Trulia chief economist Jed Kolko tries to set the record straight on the "millennials in the basement" phenomenon that has shaken housing punditry to its core. Per Kolko, the share of millennials – that is, 18-34 year-olds – living with their parents reached a many-decade high during the recession. Kolko corrects a few of the whack conclusions The Atlantic's Derek Thompson has been drawing from a misinterpretation of American Community Survey data. A slight hitch in Thompson's contrarianism is that he's wrong.

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