Young renters moving back home during the pandemic is costing millions of dollars in rent. According to a survey from Zillow, more than 32 million adults lived with a parent or grandparent in April and out of those, 2.2 million are 18-25-years-old. Because of this, the housing marketing is losing around $726 million per month in payments from those young renters. The next step Gen Z makes could shape and determine the housing market’s future. If jobs quickly return to “pre-pandemic levels,” the housing status quo could return just as quickly. However, if the recovery is slower or the job loss is more permanent, many rental units could become available and drive prices down. (Zillow, AP News)
