Fewer young adults are living with their parents
The share of adults between the ages of 25 and 34 who live in a parent's home has fallen beneath its prepandemic peak, according to an analysis from Pew Research Center, a nonpartisan think tank.
Using data from the U.S. Census Bureau, researchers determined that in 2023, just 18% of adults were living at a parent's house, down from the peak of 20%. And that distribution varies greatly across the country.
On the metropolitan level, 9 of the 10 regions with the highest shares of adults living at home were in California, Texas and Florida. Vallejo and Oxnard-Thousand Oaks-Ventura in California, where 33% of adults between 25 and 34 years old live in their parent's home, topped the list.
Conversely, Odessa, Texas; Lincoln, Nebraska; Ithaca, New York; and Bloomington, Indiana, had the lowest share, with just 3% of young adults living with their parents.
All told, researchers found that adults in the Midwest were the least likely to live at home, while those in the West and Northeast were most likely to reside with a parent.
Surprisingly, the rate did not vary based on the median rent in that area. Despite that, "A majority of young adults living with a parent say the arrangement is good for their finances, but they’re less enthusiastic about its impact on their social life," according to the report.
Consumer Finance Protection Bureau is shifting its attention to banks
In a memo to staff on Wednesday, the Consumer Finance Protection Bureau's chief legal officer laid out new plans for supervision and enforcement at the agency. The Wall Street Journal first reported the story.
The federal agency, also known as the CFPB, was created in response to the 2008 financial crisis and is tasked with overseeing financial products and services that American consumers use.
Among the changes, the bureau plans to return its focus to "depository" institutions and banks. That means the agency is shifting away from its efforts to protect student borrowers, those with medical debt and oversight of digital payment platforms, such as Zelle and Venmo.
At the same time, the agency will focus on fraud against consumers "where there are identifiable victims with material and measurable consumer damages" instead of situations based on perceptions "that consumers made 'wrong' choices." Mortgage fraud was marked as the highest priority.
President Donald Trump's nominee to lead the CFPB, Jonathan McKee, has yet to receive full Senate approval, though several industry groups and leaders have offered support for him.