One-third of young adults still live with parents

According to an analysis from the Pew Charitable Trusts, 33% of New Hampshire residents age 18 to 34 still live with their parents.  In 2000 only 21% lived with their parents.

The cost of housing and student debt both likely contribute to the high number of adult children still living at home.

The New Hampshire Housing Finance Authority reports that rents have risen 15% over the past five years.  According to the National Low Income Housing Coalition, it takes a $16.55 per hour wage to afford an average one bedroom apartment in New Hampshire.  

The legislature has taken some steps to increase affordable housing, such as allowing more "accessory dwelling units."

Student debt is another factor in the number of adult children living at home.  New Hampshire college graduates have the second highest average student debt in the nation.  

Some argue that New Hampshire could decrease student loan debt by increasing funding for state universities.  New Hampshire has the highest in-state tuition and fees for public colleges in the U.S., and provides the lowest amount of public funding per student.

However, New Hampshire has the seventh lowest unemployment rates for residents age 25 to 34, and the twelfthth highest median earnings for full time workers age 18 to 34, according to the U.S. Census Bureau.  This makes New Hampshire millenials better equipped to pay off student debt and pay rent.

Living with parents may ultimately not be a bad choice for young adults.  By saving on housing costs, millenials can pay off student debt faster, save for a home purchase, and also care for aging parents.

Do you have an opinion on millenials living at home?  Let us know in the comments.