This Type of Millennial Is Mostly Likely to Live at Home

Ben St. Clair  |   July 5, 2016

Young adults aged 18 to 34 are more likely to live with a parent than in any other arrangement for the first time since 1880, the Pew Research Center recently reported. But researchers have found a somewhat surprising segment of the millennial population more likely to be staying in their parent's basement. Pew reports it's mostly older, male millennials without a college degree who are making for the record numbers. While the youngest of today's adults are still the most likely to live with their parents, the numbers show a growing number of older millennials are moving back in. For example, 25 percent of people ages 25 to 29 are living with a parent, up from 18 percent 10 years ago. What's more, 13 percent of Americans ages 30 to 34 are living with their parents, up from 9 percent a decade ago. Richard Fry with the Pew Research Center says the poor job market for young men in particular is fueling the trend of adult children living at home with their parents. Nearly 6 percent of men ages 25 to 34 years old are unemployed, according to the Bureau of Labor Statistics (the national average just dipped below 5 percent). Meanwhile, the home ownership rate for those under the age of 35 is at a 20-year low. "These trends could have larger implications for future economic growth and financial stability, as housing represents over 60 percent of of assets held by the middle class and roughly 15 percent of gross domestic product," The Washington Post reports. "Since the share of 25- to 34-year-olds living with a parent has been steadily rising since reaching its lowest point 45 years ago, it may be years until we experience the full significance of these new living arrangements. With its potential impact on the economy, though, it’s a trend we may not be able to ignore."

Source: Washington Post