As more young people file for unemployment or have to deal with pay cuts, many are left to move home or downsize. Across the country, the housing market continues its recovery after the initial pandemic shock, but how are college towns coping under increased pressure?
Zillow estimates that young adults returning home represent about 1.4% of the overall US rental market, and almost 2% of the market in cities like Austin and Nashville.
According to College Finance, as of May 5, 78% of students moved back home due to COVID-19, and 41% said they are unsure of how long they will be living at home. Out of students who lived on campus, 98% said they had to move home due to COVID-19, as many schools shut down and went all virtual the second half of the spring semester.