Tags: millennials | parents | jobs | loans

One-Third of 18-34 Year Olds Live With Parents

Tuesday, 03 Jun 2014 07:11 AM

By Elliot Jager

A combination of  a tough job market, unaffordable housing, high tuition costs and the burden of paying off student loans is keeping a third of U.S. 18- to 34-years-olds living at home with their parents, according to Business Insider.

Millennials, or those between 18 and 34, have faced double-digit unemployment rates for almost six years, according to a recent report by the Young Invincibles organization.

An analysis by Torsten Slok of Deutsche Bank sees these young people as representing pent up demand for future housing, Business Insider reported. Home ownership is at a 19-year low.

With mortgage credit hard to come by for first-time buyers, young people may be priced out of the market. The average nationwide rent is over $1,000 a month with rentals in the cheapest markets going for nearly $600 a month, Reuters reported, forcing many young people to live with their families.

Rents nationwide increased by 3.2 percent during 2013 even as the number of available apartments fell The Wall Street Journal reported in January.

Among the 24 to 34 age group living at home, most are less well-educated, unmarried, and not working full-time, according to a Gallup Poll released in February.

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