Finances are the No. 1 reason families are doubling up, Pew found, due in part to ballooning student debt and housing costs. Caregiving also plays a role in the decision process.
Here’s the linked Pew Research Center report. Nowhere in that cited report do they mention student debts. Nowhere. CNBC made that up. The report does cite undefined “financial” reasons and others who cite caregiving, reducing costs through sharing rent or mortgages, and says this has more to do with immigrant families. The Pew report notes that the number “who live in multigenerational households is about four times larger than it was in the 1970s” (not adjusted for population increase or the change in immigrant demographics since then – less than 5% of the US population spoke a language other than English at home in the early 1970s, whereas today, over 20% do).
As Pew’s report says, this trend has to do with immigration and changing population demographics. See my Population Demographic Series for more.
Multigenerational living is growing in part because groups that account for most recent overall population growth in the U.S., including foreign-born, Asian2, Black and Hispanic Americans, are more likely to live with multiple generations under one roof. Thus, the rise in the multigenerational family household population is linked to the changing makeup of the overall U.S. population.
But again, nowhere does Pew attribute this change to student debts. CNBC made that up. Further, CNBC fails to note the key reason that Pew identified.