Gen Z’s unaffordable housing crisis is redefining adulthood. Compared to a decade ago, 15M more adults under-35-years-old now live with their parents—a 6.3% jump. The main reason is, of course, the price of moving out. (Or staying moved out.) Urban rents have climbed 4% per year while wages rose just 0.6%, making independent living nearly impossible for many young workers. The median first-time homebuyer is now 38-years-old, up from 31-years-old ten years ago, as housing prices have soared 90%. Experts point to zoning restrictions and low housing supply as key barriers, though cities like Austin—where relaxed laws on zoning led to rent drops of 20%—show solutions exist. Millennials faced a similar stall after the 2008 crash, but for Gen Z, the squeeze is feeling permanent. With major milestones getting delayed by finances, even moving out is starting to make “growing up” feel more like a luxury than an expectation. (Fortune)
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