Posted in Industry News
Building For “Boomerang” Kids
According to a recent report from Pricenomics, 30% of U.S. young adults between the ages of 23 and 27 live with their parents. The research firm found that most of these so-called “boomerang” children that went to college and wound up back in the nest are those that did not earn a degree in a STEM (Science, Technology, Engineering, Math) related field.
Many parents of boomerangers are looking to renovate their homes to add space – and some are even building bigger homes based on the likelihood that either their post-collegiate kids or aging parents will need long-term accommodations. But according to Pricenomics, the boomerang phenomenon is more widespread in eastern states where housing costs are high. For example, 35% of young adults in New Jersey live with their parents, while less than 7% have returned home in mountain states like Montana and Wyoming.
As we’ve reported before, the demand for multigenerational housing will continue to grow in the next decade. Many Boomers prefer to have an aging parent nearby rather than in a sterile assisted living facility. And many boomerang kids are facing an extended stay because the economy is struggling to reach the 3% GDP mark needed to create more jobs.
With a full line of high-performance building products, LP is your trusted partner in building for today’s “boomerang” home-dwellers.
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