What to Know
- The share of young adults age 18 to 34 living with at least one parent climbed from 29 percent in 2006 to 34.4 percent in 2006, study says
- The tri-state comes in on top as having the highest shares of young adults living with their parents, with NJ taking the top spot
- The study suggests high costs of living and student loan debts are contributing factors as to why young adults still live at home
In the United States, turning 18 years old is a rite of passage — mostly because in the eyes of society you’re an adult.
With legal adulthood, one’s parents are no longer mandated to support their grown children. However, a growing number of Americans are choosing to stay at home with their parents well into their adulthood.
According to a recent report by 24/7 Wall St., the share of young adults in the country age 18 to 34 living with at least one parent climbed from 29 percent in 2006 to 34.4 percent in 2016.
The study suggests that the share of young adults living with their parents increased in every state, except Alaska, over the last 10 years.
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According to 24/7 Wall St., the study determined that many individuals who do live with parents in adulthood do so, not because they are immature, lazy or sentimental, but because of financial necessity.
The study found that young adults who lived in states where services tended to be inexpensive, are less likely to live with their parents. By contrast, seven out of the 10 states with the largest percentage of young adults living at home, have a higher cost of living than the United States as a whole.
Additionally, the study highlighted that another reason why more young adults are living at home may be tied to overwhelmingly high student loan debts.
As a matter of fact, according to 24/7 Wall St., the tri-state region has the top three states in which the most young adults live with their parents.
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New York has 40.4 percent of 18 to 34 year olds living with at least one parent — a hike compared to the 36.7 percent that lived with at least one parent in 2006.The cost of living in this state is 15.6 percent higher than the rest of the country, which can also be a contributing factor as to why so many individuals still live with at least one parent well into adulthood.
Connecticut comes in second place with 41.5 percent of its young adult population (ages 18 to 34) living with a parent in 2016. This is an increase from the 34 percent that lived with their parents in 2006. Meanwhile, the cost of living in this state is 8.7 percent higher than the rest of the country.
New Jersey, which has a cost of living 13.2 percent higher than the rest of the nation, reigned supreme as having the most 18 to 34 year olds — with 45.8 percent — still living with a parent in 2016. This is a stark rise from the 39.2 percent of 18 to 34 year olds that lived with at least one parent 10 years prior.
Additionally, 24/7 Wall St. determined that, not only are Americans waiting longer to move out of their parents’ homes, but that the median marriage age for men and women has increased.
The study also found that young adults are putting off another milestone — buying their own homes — until later in life.