Census: More kids staying home with parents after college
Census: more college hits return home
There was a time when most young people could not wait to move out of their parents home.
According to new census findings, times have changed.
"I don't have a problem, of course my parents say you could always live at home and I understand that and I think I'm going to as long as I can," said Francis Hall, senior at Albright College.
New census data shows that 19 percent of men ages 25 to 34 live with their parents, a five percentage point increase from 2005. Among women in that same age group, 10 percent live with their parents, up eight percentage points since 2005.
Since 2010, six in 10 men and half of all women returned to their parents' home after graduating college.
"I am nervous about getting a job and where I'll end up," said Mary John, senior at Albright College.
"I already have enough debt to pay off just from college loans and stuff," said Hall.
Some economists believe with more young adults moving back with their parents, the depressed housing market is taking an even bigger hit.
Even when young adults decide to finally live on their own, economists said they do not necessarily seem to be thinking of owning their own home.
Leasing professional Joan Magrowski said on Wednesday that since 2010, the rental market has been booming. Magrowski is the assistant manager at Woodgate Apartments in Exeter Township. Magroski said they have seen an increase in the amount of young adults living there.
"In the 26 to 29 year old market, we have increased four percent," said Magrowski, "In the 22 to 25 age market, we have decreased two percent."
The housing market, Magrowski said, consistently fluctuates. Right now, places like Woodgate may be on the receiving end of a financial windfall while the housing market continues to suffer.
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