WASHINGTON, June 3 (UPI) -- One third of millennials are moving back in with their parents after college according to Deutsche Bank economist Torsten Slok.
Slok tracks the number of 18- to 34-year-olds living with their parents in his monthly chart book and it is showing that 30 percent of Americans in this age bracket are back home. This is not surprising given the number of problems this generation is facing.
College tuition is higher than ever and still rapidly rising. In addition to the soaring cost, students are being crushed under student loans. This has been exacerbated by the difficult job market, which has led to an increase in loan delinquencies.
With this set of financial circumstances, millennials are having trouble finding affordable housing in a bullish market that has seen home ownership drop to a 19-year-low.
Economists and politicians, such as Sen. Elizabeth Warren, D-Mass., are encouraging the federal government to cut student loan rates in order to help millennials rise out of their financial slump.