The number of millennials who live with their parents has seen a steep rise, according to a Census Bureau report by demographer Jonathan Vespa.
The report shows that in just a number of years, the number of millennials living independently from their mother and father is down a whole ten percent.
From The Hill:
In 2005, only 25 percent of those between the ages of 18 and 34 lived with their parents; today, that number is 34 percent. The number of young Americans living independently of their parents stands at 40.7 percent, down more than 10 percentage points from a decade ago.
Today, more people between the ages of 18 and 34 live with their parents, 22.9 million, than live with a spouse, 19.9 million. In 1975, more than twice as many people in the same age group lived with a spouse (31.9 million) than with their parents (14.7 million).
The census also shows that millennials have less of a chance of marrying while younger, as many of them are putting off milestones such as marriage, and having children. This has led to women between the ages of 20 to 24 being more likely to have a child out of wedlock at 25 percent, than those having children in marriage, placed at 17 percent.
According to the census, women on average are getting married at 27 years of age. This is mainly due to cohabitation with their significant other, which has grown 12 fold over the last 40 years.
According to the report, the reason this is happening is that millennials are putting more focus on their education, and future careers than they are building a family.
Recent data released from the Federal Reserve shows that due to this, millennials are typically less well off than their parents were at their age. Many millennials have fallen behind financially due to their pursuit of higher education, which leaves them in massive debt. Furthermore, these jobs that many millennials compete over do not have enough openings, and thus many of these degree holders are stuck working menial jobs with little pay.
Vespa reports that today, millennials consider graduating from college to be the gateway to adulthood – not marriage and children – at 62 percent.