More millennials are living at home
Do you live at home with your parents? You’re not alone.
Nearly one in three young adults live at home with the parents, according to a new report from Pew Research Center. That means that for the first time in modern history, more 18 to 34-year-olds live with their parents than alone, with roommates, or with partners.
The reason? Often it’s the decline in economic mobility. The cost of living has gone up, but millennial's salaries have remained stagnant since the 1980s. Add in student debt and rising home prices, and it’s no wonder fewer young people are able to afford a home of their own. As the report says, “Given the weak job opportunities facing young adults, living at home was part of the private safety net helping young adults to weather the economic storm.”
But relationships are changing, too. The median age for first marriages is increasing. And a quarter of young adults may never marry. Young people are “concentrating more on school, careers and work and less focused on forming new families, spouses or partners and children,” says lead researched Richard Fry.
Are you saving for a home? Let America Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. And it doesn’t stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.
- Written by Madeline Daniels
- Category: Blog
- Published: 03 June 2016