By Jann Swanson | Mortgage News Daily
Since the start of the housing crisis the experts have noted the tendency young adults to continue to live in their childhood homes. This they say is contributing to the diminished rate of household formation which is, in turn, lowering homeownership rates in the lower age cohorts with the ultimate effect of holding back the housing and construction recoveries.
Even when young adults move out of their parents’ basement, as the saying goes, they tend to share housing with other young adults. The economists at CoreLogic have coined the name “the Renter Generation” as an alternative designation for the age group more broadly referred to as Millennials, those born between the early 1980s and early 2000s.
