But after Pew Research surveys, a record 21.6 million or 36 percent of 18 through 31-year-olds still lived with their parents. This is up from 18.5 million young people in 2007.
The reasoning for these escalating numbers are declining employment, rising college enrollment and declining marriage rates. However, an interesting fact is that men of this age are more likely to live at home than woman.
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Many of this Millennial generation are having problems finding work and because of that are not able to support themselves financially to live on their own. Additionally, because of this, more students are returning to school for advanced degrees, which supports the fact that the majority of this age group are students. Besides advanced degrees, young people in general have decided to go to college.
In 2012, Latinos surpassed whites in enrolling in a college or university with 69 percent. The rate of college dropouts decreased by half, from 28 to 14 percent, in a decade.
The increase of unmarried Millennials also adds to the rate of young people living at home. Those who are independent of a partner have decided to stay home,
The majority of young people decide to stay home because of financial reasons, which above all else is an important security to have.
Here are five tips when considering where and when to move out:
1. Save at least enough for the first six months of rent. Typically, when moving into an apartment, you are asked for a security deposit and the first month of rent. Always having some kind of safety net is important, in case of an emergency or needed a quick bit of extra cash.
2. Make sure you start looking for an apartment or a place to live with a budget in mind. How much are you willing to spend? Are you living with or without roommates? How many rooms do you want to have? How much are you willing to pay for utilities?
3. Make sure that your neighborhood is safe and well-lit, especially if you’re living alone. You can never be to safe or too secure. Knowing and recognizing your surroundings is important when you’re living in a new neighborhood and community.
4. Get to know your neighbors. Know their names and where they live in your building. Get to know those who live in the surrounding buildings as well. Creating your own community will help you feel more secure and safe.
5. If you decide to live with a roommate, makes sure all of decisions are made beforehand, especially when it comes to finances. How will you be splitting the bills? Who is buying what pieces of furniture and will you be buying anything together? The last thing you want to do is move out on bad terms and have to decide whether or not you’re going to cut your living room rug in half.