U.S. millennials living with parents at record level

WASHINGTON, Aug. 2 (UPI) -- More than one third of Americans ages 18 to 31 live with their parents, a study found.

The study, conducted by the Pew Research Center, found 36 percent, or 21.6 million, of millennials have not yet moved out of their parents' homes, NBC News reported Thursday.


Experts say having a job makes it more likely a young adult will move out of his or her parents house, but many millennials prefer unemployment to taking jobs they hate.

"You're much less likely to be living with your mom and/or dad if you have a job, and job holding still hasn't picked up," said Richard Fry, a senior research associate with Pew Research Center.

"It's not just the poor economy," Fry said. "There indeed may be less stigma among young adults about living at home. Even when the economy fully recovers, the tendency may be to live at home longer."

Financial advisers said parents with college-age or younger children should beef up their emergency fund from the recommended six months' worth of living expenses up to 12 months, just in case.

"From where we're sitting, it could be a good decade to work this out," said certified financial planner Lynn Ballou. "Hope for the best and plan for the worst. Assume your child is going to not launch until they're in their late 20s."


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