Number of youngsters living with parents on the up

Photo: Danny Choo

Living with your parents and under the age of 30? You are not alone. New research from Zillow confirms the global trend that young people are shacking up with their folks in order to save money.

Between 2000 and 2013, the percentage of those between the age of 23 and 34 living with their family surged 46 per cent.

While doubling up to cut housing costs is a popular strategy, though, most of them are choosing not to do so with partners. Indeed, the share of those living with a partner dropped 21 per cent across the same period, as people elect to simply move back to their parents' home instead.

The trend is being fuelled by a growing disparity between finances and accommodation fees: indeed, income among 23 to 34-year-olds is not at pre-recession levels, but rents continue to rise.

The same pattern is occuring among adults, too, with Zillow examination of American Community Survey data finding that a smaller share of working adults (aged 23 to 65) are living with their partners, while more are living with their family.

Nonetheless, people are not just returning home, with an increasing number sharing with two or more roommates to minimise rental fees - a pattern that is evident among young and old adults alike.