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19% of renters expect to have to move in with friends or family in 2024

Confidence is low among Millennials and Gen Z when it comes to renting and owning a home
House On a Culdesac
Posted at 5:59 PM, Jan 30, 2024
and last updated 2024-01-30 18:59:37-05

Both renting and owning a home is becoming more out of reach for younger Americans.

Data from Credit Karma shows 19% of renters expect to have to move in with friends or family in 2024. Thirty-one percent of working age Gen Zers report still having to live with their parents because they can't afford to move out.

"We also see people taking on roommates or renting out a room in their house, anything to help alleviate the high cost month to month," said Courtney Alev, a consumer financial advocate at Credit Karma.

The company also found that about half of Americans who don't currently own a home, feel like they never will.

"I really encourage people if you're in this situation, feel like you can't buy something right now, make sure you're in a rental that you feel good about and take that money that you might be able to save and really invest it long-term," said Alev. "That could end up going towards the house one day."

You can start doing this by looking at your monthly finances and seeing how much you can set aside for a fund toward a house. You can also try redirecting any money that you spend on things that aren't necessities, into the fund.