An unprecedented 21.6 million Millennials lived with their parents in 2012, up from 18.5 million of their same-aged counterparts in 2007.
Four years into the economic recovery, more than one-third of Millennials—young adults ages 18 to 31—are living in their parents’ homes, according to a recent Pew Research Center analysis of U.S. Census Bureau data. This is the highest percentage in at least four decades and, Pew reports, “a slow but steady increase over the 32 percent of their same-aged counterparts who were living at home prior to the Great Recession."
An unprecedented 21.6 million Millennials lived with their parents in 2012, up from 18.5 million of their same-aged counterparts in 2007. At least one third and perhaps as many as half are college students. Millennials ages 18-24 are more likely than their peers ages 25 to 31 to be living with their parents (56 percent vs. 16 percent). Both age groups have experienced a rise in this living arrangement since the onset of the 2007-2009 recession.
Among the factors contributing to this trend, the report states are:
· Declining employment: Last year, unemployed Millennials were significantly more likely than employed Millennials to be living with their parents (45 percent vs. 29 percent). In 2012, 63 percent of Millennials had jobs, down from 70 percent of those in the same age group who had jobs in 2007.
· Rising college enrollment: To forestall entering a struggling labor market, Millennials have opted to enroll in college. In March 2012, 39 percent of 18-to24-year olds were enrolled in college, up from 35 percent in March 2007
· Declining marriage: The prolonged economic downturn has compelled many Millennials to put off adults rites of passage such as getting married, starting a family and buying a home. Last year, just one-fourth of Millennials were married, down from 30 percent of 18-to 31 year-olds who were married five years before. Almost half (47 perdcent) of unmarried Millennials live with their parents compared with 3 percent of married Millennials.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.