A third of American millennials living with their parents, US Census report finds

13 November 2013: Jeremy Bills works at his job as associate director at the Nashville Education Community and Arts Television office in Nashville, Tennessee. Bills, originally from Tampa, Florida and earned his master’s degree from Vanderbilt University in Nashville and has stayed in his college town while trying unsuccessfully to find a job in his field.After the first signs of recovery, U.S. mobility for young adults has fallen to the lowest level in more than 50 years. (AP photo)

The majority of AMERICAN millennials believe that education and economic security are essential for adult. But less than half of the achievement of these objectives, according to a study released this week by the U.S. Census Bureau, which determined that more than a third of American millennials still live with their parents.

The report, entitled “The Changing Economy and the Demography of Young Adulthood: 1975-2016,” focuses on the shift in the attitude and belief of today, the millennials compared to their counterparts four years ago. This report is one of the first time the Census Bureau linked to economic and demographic data with the social surveys. The report looks at a “snapshot” of the young adult population, defined by the Census Bureau as those between the ages of 18 and 34 years old.

According to the report, more young people today live in their parents ‘ home than in any other living arrangement. One in three young adults, or about 24 million, lived with their parents at home in 2015, with the highest percentage in the nation in three northeastern states: About 47 percent in New Jersey; about 42 percent in Connecticut; and about 41 percent in New York.

“The events connected with economic characteristics, that is the reason why we looked at the numbers of the by the state and the region,” Jonathan Vespa, the author of the report, told Fox News. “We know that there is not a national trend. The numbers vary depending on the state.”

Vespa said one of the biggest trends in his findings was the attitude of young people about the adulthood.

“There is a big difference in what today’s young Americans believe,” Vespa said.

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WASHINGTON – APRIL 01: the Forms for the Census of 2010 is to be displayed during an event to promote the census at Ben?s Chili Bowl April 1, 2010 in Washington, DC. The event was held to encourage DC residents to participate in the count. (Photo by Alex Wong/Getty Images)

(2010 Getty Images)

Most millennials believe finishing college and full-time are performances that are “very important” to be considered an adult, while parenthood and marriage are somewhat put on the back burner, with millennials today, ranking those milestones as “not very important.” The data correlated with the rise of student loan debt for young families. In 2013, 41 percent of young families had student debt, compared with 17 percent in 1989.

“But a number of young adults are missing the bar and still not have achieved what they want by the age they should think,” Vespa said. “The ideal age most Americans believe they should be financially independent of their parents is 21, but only 28.9 percent actually achieve that goal.”

The report looks at the “ideal age” for millennials four goals: the close of the regular education; be employed full-time, to be financially independent and to move out of their parents home. While those goals are set for the age of 25 years or younger, less than half of the millennials are actually reaching that goal for each category.

“In 1975, there was a predominant adult milestone — formation — that people largely experienced in their 20s. Today, while the milestone is the same, the paths are more diverse,” the report reads. “That young people are waiting to settle down and start families tells us about their behavior, but not how they feel about their experiences.”

The report concludes that the majority of American millennials believe that education and financial independence should happen before the marriage. The report calls the marriage a “top” experience, which means that it comes after the young people feel financially secure. Vespa said that only 12 percent of millennials think that marriage is a “very important” part of being an adult.

While young people are delaying marriage, most still, finally tie the knot. In the 1970s, eight out of 10 Americans were married by the time she was 30 years; eight in 10 millennials are married by the time they are 45.

The report determined that there was a “complexity” for millennials.

“Together, the changing demographic and economic experiences of young adults, the reveal of a period of adult-hood that has crown more complex since 1975,” says the report. “A period of changing roles and new transitions as young people redefine what it means to be young adults.”


Brooke Singman is a Reporter for Fox News. Follow her on Twitter via @brookefoxnews.

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