Morning Minute: More millennials living at home because of student debt

Thursday the New York Federal Reserve reported that rising costs of college education are leaving more millennials with large student debts, causing more to return home to live with their parents and allowing fewer to save money for their first homes.

The report estimated that 45 percent of millennials in their early 20s were living in their parents’ homes, compared with 33.5 percent in 2004. It also estimated that up to 35 percent of the decline in home buying by millennials could be attributed to student debt. See the Reuters story, “Rising student debt locking out U.S. millennials from home ownership: Fed.”

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