The COVID-19 pandemic is thought to have led to an increase in the percentage of young adults living with their parents, but the relative contributions made by moves into and out of the parental home to this increase are unknown. Also unknown is whether changes in the likelihood of home leaving and returning were concentrated among privileged or disadvantaged youth. This study used data from the Panel Study of Income Dynamics Transition into Adulthood Supplement (2013-2021) and estimated logistic regression models to examine changes in the levels and correlates of moving into (n = 1872) and out of (n = 1852) the parental home before and after the onset of the COVID-19 pandemic in the U.S. Results show that relative to pre-pandemic trends, during the COVID-19 pandemic young adults were more likely to move back to the parental home and less likely to leave it. The increase in the likelihood of returning home was concentrated among young, white college students from advantaged families. The decline in leaving home was most pronounced among white and employed young adults.