Officials say continued high rates of unemployment are continuing to play a significant role in the college moving trend that has seen many recent graduates moving back in with their families, Reuters
Approximately 85 percent of graduates will be moving home following graduation, according to recent data from Twentysomething Inc, the source reports, mainly because so many of them won't be able to support themselves.
"The economy has a lot to do with it," Christina Newberry, author of The Hands-On Guide to Surviving Adult Children Living at Home, told Reuters. "Financial struggles are one of the main reasons why children move back in with their parents and it's just realistically harder these days to find a job, especially right out of college, and a job where you can support yourself and get your own household established."
However, the relocation has also forced an additional household strain in many families. The source says that the extra costs in terms of food, insurance and utility costs have led many parents to charge their own children rent.
More young people are not working than any time in recent memory. A recent Pew Research Center
report found that roughly 37 percent of people between the ages of 18 and 29 are unemployed or out of the workforce - the highest rate in more than 30 years.