The proportion of Millennials (aged 18-31) living in their parents’ home is on a steady upswing, per results [PDF] from a new Pew Research Center study. From 2007 to 2012, the share of 18-24-year-olds living at home grew from 51.2% to 56.2%, while the share of 25-31-year-olds living at home rose from 13.8% to 16%. Some of the increase, particularly among younger Millennials, is attributable to rising college enrollment rates.
That’s because the definition of “living at home” includes young adults who are college students living in dorms during the academic year. Between 2007 and 2012, the share of 18-24-year-olds enrolled in in a 2- or 4-year college increased from 35.2% to 38.9%. Nevertheless, half of 18-24-year-olds not enrolled in college were found to be living at home, a significant result. That may be why a fairly high proportion of affluents are Millennials – as definitions of affluents typically refer to individuals living in high-income households, rather than just the income-earners themselves. Read the rest at MarketingCharts.