They’re old enough to drive, vote, get a credit card, attend college and land a job. Yet, many of America’s 18-to 34-year-olds aren’t yet old enough ― or financially stable enough ― to live in their own place.
U.S. Census Bureau released data on Sept. 15, which found that nationally some 34 percent of that age group still live with their parents. At the state level, New Jersey had the highest percentage of millennials ― a whopping 47 percent ― still living at home. Connecticut and New York ― where more than 40 percent of that segment are still living with mom and dad ― trail close behind. Not surprisingly, the price of real estate in these three states are among the highest in the nation.
Meanwhile, North Dakota has the lowest percentage of 18-to-34-year-olds in households living with mom and dad (14.1 percent) followed by Washington, D.C. (16.6 percent).
To read more about these enlightening statistics go here.
In May, a Pew Research Center report found that young adults were more likely to live with their parents than as part of any other housing arrangement, for the first time in over 130 years.
So why are so many millennials still at home? The Pew Research Center has shed some light on the issue. For one thing, fewer Americans are getting married before 35. According to the U.S. Census Bureau, the median age of Americans first getting married has been steadily rising for several decades.
“The really seismic change is that we have so many fewer young adults partnering, either marrying or cohabiting,” Pew Research Center senior economist Richard Fry told The New York Times. “In 1960, that silent generation left home earlier than any generation before or after, because they married so young.”
In addition, lower employment levels ― as well as lower wages for younger workers ― have left millennials struggling to find their financial footing.
“Given the weak job opportunities facing young adults, living at home is part of the private safety net helping young adults to weather the economic storm,” Fry said.
Pew found that a large number of millennials living at home are aged 25 to 34 and don’t have a college degree.
“Despite the popular image of college-educated adults moving back into the family nest after graduation, young adults with at least a bachelor’s degree are the least likely to live with their parents,” researchers wrote.
Interestingly, the trend seems to extend beyond our borders. Just under 50 percent of European young adults live with parents — though it varies country by country. But similar trends have also been noted in Canada and elsewhere.
Looks like parents dreaming of living out their golden years in an empty nest may have to wait awhile longer.
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