{"id":39792,"date":"2015-12-23T12:59:57","date_gmt":"2015-12-23T20:59:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=39792"},"modified":"2020-10-06T17:08:23","modified_gmt":"2020-10-07T00:08:23","slug":"waynes-world-redux-what-happens-when-living-in-the-basement-becomes-cool","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/waynes-world-redux-what-happens-when-living-in-the-basement-becomes-cool\/","title":{"rendered":"Wayne\u2019s World Redux: What Happens When Living in the Basement Becomes Cool?"},"content":{"rendered":"

That grown-up kid in your basement isn\u2019t necessarily unemployed, or even underemployed. It might just be cool for him to live there.<\/span>
\nThat\u2019s one theory from Goldman Sachs, where economists this week looked at basement-dwelling millennials across 19 countries. <\/span>
\n<\/span>
\n<\/span>In the U.S., more than 30 percent of young adults aged 25 to 34 continue to live with mom and dad despite a much-improved job market.\u00a0<\/span>It sounds like a lot, but isn\u2019t when compared to other parts of the world. Goldman Sachs economists Hui Shan and Daan Struyven found that only in Finland, France, the United Kingdom and the Netherlands were millennials less\u00a0inclined to live at home.<\/span>
\nFinland had the smallest share, at less than 20 percent. In Italy more than 55 percent millennials live with their parents.<\/span>
\n<\/span>
\n<\/span>\u201cWhat explains the cross-country variation? Economic and labor market conditions appear to account for a good portion,\u201d Shan and Struyven wrote. In other words, where jobs are plentiful and incomes are rising, most young adults abandon the nest.<\/span>
\n<\/span><\/p>\n

Wayne and Garth, futurists<\/span><\/h2>\n

But that\u2019s only part of the story. In fact, most of the variation between countries can\u2019t be explained away by economic conditions. Part of it must be cultural, the economists wrote. <\/span>
\n<\/span>
\nAnd if it is cultural, the U.S. could be experiencing a shift in societal norms. Will more young adults live at home not because they have to, but simply because it\u2019s more acceptable? After all, basement dwellers used to be cool. Remember when Wayne and Garth became besties with Aerosmith? (For an explainer on the ancient cultural reference, click <\/span>here<\/span><\/a>.)<\/span><\/p>\n

So what?<\/span><\/h2>\n

First-time homebuyers have been few and far between lately, which affects everyone up and down the food chain of homeownership. Across the broader economy, if millennials don\u2019t move out soon, there might be less demand for new houses, which means fewer jobs and slower growth. <\/span>
\nConstruction still hasn\u2019t recovered from the recession. According to a Census Bureau report today, U.S. builders are on pace to sell <\/span>490,000 new homes this year<\/span><\/a>, well below what\u2019s needed to keep up with demand.<\/span><\/span>
\n\"new<\/a>
\nShan and Struyven say regardless of what millennials do, population growth alone will help fuel homebuilding. And if they do emerge from their basements, even better.
\nLorraine.Woellert@Redfin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

That grown-up kid in the basement might not be unemployed. 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For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/39792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=39792"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/39792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/40225"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=39792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=39792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=39792"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=39792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}