Millennials living with parents increased, study shows
A new study reveals that the number of millennials living with housemates increased significantly by 39 percent.
Make Room is a campaign that aims to end the housing crisis in America. According to its managing director, Angela Boyd, "People are delaying getting their places." According to a report from Forbes, the campaign reveals that people more or less at the age of 25 face two-pronged crunch. First, the housing crisis caused the decrease of rental available. Second, the present labor market gives these millenials lower wages than what the older workers got when they were in their 20s. Since they accumulate less money, they choose to not have their own houses yet.
Credit also writes that a data from the US Census Bureau and the Pew Research Center show that 26 percent of Americans who were born between 1981 and 1997 live with their family, while 26 percent own a home. The trend of living with parents until the age of 30 is becoming a growing trend. Pew Research Center's study called "More Millennials Living with Family Despite Improved Job Market" reveals that 71 percent of millennials are living on their own in 2007, but this has diminished to only 67 percent in 2015. In the past four years, young adults living in their parents' houses have increased to 26 percent from 24 percent.
Meanwhile, a report from the New York Post has revealed that New Jersey leads the list of most millennials living at home with their parents. Forty eight percent of the young adults living in New Jersey are still living with their parents. This means putting on hold their dreams of starting a family or starting their own business.
Some psychologists argue that this trend is healthy in a social perspective. However, other experts believe that the increasing number of millennials living with their parents may hurt the economy.