The hopes and dreams of young adults in the United States usually involve financial success — and total independence from one’s parents. Achieving these dreams is by no means guaranteed. Young adults in the United States usually rely on varying levels of family support to get by. This ranges from help with the phone bill to living in your mom’s basement in your 30s.
Young people today are transitioning into adulthood in an entirely different way than previous generations. Traditionally, while starting a family and living independently were considered the most important aspects of becoming an adult, millennials do not mind forgoing some of that independence while they finish their education, hunt for a fulfilling job, and even for the sake of saving money.
> 18-34 yr. old population living with parent 2015: 37.0%
> 18-34 yr. old population living with parent 2005: 28.7% (9th highest)
> Cost of living: 7.1% higher than nation (7th highest)
> Median age to get married: 30.4 (the oldest)
Three-quarters of young people today think it is only somewhat important or not important to move out of their parents’ household. This new mindset is likely, at least in part, the result of increasing student debt, high unemployment among millennials, and general worries about financial well-being exacerbated by the recent recession. At the same time, the vast majority of people living at home are either enrolled in school or employed.
24/7 Wall St. reviewed the share of 18-34 year olds that live with their parents in each state. For reference, one in three Americans live with their parents. Economic factors seem to be the chief concern, as relatively expensive areas tend to have larger shares of young people who choose to remain in their parents’ household.