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Why Are Millennials Still Living With Their Parents?

Yes, Millennials are still living with their parents. News flash...other Millennials have moved out, but are still living off their parents. The Issue: Financial Dependence While the economy is strong, some Millennials are either still living at home, or they are moving out and remaining financially dependent on their parents. For example, as of 2016, 15% of 25- to 35-year-old Millennials were living in their parents’ home. 1 in 4 Living At Home According to Zillow, nearly one in four Millennials still live with their mother. Root Causes: Millennials Living At Home Multiple factors may influence Millennials' decisions to live at home, which may include the cost of housing, debt obligations and their ability to find a job, among others. Build credit According to Make Lemonade, the best way to build credit is to understand that your credit score - particularly your FICO score - is based on the following components: Payment history = 35% Creditutilization = 30% Account age = 15% Inquiries = 10% Credit Mix = 10% A higher credit score can score your better rates on credit cards, private student loans, student loan refinancing, mortgages, auto loans and much more. A secured credit card is one of the best ways to help you build credit so you can achieve financial independence. If you have no credit or bad credit, a secured credit card enables you to put down a security deposit that will be equal to your credit line. Refinance student loans If you're unemployed, student loan refinancing won't be a viable option.