Millennials numbered around 80 million people last year, making them the largest living generation. As we continue to post more information and data about this group we recently came across a study from the Pew Research Center that said while Millennials might be the largest group but they lag in the number of households their members head.
Indeed, with that in mind Pew also came up with five facts about Millennial households:
- More Millennial households are in poverty than households headed by any other generation.
- Millennial households dominate the ranks of the nation’s renters.
- About half of cohabiting-couple households are headed by a Millennial.
- In 2016, Millennials for the first time surpassed all other generations in number of household heads who were single mothers.
- Among heads of household, Millennials in 2016 became the generation with the largest number identifying as multiracial.
“Looking at households is important because many economic and spending decisions, such as whether to own or rent a home, tend to revolve around the household rather than the individual adult.”