It’s no secret that more and more young adults are opting to live with their parents instead of getting their own places or moving in with their romantic partners. In fact, it is for the first time in over 130 years that people between the ages 18 to 34 are more likely to live at their childhood homes than in any other arrangement.
Contrary to the popular belief, it is not just fresh, unemployed college graduates who are contributing to these statistics — it is the older millennials, particularly those without college degrees, who are responsible for the trend.
New data analysis released by Pew Research Center shows although youngest adults (18 to 24 years old) are still the most likely to live with their parents, older young adults are increasingly doing the same. Compared to 18 percent a decade ago, about 25 percent of people between ages 25 to 29 are currently living at home, along with 13 percent of people in the age group 30 to 34, up from 9 percent a decade ago.
The Washington, D.C.-based think-tank reports the share of 25- to 34-year-olds living with a parent reached its lowest point 45 years ago and has been on a steady rise ever since.
So, what are the factors keeping millennials at home?
Delay in marriage:
A growing number of young adults are either postponing or avoiding nuptials altogether.
While cohabitation might be on the rise, the overall number of millennials married or living with a romantic partner has considerably fallen since the '90s.
Despite the myth, millennials with at least a bachelor’s degree are the least likely to live with their parents. Instead, those with a high school diploma or less are actually the ones living at home.
By 2014, according to the Pew research, 36 percent of 18- to 34-year-olds who had not completed a bachelor’s degree were living with their parents. Meanwhile, among college graduates, only 19 percent had this living arrangement.
Wages and rent:
Near-stagnant wages and quickly rising rents have turned the thought of living alone into a nightmare.
While women have experienced growing success in the paid labor market since 1960, the Bureau of Labor Statistics reports that 5.7 percent of men between the ages of 25 to 34 are unemployed. The high cost of living, in such circumstances, just makes the situation a whole lot worse.
Not to mention, lower education leads to poor job prospects making young men less desirable for marriage.
The study also showed that among 18 to 34-year-olds as a group, 36 percent of both African-American and Hispanic millennials lived in their parents’ home in 2014, compared with 30 percent of white young adults.