economy might be recovering, but millennials are still
largely living with their parents, one survey says.
to the report released Wednesday by the Pew Research
Center, the nationís 18- to 34-year-old population is
less likely to be living independently of their families
and establishing their own households than they were
during the recession.
early 2015, the report said, about 42.2 million
millennials, or 67 percent, lived independently,
compared with 42.7 million millennials, or 71 percent,
before the recession in 2007.
2010, the percentage of millennials moving back in with
their parents has increased from 24 percent to 26
comes as the millennial population is growing. In 2015,
there are nearly 3 million more young adults between the
ages of 18 and 34 than there were in 2007, according to
stagnation in millennial households has a significant
effect on the housing market, from real estate agents to
landlords to construction firms to cable companies, said
Richard Fry, senior economist at the Pew Research Center
and author of the report.
contributing to why the housing market has been a real
laggard in the recovery," he said. "Thereís
a lot of spending that is associated with forming your
of the problem can be linked to student loan debt, which
can hinder independent living, according to the report.
Though college-educated millennials are more likely to
live independently than those with only a high school
education, the trend for both groups has still decreased
slightly since the recession.
notion was that itís just a crummy job market,"
Fry said. "There has to be more going on than
employment is up, unemployment is down and wages are
marginally higher, according to the report.
report doesnít go into more detail about why
millennials are choosing to live with their parents, but
Fry said rising rents in metropolitan areas, along with
a change in attitudes about moving back home, could be
part of it.