More millennials living with parents according to new study
BISMARCK, N.D. (KFYR) - A new study found that more millennials are living closer to home because of one main reason — money.
With costs of almost everything skyrocketing because of inflation, living at home with their parents is the only way for some millennials to make ends meet.
Robb Vedvick, who was working in Columbus, Ohio, moved back to Bismarck to live with his parents when the pandemic hit in 2020.
“I was going through employment issues during the pandemic, so basically being able to come home, and move in back in with my folks gave me a certain degree of financial flexibility that I wouldn’t have had during a really scary time in our history,” said Vedvick.
A new study from researchers at the U.S. Census Bureau and Harvard University found that nearly 60% of young adults live within 10 miles of where they grew up and 80% live within 100 miles across the country.
One major factor is costs. The study shows more young people are living with their parents to save money.
However, analysts said these numbers might vary when it comes to North Dakota. The state ranks high on the list when it comes to outmigration.
Former KFYR-TV photographer Vedvick lived at home for two years in Bismarck and now lives in Fargo. He moved for a job opportunity.
While he is a little bit farther away, he said there are benefits to still living closer to home.
“It’s nice to be a little more accessible to your parents as time goes on,” said Vedvick.
According to Money Wise, even though more millennials are moving home throughout the country, more people chose to leave North Dakota in 2021 than enter the state last year.
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