It has now become the norm for young adults to live with their parents

According to Axios, new census data shows that 87% more adults between the ages of 25 and 34 are living at home with their parents compared to 20 years ago.

According to a Bloomberg analysis, nearly half of young adults live with their parents, a rate that hasn’t been seen since the 1940s.
(That is about 23 million adults between the ages of 18 to 29.)

In 2020, Pew Research Center found that 52% of young adults (between the ages of 18 and 29) lived at home with their parents.

sources:
Why millennials are moving back home, Sami Sparber, Axios - Business, Jan 27, 2024
Here's how many U.S. millennials live at home (axios.com)
Nearly Half of All Young Adults Live With Mom and Dad -- and They Like It, Paulina Cachero and Claire Ballentine, Bloomberg (News), September 20, 2023
Nearly Half of Young Adults Are Living Back Home With Parents - Bloomberg
A majority of young adults in the U.S. live with their parents for the first time since the Great Depression, Richard Fry, Jeffrey S. Passel, D'Vera Cohn, Pew Research Center, September 4, 2020
52% of young adults in US are living with their parents amid COVID-19 | Pew Research Center

There are three main reasons a larger percentage of young adults are living with their parents. The first is that housing prices (both rent prices and the price of houses) have gone up in many regions of the U.S. and young people are having more difficulty affording to move out and live on their own.
A larger share of young adults are going or being pushed to go to college. This delays their entry into the workforce and often saddles them with large student loans, making it more difficult to afford housing. Not all of the adults who go to college finish to get a degree, or finish in a timely manner.
A larger share of the younger generation in the U.S. now come from immigrant backgrounds, from cultures where multigenerational living is considered normal. It's not surprising because in these other parts of the world where the parents came from it's not easy for adult children to afford moving out, and it's seen as the responsible thing to do to save money by having the young adult continuing to live with their parents.


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"When we get married should we live with your parents or mine? Bidenomics illustrated" , cartoonist Gary Varvel, National Review

 

Surely housing and rent prices skyrocketing isn’t a trend that started before Biden’s time in office…

https://fred.stlouisfed.org/series/ASPUS

Oh wait, yes it is. At least it’s headed back down now… Thanks Biden.

 

If you want to see a graph,


Housing Affordability index

Obama began his first term in office January 20, 2009.
Trump entered office January 20, 2017 , Biden entered office January 20, 2021

The graph seems to show that after the middle of 2007, housing was rapidly becoming more affordable. But we have to remember that was in the wake of the Recession triggered by the collapse of the housing market. Housing continued to become more affordable, reaching a peak of affordability in late 2012. Then it started becoming a little less affordable, leveling off after the start of 2013. After late 2016 it started becoming less affordable. Then in very late 2018 it quickly started becoming more affordable again. The pandemic began at the start of 2020. At the end of 2020 housing very rapidly continued to become much less affordable, reaching a plateau at the very end of the year in 2022.

It's difficult to say exactly what happened during the time Trump was president, because during that time period housing first became a little less affordable, then rapidly more affordable, continuing into the pandemic, but at some point quickly started becoming less affordable, also due to the pandemic. You can see the affordability continued to fall much more during Biden's term. As of January 2023 the affordability was even worse than it was in late 2006, before the home prices started falling after the Recession.