Jul 31, 2015
Stay at Home Kids
(BOSTON, MA) Maybe they just need a little push. Housing analysts have been hoping millennials, that huge generation of 18-to-34 year olds, would boost the housing market when they buy their own homes, reports The New York Times. Problem is, millennials haven’t left home yet. A new study from the Pew Research Center reports that although the labor market has improved for millennials, many of them are still living with their families, instead of getting their own place. In fact, the number of 19-to-34 year olds living independently has dropped steadily since the 2007 recession. “We need the millennials to start leaving their parents’ homes and start out on their own for the housing market to normalize,” Mark Zandi, chief economist at Moody’s Analytics told the Times. “This is going to be a problem if it continues.” Part of the problem is the burdensome student debt millennials carry and that they are marrying later in life. But Boston.com reports there is hope. A survey found that 74 percent of millennials plan to purchase a home in the future. Until then, keep the light on and take advantage of club memberships that include the kids.
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