More millennials have jobs now than they did five years ago, but more of them are also now living at home, according to a new report from the Pew Research Center.
As the economy has continued to recover, things have been looking up for America’s young people. Unemployment among 18- to 34-year-olds dropped to 7.7%, down from 12.4% in 2010. Wages have also increased — not by much — but it’s still a good sign.
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But even with an improved job market, there are more millennials living with their parents now than there were during the worst part of the recession. Between 2010 and 2015, the share of young people living at home has increased from 24% to 26%.
What’s the deal?
If things are better, why are more millennials living at home? Part of the answer involves the raw numbers — the 18- to 34-year-old population has grown over the past few years and there are simply more young people now than there were five years ago.
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But even though the number of young adults in the U.S. has increased, the number of young adult homeowners has not. There are 25 million young people heading households now in the U.S. — down from 25.2 million in 2007, before the recession began. And according to Pew, the lack of demand from millennials for their own homes could have some negative consequences on the housing market, especially since they now outnumber the nation’s baby boomers.
A variety of factors could be keeping millennials from flying the coop. Student loan debt is likely a big one. (See Clark’s Student Loan Guide) The average amount of student loan debt for this year’s college graduates is about $35,000 — per borrower. And according to a new Bankrate study, 56% of millennials say they’ve delayed a major life event because of their education debt.
Read more: New ways to pay down your student loan debt
For more details and tips to make college costs more affordable, click here.
