Millennials and Young Adults More Likely to still be Living with Parents, Lagging in Forming their Own Households
Since 1968, young adults with a bachelor’s degree or higher have increased – allowing millennials to become more educated than their grandparents were. According to Pew Research Center, “around four-in-ten (39 percent) of those ages 25 to 37 have a bachelor’s degree or higher, compared with just 15 percent of the Silent Generation, roughly a quarter of Baby Boomers and about three-in-ten Gen Xers (29 percent) when they were the same age.
Despite millennials prospering in education, they are more likely to still be living in their parents’ home and for longer stretches of time. In 2018, 15 percent of millennials ages 25-37 were living with their parents, which is double the amount compared to baby boomers when they were the same age. The less education a millennial has, the more likely they will still be living in their parents’ home.
Forbes has reported that student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. According to Studentloanhero.com, in the Class of 2018, 69 percent of college students took out student loans, and they graduated with an average debt of $29,800, including both private and federal debt. Americans currently owe over $1.56 trillion in student loan debt, among 45 million borrowers, which is $521 billion more than the total U.S. credit card debt.
With millennials having an increase in education and being more likely to be living within their parents home, millennials are also starting families later than their prior generations. Pew Research Center reported that 46 percent of millennials ages 25-37 are married compared to 67 percent of boomers at the same age. In the late 60s, American women first married at age 21 and men at 23. The typical American millennial woman now marries at 28, and 30 for men.
Below is a graph of the top U.S. cities where millennials still live with their parents.
1. Riverside, California
Millennials that live with their parents: 28.1%
2. Miami, Florida
Millennials that live with their parents: 27.7%
3. Los Angeles, California
Millennials that live with their parents: 26.6%
4. New York City, New York
Millennials that live with their parents: 24.7%
5. San Antonio, Texas
Millennials that live with their parents: 23,2%