New research from Pew Research Center, released in late July, shows millennials are still living at home in large numbers, despite improvements in the job market. The report shows how 18-34 year olds are now less likely to live outside of their parents' home today than they were during the height of the recession. In 2010, unemployment for 18-34 year olds was at 12.4%, this number has decreased to 7.7% this year, yet the percentage of millennials living at home has only dipped 2% (from 69% in 2010 to 67% in 2015). View the report here.
This all fascinates me. And it also requires me to ask follow up questions. Are millennials staying at home because they are choosing to do so for healthy financial reasons? Such as paying off student loans or saving for a down payment. Or are they staying at home because they have no other options?
Mrs. Planner and I got married a month after we graduated college. We simultaneously purchased our first home. This is no longer normal or feasible for many. I get that. Student loans have changed the game. So much so they are delaying moving out of mom and dad's place, buying a first home, marriage, kids, etc.
This week on The Pete the Planner Radio Show I brought on Alex, a PTP employee, a new graduate, and a currently-living-with-his-parents-millennial. Interesting to hear his perspective on why he is living at home, how long he plans to be there, and what he's doing with the margin it's creating in his financial life.
Check out the segment here:
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