millennials housing | WABE 90.1 FM

millennials housing

Many of America's young adults appear to be in no hurry to move out of their old bedrooms.

For the first time on record, living with parents is now the most common arrangement for people ages 18 to 34, an analysis of census data by the Pew Research Center has found.

Nearly one-third of millennials live with their parents, slightly more than the proportion who live with a spouse or partner. It's the first time that living at home has outpaced living with a spouse for this age group since such record-keeping began in 1880.

Don Ryan / Associated Press

Short of savings and burdened by debt, America's millennials are struggling to afford their first homes in the face of sharply higher prices in many of the most desirable cities.

Surveys show that most Americans under 35 lack adequate savings for down payments. The result is that many will likely be forced to delay home ownership and to absorb significant debt loads if they do eventually buy.

Some states are looking for ways to keep educated young professionals within their borders for years to come by helping out with their housing costs.

Initiatives like mortgage down-payment assistance, rent subsidies, urban homesteading incentives and even "millennial villages" are being considered to help young adults in the 18-to-34-year-old range plant roots in communities.

Many millennials are burdened with student loan debt, in addition to difficult job market and a less affordable housing market than their parents.