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The 'boomerang' generation still living with their parents. Soaring house prices leave millions of young adults unable to afford to move out.
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WHY "Grown" Kids Boomerang Back Home to Stay | Psychology Today Singapore

In fact, the percentage of millennials living at home dropped as unemployment fell from the Great Recession aftermath. One of the big factors quoted has been student loan debt. The weight of those high college costs drove up monthly expenses and kept them from striking out on their own, buying homes, and helping the country's economic machinery to chug along.

It's true that student loan debt is at an all-time high. But debt isn't the biggest driving factor for college students who returned to live with their parents, according to a study by researchers at Dartmouth and Montana State University. Those young people actually had lower levels of indebtedness than their compatriots who were out on their own. Instead, the big overall difference between the boomerangs and the ones who sailed out is college completion.

Former students who didn't complete their two-year or four-year degree had a 40 percent higher risk of returning home than those who finished. Students who were living with significant others, married, or homeowners were also less likely to return home. However, things get more complicated in the details, and there's a definite additional disadvantage to minority students that is related to loans. In a way, that shouldn't be a surprise. Completed degrees will pave an easier path to higher earnings. We know 99 percent of all post-recession jobs , including the 25 percent that are low-paying ones, went to people with at least some college background.

It suggests that there are likely many young people who never got the sheepskin and now have small paychecks that didn't make independent living easy. The reason this is worse than student loans is a more permanent status. Loans, even if through a long time, can be addressed.


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But if higher education isn't complete, statistics suggest that earnings will always lag. Margaret and Robin, who were married in their mids and bought their first home shortly afterwards, worry how much harder it is for young people to get on the property ladder. It must be demotivating.

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Braden Lee-Stevens, 34, a support worker in Birmingham, says there are many positive aspects to living with a parent. He moved in with his stepmum Sue, 57, eight years ago after his relationship ended. Braden says he is happy with the arrangement and in no hurry to move out.

It just seems to work. We can reduce our costs compared with both living alone and it is nice to have company. Braden says he does worry about saving and wants to put more cash aside but bills and the general cost of living have been going up. She runs a car to get to work but after these costs she tries to save as much as possible.

Like many young people she says home ownership feels like a distant dream, although it is something she aspires to. Next month Charlotte is travelling to Australia and hopes to work there for about a year to save more money. Blogger Emma Jackson, 25, set up beemoneysavvy. She works in events planning, and she too lives at home with her parents.

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She says home ownership is something she is working hard towards, and she hopes to buy a flat in her home city of Sheffield with her partner later this year. But she says it is not an ambition shared by her friends.

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For the boomerang generation, there are pitfalls to moving home

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