Many millennials find themselves in need of credit repair in Manhattan, New York. At USA Credit Repair, we excel at helping people of all ages reach their financial goals. More and more of the younger generation are choosing to stay at home rather than forge their way forward into financial independence and responsibility.
There are many reasons that millennials are staying home these days and finding themselves at an increased need for credit repair in Manhattan, New York. Here are some of the things that are keeping the millennial generation from leaving the nest.
Acceptable Housing Trends
Perhaps one of the primary reasons that millennials are choosing to stay home with Mom and Dad into adulthood is because societal norms are shifting. While a couple of decades ago, adult children living with their parents might have been frowned upon, it’s seen as normal behavior now for adult children to live with their parents.
Average Marriage Age
Thirty years ago, the average marriage age of men and women were 25 and 23 respectively. Now, only about one-fifth of all the adults between 18 and 30 years old are married. Millennials are gradually demonstrating a reluctance to get married and begin having children of their own. The popular trend nowadays throughout the country is to put off getting married in favor of living where they’re comfortable and in a familiar environment.
Millennials are suffering as much as anybody else from the broken economy. Whether it has more to do with the current state of the economy or from economic crises from years past, many millennials have adapted to a highly cautious approach to making life decisions.
One of the things that may be immensely helpful in this area is explicitly credit repair in Manhattan, New York. Finances and credit are both affected negatively by the dips in the economy, and professional help is often necessary.
Increased Student Loan Debt
Student loan debt is now at a record high of $1.3 trillion. Millennial generation adults may not be able to afford to move out due to their crippling student loan debt. Where generations before may have had a disposable income to pour into living expenses, millennials are increasingly being forced to pay their income into student loans.
Different Parenting Culture
One of the possible reasons that adult children are staying in their parents’ house as adults may be due to the culture of the baby boomer generation. For instance, baby boomers were raised to be independent and competitive workers.
As a result, many of them raising millennial children are raising them to appreciate a different lifestyle. Many millennials are being encouraged to stay home and wait for a job they love rather than one that fulfills an income requirement.
More than one-third of Americans between ages 18 to 34 years old are living with their parents. There are many reasons for this. If you’re a millennial and find yourself unable to leave your parents’ home for the first time, some wise financial choices and professional credit repair in Manhattan, New York can help significantly.Credit Repair Manhattan New York