According to the Pew Research Center analysis of U.S. Census Bureau data, in 2012 36% of the Millennial generation, ages 18 to 31 were living in their parents’ home. The study had concluded that the rise in young adults living in their parents’ home is driven by a number of factors including declining employment, a raise in college enrollment and declining marriage.
However, unemployed Millennials are much more likely than employed Millennials to be living with their parents. In fact, the numbers are staggering. Forty five percent of those Millennials who are unemployed are living with their parents versus 29% of those who are employed.
At the My Student Loan Attorney , we know that having difficulty finding a job or a job that pays a lower wage makes it difficult, if not impossible, to pay your student loans. As a result, in an effort to make ends meet, many 18 to 31 year olds have gone back to live with their parents.
We’re sure that you would rather have your independence and freedom back rather than live with your past. There is a way to do that! Income based repayment plans are available to student loan holders who can’t make a standard fixed 10 year payment.
If you are looking for a way to move out contact student loan lawyer, Nancy L. Cavey, who can help you get back on your feet!
This came from the Tampa Bay Times, Monday, August 12, 2013
Richard Fry, Pew Research Center. The full report is at “A Rising Share of young Adults Live in Their Parents’ Home” at tinyurl.com/tbtimes-kidsathome.