In recent years, home purchases by Millennials have risen significantly. The pandemic may reverse the trend for Gen Z.

As we assess the many effects of the pandemic on our everyday life, we are also looking at long-term trends that may be with us for years. Many of these are well documented. For example, it is expected that a greater percentage of the population will continue to work remotely even after the immediate threat of the virus has passed. This has the potential to influence traffic patterns and the need for commercial office space well into the future. There has also been a surge of Americans who are looking to move to more suburban and even rural areas.

Many of these trends were already beginning to make their mark before the pandemic took hold. Now it appears they have the potential to accelerate. This includes more young adults coming back to live with their parents. During the Great Recession, this trend accelerated for many years and it was assumed that it would reverse as Millennials began purchasing homes. Indeed, the last few years we have seen home purchases by this generation increase significantly.

Will the pandemic cause a renewal of young adults returning to live with their parents? Zillow has indicated that millions have moved home during the pandemic. Many were returning home from colleges, as they continued their studies remotely. The next question is--will they stay home for a longer period of time as Millennials did during the Great Recession? Only time will tell. Our lives have changed significantly this year and some of these changes may be with us for quite some time.