That stereotype of millennials living in their parents’ basement is starting to wither away as a new study from Fannie Mae reveals that young adults are finally leaving mom and dad’s house.
In Monday’s report, the Fannie Mae Economic & Strategic Research Group found through “cohort analysis” that adults who approach their 30’s are becoming more likely to be living independently from their parents.
Among young adults aged 24-25 in 2013 to 26-27 in 2015, the percentage of millennials living with their parents fell 7.6 points. Meanwhile, the same cohort of young adults between 2010 and 2012, there was a reduction of only 5.4 percentage points.
Fannie Mae attributes the growing proportion of millennials leaving the nest to “stronger income growth” and an “accelerated rate of marriage.”
Additionally, the research group found that the increase in millennials getting married bodes well for the housing market as they steadily look to settle down for buying over renting.
While President Obama oversaw a bulk of the slow economic recovery, President Trump is hoping to speed it up by creating more jobs for college graduates, cut taxes, and cap interest rates at 12.5 percent on student loan repayment plans.
If Trump is able to get Congress to work with him on tax reform and healthcare, perhaps every millennial will be able to get out of their parents’ basement.