Nearly half of young adults under 30 live with parents, Fed survey finds

Nearly half of adults under the age of 30 in the United States now live with a parent, according to the Federal Reserve’s latest survey of household economics and decision-making. The share of young adults in this living arrangement has increased by six percentage points since 2022 and by 12 percentage points since 2019.

The Federal Reserve cites the high cost of living and a challenging job market as primary drivers of the trend. Specific factors include the cost of housing, high mortgage rates, and everyday expenses such as groceries and gas. AAA data indicates that U.S. diesel futures have also surged above $5 a gallon for the first time since April 2022.

While the Conference Board reported that the consumer confidence index jumped 7.5 points in October to 91.7, the level remains well below recent historical averages. Persistent inflation continues to squeeze household budgets, even as Americans report feeling slightly better about the economy after consumer confidence hit a 12-year low in September.

Read the full story at wilx.com.