It’s a well known fact that it’s trending among millennials to move back into their parents home–either after college or after entering the workforce. They have been known to delay traditional milestones such as marriage and kids and value education.
Simply Self Storage recently released a survey that noted one in seven millennials has moved back in with their parents. Of the total number of people found to be living at home, 65% of these were millennials. But has anyone stopped to consider why?
Millennials are earning less than Generation X took home at the same age, according to the PEW Research Center . Millennial households in 2014 earned a median income of $61,003. That’s compared with an inflation-adjusted $63,365 for Gen Xers in 1998.
Even so, a new Bank of America survey reported that one in six millennials have over $100,000 saved, much more than previous generations at a younger age. This could be because they are swallowing their pride and moving back in with their parents temporarily.
Millennials will be laughing all the way to the bank as they pay off their student loans, accumulate a retirement savings and save up for their own home. In a world with changing needs and norms, millennials are redefining what it means to be an adult.