Consumer Alert: Census Bureau finds many young people still living with parents
More young people are still living with mom and dad.
According to a new report from the U.S. Census Bureau, young people are prolonging major life events, too.
The U.S. Census Bureau has found major changes in young people's living habits and values over the last 40 years. In fact, the changes are so pronounced that researchers have coined the term "emerging adulthood" to describe this new period of life.
These days, it's not that uncommon for a young adult, which is defined as someone between the ages 18 and 34, to hold a steady job, but still live with mom and dad.
Since 2007, there's been an 8.5 percent spike in young adults living with their parents in Rhode Island.
Massachusetts reports a 8.3 percent jump over that same 10-year period.
The Great Recession played a role in keeping young people in their parents’ home. When the housing bubble burst and the stock market crashed in 2008, so did wages and job security.
Living at home provides stability, and a huge monthly savings on rent.
In many cases, that rent money is now going to student loan payments.
In 1989, only 17 percent of young people had student loan debt. By 2013, 41 percent of young people were saddled with loans.
In 2016, the average student graduated with $37,172 in student debt, according to the Wall Street Journal.
That expense makes it harder for young adults to settle down and start a family, which Americans are prolonging, according to the U.S. Census Bureau.
In 1970s, about 80 percent of men and women were married by their 29th birthday. Today, 80 percent end up getting married, but not until age 45.
Young adults are waiting to have children, too.
In 1976, nearly 70 percent of women had at least one child by their early 30s. Today, only 50 percent of women in their early 30s have a child.
The U.S. Census Bureau finds a lot of this has to do with changing values. Young people still want to get married and have kids, but they believe it’s more important to complete school and secure a fulltime job first, especially women.
Click here to check out the full report.