Due to various circumstances, many young adults today live with their parents, making the transition into adulthood completely different from previous generations. 24/7 Wall Street found the states where the most people live with their parents.
Young people today are making the transition from adolescence into adulthood in a completely different way than previous generations, including their own parents and grandparents. Numerous circumstances are causing this younger generation to lose some of their independence due to the fact that they live with their parents. However, many don't seem to mind as they are attempting to finish their education, get a job and save up money. According to 24/7 Wall Street, about three-quarters of young adults think that it's "only somewhat important or not important to move out of their parents' household." Now, this type of mindset could partially be due to an increase in student debt, high unemployment rates, and general financial struggles that plague many adults today. 24/7 Wall Street released a report that shares the number of young adults, 18 to 34 years old, that live with their parents within each state. 24/7 Wall Street divided the results into three segments: Population Living with Parents in 2015 (is compared to data from 2005), Cost of Living, and the Median Age to Get Married. And we've got the results for Colorado. But, before we dive in, we've got some important information to share with you ... The data was collected from the U.S. Census Bureau's 2017 report, "The Changing Economics and Demographics of Young Adulthood: 1975-2016." It is also important to note that 24/7 Wall Street used data for the cost of living in each state from the Bureau of Economic Analysis, and the numbers were from 2014, while the median age of marriage came from the U.S. Census Bureau's 2015 American Consumer Survey. So numbers may differ from their current status for 2017.
Now, let's take a look at where Colorado ranks!
Out of the 50 states, Colorado ranked at No. 44, making it one of the states with the least amount of young adults who still live with their parents. The report says 24.6 percent of 18-34-year-olds live with their parents, which is a six percent increase from 2005. Colorado also has the 12th highest cost of living -- two percent higher than the nation.
To compare, New Jersey ranked at No. 1, with nearly half of the young adult population who live with their parents -- 46.9 percent, which is over a 10 percent increase since 2005 (36.1 percent). With the cost of living being 14.5 percent higher than the nation (third highest), it makes sense as to why nearly half of adults aged 18-34 live with their parents.
It's no surprise for states that have higher unemployment rates to also have high amounts of people living with their parents. In contrast, states with lower unemployment rates tend to have smaller amounts of people living with their parents.
Not gonna lie, seeing the results from the report make me feel less alone about the fact that I still live with my parents. I've been living with my parents since I graduated college (over a year ago) and have been trying to save up enough money to move into my own place. While it hasn't been an easy transition to go from the freedom of college to back under my parents' roof, I'm very grateful to my parents for allowing me to stay with them until I get settled.
So, if you're like me, know that you won't be living with your parents forever. However, in the meantime, try to enjoy this extra time you get at home with your parents! You'll miss them more than you think you will.
Were you surprised by the results from 24/7 Wall Street? Let us know what you think in the comments below. We'd love to hear your thoughts on how the numbers could change a few years down the road -- do you think the amount of young adults who live with their parents will increase or decrease?
