Young Adults in New York Are More Likely than Average to Live with their Parents – Salamanca Press

The public health and economic toll the coronavirus pandemic caused are well documented. Perhaps less understood are the social impacts. According to a report from Pew Research Center, young adults in the United States were more likely to be living with at least one parent in July 2020 than at any time since the Great Depression.

The historic numbers of young adults either moving back home or choosing to remain there during the pandemic appears to have been a continuation of a broader trend. According to data from the U.S. Census Bureau, 34.4% of Americans between the ages of 18 and 34 lived with at least one parent, grandparent, or former guardian in 2019 -- compared to 31.5% in 2010.

The likelihood of young adults residing with their parents varies considerably from state to state.

There are 1.7 million people between the ages of 18 and 34 in New York state living with at least one parent or grandparent, or 37.7% of the young adult population.

A number of factors in the state may make it more difficult for those in the early stages of a career to achieve financial independence and afford their own place to live. For one, unemployment in New York stands at 8.5%, well above the 6.2% national average. Additionally, housing is not especially affordable in the state, as the median home value of $338,700 is nearly five times higher than the median household income of $61,980. Nationwide, the typical home is worth less than four times the median household income.

To determine the states where the most young adults live with their parents, 24/7 Wall St. reviewed data on family and household type from the Public Use Microdata Sample summary files of the U.S. Census Bureau's 2019 American Community Survey. States were ranked on the percentage of adults 18 to 34 years old who live with their biological parents, adoptive parents, steparents, foster parents, or grandparents in 2019. Supplemental data on the median age at first marriage of the 15 to 54 year-old cohort came from the Census Bureau's 2019 ACS. Data on regional price parity used to calculate cost of living came from the Bureau of Economic Analysis and is for 2019.

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Young Adults in New York Are More Likely than Average to Live with their Parents - Salamanca Press