A record number of young adults are living with their parents.
A closer look at data from the U.S. Census Bureau reveals almost half of young Americans (48%) between the ages of 18 and 29 are living at home. Analysts with Morgan Stanley say it's a high not seen since the 1940's.
However, not everyone is happy with the arrangement. A Pew survey found two-fifths of fathers believe hosting adult children is bad for society. Shannon Thornton, a licensed professional counselor, says many young people feel the same way about the issue as their parents.
“They’re not excited that they’re living at home, but the housing market and rent is so astronomical that they’re having a hard time affording to live on their own,” Thornton said.
When young people are asked why they're still living at home, many cite the high cost of rent, groceries, and other amenities. Thornton has some advice for parents who want their children to be more independent.
“Instead of telling them what to do, ask them what they think they should do next,” Thornton explained. “As far as getting a title changed over or paying for your insurance for your car.”
One sector that is benefiting from the trend is luxury retail. Some Millennials and Gen Zers are spending their money on luxury goods, instead of rent and groceries.