The nation is in its seventh year of economic recovery. The U.S. now supports more jobs than it did prior to the recession. Millennial workers, particularly those with college degrees, are now earning close to their pre-recession wages. But despite that, many young adults continue to live with their parents.
A new report from the Pew Research Center indicates that a higher percentage of Millennials, a group defined by Pew as adults born in 1981 later, is living with their parents more than in twenty ten when the economy began to recover. That’s despite the fact that the national unemployment rate for eighteen to thirty-four year olds has fallen below eight percent, down from more than twelve percent five years ago.
About forty two point two millennials live independently, but that’s slightly fewer than the forty two point seven million who lived independently in two thousand and seven. As reported in the Wall Street Journal, there area number of factors at work, including declining marriage rates and rising rental costs. Rental costs have been outpacing wage gains in much of the country recently and married couples tend to form their own households.
