Millennials are the largest living generation. Given this, millennial-run households are becoming pervasive. Pew Research Center conducted research of millennial households given that many economic and spending decisions revolve around the household as opposed to the adults alone. The research revealed five key facts about Millennials:
- More millennial-headed households are in poverty than households headed by any other generation. Of the 17 million U.S. households, 5.3 million of households headed by a Millennial were living in poverty. In contrast, 4.2 million households headed by a Gen Xer and 5.0 million headed by a Baby Boomer live in poverty.
- Millennial households are primarily renter-occupied. Approximately 45.9 million households are renter occupied. Millennials were the most likely to live in renter-occupied households with 18.4 million reporting doing so. This strongly differs from renter-occupied households amongst Generation X (12.9 million) and Baby Boomers (10.4 million). Among households headed by the Silent or Greatest generation, only 4.1 million were renters.
- Millennial households are primarily those of cohabiting couples. Millennials have more households headed by unmarried partners than any other generation. There are approximately 8.3 million households headed by cohabiting couples. Of these, 4.2 million were headed by Millennials.
- Millennial households are more likely to be headed by single mothers. Approximately 8.6 million households are headed by a single mother, with a child under the age of 18. Four million of these mothers were Millennials. This slightly outnumbers Gen Xers (3.9 million). The number of Baby Boomers who were single mothers and heading households was only 0.6 million.
- Among heads of households, the millennial generation has the largest number that identify as multiracial. Approximately 630,000 multiracial Millennials headed a household. About 540,000 multiracial Gen Xers and a similar number of Baby Boomers headed a household.