With a fresh influx of recent college graduates attempting to enter the real-world this summer, some Millennials are being forced to face the harsh reality that is a struggling American economy and seek solace—in their parents’ homes.
According to a Pew Research Center study released Thursday, 21.6 million Millennials were living with their parents in 2012, the highest number in more than four decades. Making up 36 percent of the Millennial population, last year’s numbers were more than 4 percent higher than in 2007 and 2 percent higher than in 2009.
“The steady rise in the share of young adults who live in their parents’ home appears to be driven by a combination of economic, educational and cultural factors,” the report said.
Millennials between the ages of 18 and 24 also more likely to be living at home than older ones, 56 percent to 16 percent, according to the study. The study contributes this in part to a rise in college students living at home instead of the dorms.
The Pew Center also found that young men were more likely to live at home than women. According to the study, four in ten Millennial men lived at home in 2012, compared to only 32 percent of Millennial women.
The rising number of Millennials living at home isn’t likely to drop in the near future, either. Unemployment among 18-29 was at 12.7 percent in June according to a Generation Opportunity study. Moreover, the number of Americans – including Millennials – working part-time jobs in June was at an all-time high, which could also explain why so many of them are back at home.
Millennials’ financial situations might not be the only reason, however. The Pew Center also found that love could have something to do with it, as only one in four Millennials in 2012 were married – a decrease of five percent since 2007.
