According to a recent study by the Pew Research Center, nearly one third of millennials lived at home in 2014 making it the most common living arrangement among this age group. While there are many reasons for this trend, lingering effects of the last recession, student debt, lack of affordable housing options, the bottom line is that more and more young people are choosing to live at home. And, when you see the top 5 states they happen to coincide with some of the highest rental rates.
“Housing is like a ladder — when there are blockages, it backs up the whole thing, and the millennials are having a hard time getting onto the bottom rung,” said Robert Dietz an economist for the National Association of Home Builders.
The top 5 states with millennials still living at home:
- New Jersey: 43.9%
- Connecticut: 38.8%
- New York: 37.4%
- Florida: 37.2%
- California: 36.7%
Click here to read the full story on PewTrusts.org.
