/Returning to the home of Generation Z’s parents could cause long-term trouble for the real estate market

Returning to the home of Generation Z’s parents could cause long-term trouble for the real estate market

Millions of young people in the United States have been forced to return with their parents since being hit by COVID-19. Experts say it could have a long-term impact on the housing market. Daniel Tetley left Los Angeles in mid-March to celebrate New York’s 25th birthday, knowing he would not return. “The moment I landed, my phone blew up,” said restaurant server Tetley at the time. “I had a thousand books, my restaurant was closed, New York City was closed, and I was supposed to go to this city, but its Instead, my parents picked me up and we returned to Connecticut … never to leave again. “Tetley suffered from the restaurant he worked at. His lease was monthly, so he gave notice and a friend sent his belongings. “I have two siblings – all three of us at home – and I don’t think we’ll ever have that situation in our childhood,” said Tetley. “Tetley’s mother wasn’t Kathleen either.” My washer is filled with someone else, dishes are washed day and night, food bills go crazy, “he said. According to real estate website Jillo, Daniel Tetley and his siblings are 22 million Americans – mostly 25 years of age or younger. – Those who moved in with their parents or grandparents in March and April of this year, according to the real estate website Jillo, the total record is 32 million. ” Tradition with a million-dollar risk “Now that rent is not being paid or more people are doubling, returning with parents, the pressure to stop raising rents is mounting. mployment “If unemployment continues, young people may return to the rental market, but not only those who have lost their jobs have decided to return with their parents, relatives or friends. “Rumors have spread in New York that subways are closing, cities are closing and offices are closing, and at the moment I booked a flight home,” said management consultant Tarika Gadh, 24, from her parents’ home in Los Angeles. “I live alone in a one-bedroom apartment in New York and all I know is that if I had to live alone, I knew it wouldn’t be easy,” he said. “When the donkey’s New York lease expired in May, he Now, his plan is to stay with his parents until he returns to his office. “” I’m sure I’m afraid it’s stunting my growth as a recent college graduate. I think even my Mao is worried about me. He keeps telling people that this is a bad year for me, “Gad said.” According to experts, real estate is having a more profound effect on young people sitting at home. “It’s an incredible advantage to avoid rent, especially when the rent is higher and the student loan debt is at a record high,” Olsen said. “If they live in their General X parents’ home, these could be not only for the rental market, but also for future sales outlets.”

Millions of young people in the United States have been forced to return with their parents since the outbreak of COVID-19. Experts say it could have a long-term impact on the housing market.

Daniel Tetley left Los Angeles in mid-March to celebrate his 25th birthday in New York.

“The moment I landed, my phone rang,” said Tetley, the restaurant’s server at the time. “I had a thousand books, my restaurant closed, New York City closed and I was supposed to move to this city, but instead my parents came and took me and we came back to Connecticut again …” Never left. ”

He was suffering from the restaurant where Tetley worked. Her lease was monthly, so she gave notice and a friend sent her stuff.

“I have two siblings – all three of us at home – and we don’t think any of us would expect to be in this situation in our childhood,” Tetley said.

Tetley’s mother Kathleen was not there either.

“Now there is food every night for mom to cook, the laundry is always filled with someone else using my washer, the dishes are washed day and night, the food bills go crazy,” he said.

According to real estate website Jillo, Daniel Tetley and his siblings include 27 million Americans – mostly 25 years of age or younger – who moved in with their parents or grandparents in March and April of this year, bringing the total to 32 million. The real estate website Jillo reported.

“When you think about the size of people returning home, you’re talking about the risk of about 6 6,726 million,” said Skyler Olsen of the district. In the metropolitan area where a large portion of the tenants are young, we are renting more and more significantly.

If unemployment continues to rise, young people may return to the rental market, but not just losing jobs that parents, relatives or friends have decided to return to.

“Rumors are spreading in New York that subways are closing, the city is closing and offices are closing, and at the moment I booked a flight home,” said management consultant Tarika Gad.

Gad, 24, was able to continue his work from his parents’ home in Los Angeles.

“I live alone in a one-bedroom apartment in New York and just knowing that if I had to separate alone I knew it wouldn’t be easy,” he said.

When Gad’s New York lease expired in May, he did not extend it. Now, her plan is to stay with her parents until her office reopens.

“I’m obviously afraid that this is stunting my growth as a recent college graduate. I think even my Mao is worried about me. He kept telling people that it was a bad year for me, “Gad said.

According to experts, the longer young people stay at home, the deeper its impact on real estate.

“Avoiding rent is an incredible advantage, especially when rent takes a larger and larger share of income and student loan debt is at record highs,” Olsen said. “If they live in their General X parents’ home, they could be for a rental market, but also for a sales outlet for future sales.”

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