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Nice job, ladies. We’re broke and the hustle is oh-so real, but it’s all worth it because fewer of us are living at home with our parents than men the same age, according to a new report by Abodo.
Out of the 34.1 percent of Millennials that still live at home, 54 percent of them are men. Of course, it’s not a big difference, but hey, we still have a little edge.
But… don’t celebrate just yet. The study showed that a number of factors are to blame for there being more 18- to 34-year-olds than ever living with their parents, including high rates of unemployment, skyrocketing rent costs and the overwhelming burden of student loans.
Not only are Millennials earning less than their parents did at their age, but those who acquired post-secondary education are also struggling to pay off an average $30,000+ student debt – a number which seems staggering, but would be a relief to anyone who went to a private university.
RELATED: Here’s What 40% of 20-Somethings Have in Common (Hint: It’s Not Good)
And wages are not increasing to accommodate growing rent costs. In Metropolitan Statistical Areas (MSA) with more than one million residents examined by the report, Millennials living at home were earning a median monthly income of only $1,121. Meanwhile, the median monthly income of all Millennials was $2,023, which could be a reason for the need to live at home. Many cannot afford the high cost of rent in their respective cities.
For example, in the Los Angeles-Long Beach-Ahaheim, California area, both median rent and income hovered around the $1,500 mark, meaning for many Millennials, rent would make up 97 percent of their earnings.
The study also disproved the whole “English major = ‘Want fries with that?’” theory, since only 12 percent of Millennials living at home reported a bachelor’s degree as their highest attained education. And only 2.1 percent of Millennials with a graduate degree still live at home.
The study analyzed a myriad of data including the U.S. Census Bureau’s American Community Survey (ACS) 2015 as well as the ACS 2015 1-year Public Use Microdata Sample (PUMS).
For Millennials not living at home – pat yourself on the back. It may be a struggle, but you are surviving right now, and that’s something to celebrate. And you can always check out some tips for a better financial future, courtesy of PolicyGenius.
As for those who are still living at home – you’re not a failure. Unemployment rates, student loans and a rising cost of rent (which is not yet matched by salary growth) are all contributing factors in this epic financial struggle. Chin up! Here’s hoping this disparity levels off and you begin to see all of your hard work finally come to fruition. I mean, something’s gotta give, right?
