the largest rent spike for single-family homes in about 15 years. Soaring housing prices and the burden of student loan dept have made home ownership even less accessible to the younger generation.

A 2020 analysis by the Federal Reserve Bank of St. Louis found that millennials have 34% less wealth than would have been expected based on the experience of earlier generations.

A September 2020 Pew Research study found that 52% of young adults aged 18-29 resided with one or both of their parents, the first time that figure had surpassed 50% since the Great Depression.

This story was originally published August 25, 2021 at 1:31 PM with the headline "42% of Kansas young adults moved back in with parents this year: study."