WASHINGTON (WOWO) — Nearly half of Americans under the age of 30 are living with a parent, as high housing costs and a difficult job market make it harder for young adults to afford living on their own.

The latest Federal Reserve survey of household economics and decision-making found the share of adults under 30 living with a parent has increased six percentage points since 2022 and 12 points since 2019.

Housing costs, high mortgage rates and everyday expenses such as groceries and gasoline are among the main reasons behind the increase.

The financial pressure is showing up in broader measures of consumer sentiment, although confidence improved in October. The Conference Board’s consumer confidence index rose 7.5 points to 91.7, following a 12-year low in September.

Despite that improvement, confidence remains below recent historical levels, while persistent inflation continues to strain household budgets.

The survey findings come as young Americans face the challenge of balancing rising living expenses with a job market that can make financial independence more difficult.