With student debt, more young adults live with their parents
After graduating from dental school, did you move back in with your parents?
According to a Wall Street Journal article, more young adults are living at home with their parents because of high student debt, along with joblessness and rising housing costs.
A $10,000 increase in student debt per graduate in a U.S. state is associated with an additional 2.9 percentage point rise in the rate of 25-year-olds living with parents, the article says, based on an analysis by the Federal Reserve Bank of New York.
Adjusted for inflation, the average dental school debt for the class of 2000 was $118,515. For the class of 2014, the average debt was $247,227, according to the American Dental Education Association.
The WSJ article said the New York Fed study is the latest to show that young Americans are now much more likely to delay leaving home, or to “boomerang” back, as young people weighed down by student debt may try to save money by staying home.
To read the full WSJ article, click here.