Millennials have had to move home

Nearly three in 10 millennials have had to move back in with their parents because they couldn’t afford to live on their own, a new study says.

More than 16 percent of millennials currently live in their childhood bedrooms because of financial strains, and nearly 12 percent have had to do so in the past, according to the report by PayScale Inc. and Millennial Branding, a consulting firm.

Those are far higher percentages than the baby boom or Generation X cohorts ever experienced, according to the study.More than 95 percent of baby boomers say they have always been able to live on their own. Ditto for nearly 89 percent of Gen-Xers.

Only 72.1 percent of millennials said they have always been able to live on their own. The study pegged millennials as people born from 1982 to 2002.

That’s not surprising given the well-chronicled tribulations of the millennial generation.

But it’s the latest sign of the potentially long-lasting struggles of people in their 20s and early 30s. Their financial plight isn’t as immediately pressing as that of older people who are nearing traditional retirement age with inadequate savings.

Still, a study this week predicted the average millennial won’t be able to retire until age 73 because the first 10 years of their working lives are spent paying off student loans rather than saving for retirement.

More in Local News

A wobbly calf grows into a 1,800-pound Lake Stevens behemoth

A shaggy and sometimes cranky bison is the last of his herd. He lives amid encroaching suburbia.

Elderly couple escape serious injuries in crash with train

The driver drove down tracks instead of a road, hitting a slow-moving train near Stanwood.

Officials ID man shot and killed in apparent Everett robbery

Police believe the victim may have known the shooter, who drove away before the officers arrived.

Man, 60, in critical condition after Bothell crash

Police believe the driver may have been speeding when he hit a rock wall.

Missing Marysville woman found safe out of state

A Marysville senior who was reported missing in March has… Continue reading

FBI operation arrests 3 linked to exploitation of 32 women

The sting focused on Everett and other cities in Snohomish, King, Pierce, Skagit and Spokane counties.

Front Porch

EVENTS Seahawks event postponed A Toys for Tots Blue Friday fundraiser that… Continue reading

Volunteers clean up homeless camp infested with garbage

The organization’s founder used to live and do drugs in the same woods.

Fire crew returns early from wildfires in Northern California

Four Everett firefighters returned from battling California wildfires late Thursday… Continue reading

Most Read