If you’re a Seinfeld fan you’ll remember George Costanza’s priceless introduction to a woman who caught his eye in Monk’s Diner: “My name is George. I’m unemployed and I live with my parents.” Hopefully things turn out just as well for American millennials as they did for George (the woman got him a job with the New York Yankees), because a lot of them are in the same predicament as the hapless sitcom icon.
Recent research from the Federal Reserve Bank of St. Louis shows almost 50% of American 25-year-olds are living with their parents, up from just over a quarter in 1999. “Economist Maria Canon and regional economist Charles Gascon noted that many factors have been suggested for why young adults return to or continue living at home, including significant student debt, weak job prospects and an uncertain housing market.”
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