For the first time since Grover Cleveland was President, more young people (18-34 year olds) live at home than with their spouse or partner. Blame it on a washed out job market, or sky high housing prices. Maybe its the mountain of debt that college graduates amass. Regardless, the solution for many young adults is move back home with mom and dad.
The number of young adults living at home has jump 50% since 2000. Here are the details (source Pew Research Center). Census data shows the dramatic shift in the last decade. Less than a third of young adults are married or living on their own.
The comforts of home may also be contributing to millennials marrying later in life. This is the conclusion proposed by Pew researchers. The other side of the coin may be at play though. Are kids staying home because the job market, wages and student loans force them or to simply to avoid sharing a cramped apartment with sketchy roommates? Now it’s up to parents to nudge them from the nest so they can be more productive members of society. If not, we’ll need to update their financial plans to account for these “extended stay” guests.