Millennials are moving back home with their folks — and they aren’t moving out.
Almost 40 percent of young adults lived with their parents, step-parents, grandparents and other relatives last year, or the highest point in 75 years, according to data from real estate analytics company Trulia. The only time in U.S. history when the share has been higher was in 1940, when the U.S. economy was regaining its footing from the Great Depression and the year prior to the country’s entry into World War II.
The number of millennials who fail to leave the nest has been climbing for the past 10 years, with the trend starting shortly before the Great Recession of 2008 but accelerating during the downturn and the recovery. The phenomenon is tied to a few factors, ranging from society shifts to economic headwinds. For one, Americans are delaying marriage and starting families. But the bigger issue may be the triple whammy of low wages, student debt and rapidly escalating rents.