More young adults are choosing or being forced by financial restraints to stay at home with their parents. According to a report by Pew Research, over 21.6 million Americans from the age of 18 to 31 currently reside with their parents. That’s the highest number since the Great Depression.
The number has increased since 2007 when 18 million in that age group remained at home with their parents. The study also revealed that men are more likely to stay at home than women. About 40 percent of men stay at home with their parents compared to only 32 percent of women.
The rise in unemployment has played a major role in the increasing number of young adults who stay at home. After finishing school, most young adults entered the job market as the recession hit. In turn, they were forced to cut back on spending and didn’t enjoy many of the same luxuries as the generation that preceded them.
Education also seems to be a factor. Over 40 percent of young adults with only a high school diploma live with their parents versus only 18 percent who obtained a four-year degree.