Realtor offers up an assessment, via Credit.com, on why millennials are more likely to live with their parents than to buy their own home--and why that's more true now than in the depths of the Great Recession.
According to the Pew Research Center, 67% of millinnials are now living independently, compared to 71% who were independent in 2007. Why, as the economy improves, would household formation stall? Student loans play a huge role in this lack of independence, as many millennials have loans over $100,000, making it almost impossible to save up for a downpayment.
“ ... the nation’s 18- to 34-year-olds are less likely to be living independently of their families and establishing their own households today than they were in the depths of the Great Recession,” Pew says.
The problem reaches stubbornly deep into older millennials’ lives, too. In 2014, 14.7% of those aged 25 to 34 lived with their parents, the highest percentage recorded since the Census Bureau started counting in 1960.