Nearly 30 percent of Americans born in the late 1990s and early 2000s still live at home with their parents or relatives, according to a new survey conducted by Qualtrics.
The survey also found that 28 percent of respondents are not able to save right now. Another 27 percent said they live with a romantic partner, and just 13 percent live in a household with one or more roommates.
More than half of those who are unable to save money said that this is due to inflation, while 47 percent said this is because they are not earning enough and 40 percent said that inflation is outpacing their earned income.
The survey comes as rental prices across the country have surged amid increased inflation, particularly in big cities like New York and Los Angeles, leaving many of those in the younger generation forced to reassess their living circumstances and tighten their belts.
June’s inflation figures showed that the rent index rose 0.8 percent over the month, the largest monthly increase since April 1986.
Of those surveyed who have successfully moved out of their family home, 32 percent said half of their monthly income goes toward rent or a mortgage, while 27 percent said they spend a quarter of their monthly income on housing and another 21 percent said they spend a third of their income on paying for their home.
Overall, 61 percent of those surveyed said they have a household income of $50,000 or less.