Study: More millennials staying home despite recession recovery
Kids living at home has long been fodder for movies and TV shows, but, it's real life for a lot of millennials.
A new Pew study out this week revealed that more millennials than ever are living at home or with family. In fact, the nation's 18- to 34-year-olds are more likely to be living with their families today than they were in the depths of the Great Recession.
National statistics show the labor market has gotten better over the last few years -- meaning more jobs for young people and an improved economy overall. But that doesn't mean that millennials are moving away from home.
The national unemployment rate for people ages 18-34 is at 7.7% now, versus about 12% who didn't have jobs in 2010. Despite the improvements, only 67% of millennials are living independently. That's down 2% in five years.
With the unemployment rate dropping, and wages up, there's one major factor coming into play.
Rising college enrollment has played a major role for young people deciding to live at home -- and that may be a good thing. From 2002 to 2012 the number of full-time college students rose by 28 percent -- meaning more millennials are staying in school longer.
Between that, and high levels of student debt, living at home might just financially make sense for Americans entering the workforce.