If you're a millennial and still living at home with Mom and Dad, don't be too hard on yourself. A new study by real estate website Trulia shows that plenty of young people haven't yet moved out. In fact, CBS reports that about 40 percent of young adults lived with their relatives in 2015, including grandparents, parents, step-parents, and other kinfolk.
Surprisingly, that number is the highest it's been in a staggering 75 years. The only time this stat was greater? The year 1940, a period when the United States was recovering from the Great Depression, and before it entered World War II.
There are a few reasons for the growing trend of millennials staying home, including a changing economy, new family dynamics, and low salaries.
Pew has determined the median 2014 millennial household income as $61,003. Compare that figure to $63,365 — the median income in 1998 for Generation X, adjusted to inflation.
"The millennials are getting married later and having fewer children, and that's particular to this generation," said Cheryl Young, senior economist at Trulia. "Even though unemployment rates have decreased and the economy is picking up, we know wages are stagnant, so this will impact this generation of homebuyers."
Altogether, little more than 35 percent of Americans below the age of 35 are homeowners, Pew found, which is an 8 percent decline from 2004.
Egregious student debts and increasing rental prices are more major factors for remaining in the nest.
"If people are living with relatives, it means they aren’t even able to rent," Young said. "The rental prices are very high in some urban areas, and those are barriers for people to move out."
Big barriers, indeed.
Banner/thumbnail credit: Flickr, Jason Pratt