That’s the “lowest rate for that age group in data going back to 1947, down from 31 percent in 1965,” according to an analysis by Brookings Institution senior fellow William Frey cited in this Bloomberg News story.
That age group includes tens of millions of so-called millennials, born between 1981 and 2000. Many of them are recent college graduates just starting their careers, and they generally migrate more than older workers who are more ensconced in their professional careers.
Millennials are “mired down, very cautious about buying a home or moving to new areas,” Frey said, as the housing and labor markets continue to recover slowly from the biggest economic downturn since the Great Depression.
“Economists and demographers say a combination of relatively low-paying opportunities, the burden of student loans and an aversion to taking risks explains the reluctance to relocate,” Bloomberg’s Steve Matthews and Victoria Stilwell reported.
“Student-loan debt rose $114 billion in the year ended in December to $1.08 trillion, according to the Federal Reserve Bank of New York,” they wrote.