TRENTON, N.J. – New Jersey has achieved another unenviable distinction, Save Jerseyans:
A larger percentage of “adult children” live at home with their parents here than in any other state in the country. 44.1% of New Jerseyans between the ages of 18 and 34 are cohabitating with their mom and dad, measurably ahead of Connecticut (41.3%), California (39.1%), and Maryland (38.5%). Generally and unsurprisingly, “blue states” with high costs of living see far more of their young adults staying in the nest relative to red states like North Dakota (12.3%) and Wyoming (16.2%).
Parents absorb much of the blow when their children can’t afford to level up and move on.
“The rise in young adults living at home reflects broader affordability pressures in the U.S. economy, but their actions affect their parents as well,” the analysts explained. “More children at home usually means increased costs at home, so the financial burden for older Americans is greater than ever. Depending on their age, this may affect retirees and those on Social Security disproportionately.”
The analysis was conducted by the website Finance Buzz:
