Report: Millennials Living With Their Parents More Than Ever
The Wall Street Journal Reported that almost 40 percent of millennials were living at home or with other relatives in 2015. That’s the largest number since 1940. The numbers of millennials living with their parents have been growing since 2005. Some people consider millennials to be a lazy generation. Maybe all the trophies they got for simply participating in something in school is holding them back now?
The U.S. Census Bureau found the states with the highest levels of millennials living at home are New Jersey, Connecticut, and New York. New Jersey had 47 percent! Connecticut and New York were not far behind. North Dakota has the lowest percentage which was approximately 14 percent, with the next in line being Washington D.C. at approximately 17 percent.
So Why Are More Millennials Living With Their Parents Than Ever Before?
1.) As for New Jersey, Connecticut, and New York, they have some of the highest housing costs in the nation. This is a trend nationwide, with rising rent costs and high standards from mortgage lenders across the U.S.
2.) Millennials are also getting married and having children later in life, with fewer marriages before 35. However, it is possible that it is hard to find a significant other while living in your childhood bedroom, and that needs to be considered.
3.) The census also counts full-time students living in dorms as living with their parents, which some may not agree with.
4.) There are also lower employment levels for millennials, and lower wages.
5.) The Pew Research Center states that most millennials living at home do not have a college degree. Most people think of college grads returning home, but this is not the case, according to The Pew Research Center.
In conclusion, something that is also noteworthy is that Europe and Canada have similar trends. Could this potentially be a first world phenomenon? Hard to say, but the numbers don’t lie. We need to work on solutions for this population of young people here in the U.S. to get on their feet and succeed in life. It was once possible for a person to work and be able to support themselves with or without a college degree. What can we do to change this so that young people are not living at home? Perhaps job growth and the rise of the minimum wage will help the largest generation in the U.S. gain independence.