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In some California metro areas, a third of 25- to 34-year-olds live with their parents, according to Pew Research Center.
Young adults stand to save about $13,000 a year by living at home, according to a Federal Reserve report.
Demographics — and their interplay with personal finances — appear to be the primary driver of high shares of young adults living with their parents in certain metros, Pew found.

Catherine Falls Commercial | Moment | Getty Images

In some California cities, it’s common for parents to have roommates: their adult children.
Three California metro areas host the highest shares of 25- to 34-year-olds living in a parent’s home relative to other U.S. metros, according to a new analysis by Pew Research Center, a non-partisan research organization.

In the Vallejo and Oxnard-Thousand Oaks-Ventura metros, 33% of young adults were living with their parents in 2023, Pew found. (Those metros are in the San Francisco Bay Area and outside Los Angeles, respectively.)
In El Centro, east of San Diego near the U.S.-Mexico border, 32% of young adults live at home, according to Pew.
Those shares are significantly higher than the 18% U.S. average. In some metros, the share is as low as 3%.
Young adults can save about $13,000 a year by living with their parents, according to a 2019 Federal Reserve analysis. About half of those savings — $6,400 — is from housing and utility costs, it found.
Nationally, 50% of parents with a child older than 18 provide them with some financial support, averaging $1,474 a month, according to Savings.com.

Metros with high, low shares of young adults at home

These are the 10 metro areas with the highest shares of 25- to 34-year-olds living with their parents in 2023, according to Pew:

Vallejo, Calif. — 33%
Oxnard-Thousand Oaks-Ventura, Calif. — 33%
El Centro, Calif. — 32%
Brownsville-Harlingen, Texas — 31%
Riverside-San Bernardino-Ontario, Calif. — 30%
Merced, Calif. — 30%
McAllen-Edinburg-Mission, Texas — 29%
Naples-Marco Island, Florida — 29%
Racine-Mount Pleasant, Wisconsin — 29%
Port St. Lucie, Florida — 29%

These are the 10 metro areas with the lowest shares of 25- to 34-year-olds living with their parents in 2023, according to Pew:

Odessa, Texas — 3%
Lincoln, Nebraska — 3%
Ithaca, New York — 3%
Bloomington, Indiana — 3%
Bozeman, Montana — 4%
Cheyenne, Wyoming — 4%
Wausau, Wisconsin — 5%
Midland, Texas — 5%
Manhattan, Kansas — 6%
Bismarck, North Dakota — 7%

Demographics are a driving force

Demographics — and their interplay with personal finances — appear to be the primary driver of high shares of young adults living with their parents in certain metros, said Richard Fry, a senior researcher at Pew and co-author of the analysis.
There are fewer white young adults and more Hispanic, Black and Asian young adults in the top 10 metro areas with the largest proportions of 25- to 34-year-olds living at home, Fry said. (The one exception is Racine, Wisconsin.)
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“Areas where there are more minority young adults tend to have more young adults living at home,” Fry said. “That’s not always the case, but it is a pattern.”
Black and Hispanic young adults are less likely to have a college degree and tend to have lower earnings as a result, Fry said.
“Being able to live independently may be more of an issue for them,” he said.
The typical Black or Hispanic worker, age 25 to 34, earned about $46,000 a year in 2022, according to the National Center for Education Statistics. The typical white young adult worker earned $58,000.
Part of the reason may also be cultural, Fry said. There are likely other factors at play like cost of living, though the correlation isn’t as strong, he said.

Many of the metros with low shares of young adults living at home are college towns, Fry said.
For example, Ithaca, New York, hosts Cornell University, and Bloomington, Indiana, has Indiana University, Fry said. Many young adults here are likely university graduates who are well-educated and opt to stay there after they graduate instead of moving home, he said.
Nationally, the share of young adults living at home climbed starting in the early 2000s, peaking at 20% in 2017, according to Pew. (It declined to about 18% in 2023.)
Unemployment spiked during the Great Recession and it took many years for the labor market to heal, Fry said. Meanwhile, young adults today are more likely than older generations to be saddled with student debt. More

The Trump administration is cracking down on federal student loan borrowers who fell behind on their bills.
At the same time, new borrowers are preparing to enter the student loan system.
A recent study found that incoming college freshmen could rack up $40,000, on average, in education debt by graduation.

Valerie Plesch | The Washington Post | Getty Images

The U.S. Department of Education is taking aggressive steps to restart collections on federal student loans that are in default — just as current high school seniors are set to rack up new balances on their path to a college degree.
Currently, around 42 million Americans hold federal student loans and more than 1 million high school graduates will take out new education debt in the months ahead, according to higher education expert Mark Kantrowitz.

By the time they graduate college, these students could each borrow as much as $40,000, on average, in federal and private aid to earn a bachelor’s degree, according to a new NerdWallet analysis of data from the Education Department, up from $37,000 the year before.
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The college affordability problem

Every year, new students are pumped into the student loan system while many current borrowers struggle to exit it. Despite historic student loan forgiveness efforts under former President Joe Biden, the country’s education debt tab has mostly ticked higher.
“We haven’t been able to get our arms around the college affordability problem more broadly,” said Michele Zampini, senior director of college affordability at The Institute for College Access & Success. “There are new enrollments every semester and the pile up continues.”

Around 45% of 2025 high school graduates will go on to a four-year college, according to NerdWallet, and more than one-third of them will take out student loans to help cover the tab.

College tuition costs have risen significantly in recent decades, averaging a 5.6% annual increase since 1983, outpacing inflation and other household expenses, according to a separate report by J.P. Morgan Asset Management. And families now shoulder 48% of college expenses, up from 38% a decade ago.
“Most people don’t have the money to make those payments out of pocket,” Zampini said.
To bridge the gap, students and their families have been borrowing more, which has boosted total outstanding student debt to more than $1.6 trillion.

In a Wall Street Journal op-ed Monday, U.S. Secretary of Education Linda McMahon said that some institutions make “empty promises to students while pocketing their loan dollars.”
“Colleges and universities call themselves nonprofits, but for years they have profited massively off the federal subsidy of loans, hiking tuition and piling up multibillion-dollar endowments while students graduate six figures in the red,” she wrote.

Deep cuts in state funding for higher education have also contributed to significant tuition increases and pushed more of the costs of college onto students, other reports show.
These days, tuition accounts for about half of college revenue, while state and local governments provide much of the rest, according to the Center on Budget and Policy Priorities. But roughly three decades ago, the split was much different, with tuition providing just about a quarter of revenue and state and local governments picking up the bulk of the difference.
“We’ve haven’t actually seen a good faith effort to work through that comprehensive problem,” Zampini said. “What we’ve seen instead is a bit of an attack strategy on higher education in general.”
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President Donald Trump in a recent Fox interview said “there is a chance” that tariff revenue could replace the federal income tax.
However, some policy experts are skeptical of the idea, based on the potential tax base and other factors.
There’s currently a universal tariff rate of 10% on imports from most countries and 145% on imports from China.

A forklift transports shipping containers among stacks of containers in Hamburg Port in Hamburg, Germany, April 15, 2025.
Sean Gallup | Getty Images

Tariff tax base is ‘a lot smaller’ than income tax

Some policy experts have questioned how much revenue the duties could bring in, compared with the federal income tax. 
“The tariff tax base is a lot smaller than the income tax base,” Kimberly Clausing, a senior fellow at the Peterson Institute for International Economics, told CNBC.
In 2023, the U.S. imported $3.1 trillion of goods, according to a report Clausing co-authored in June. By comparison, the government levied tax on more than $20 trillion in income, the report said.
White House trade advisor Peter Navarro in late March estimated tariffs could raise roughly $600 billion a year.
But that figure “is not even in the realm of possibility,” Mark Zandi, chief economist at Moody’s, told CNBC earlier this month. “If you get to $100 billion to $200 billion, you’ll be pretty lucky.”
To compare, the IRS has collected $1.14 trillion in individual income taxes for fiscal year 2025 through March 31, according to Treasury data.

“Tariff rates would have to be implausibly high on such a small base of imports to replace the income tax,” Clausing co-wrote in the Peterson Institute’s report.
Plus, at higher tariff rates, people will buy fewer imported goods, which reduces revenue, Clausing told CNBC: “That’s part of the point of the policy.”
The Trump administration did not respond to CNBC’s request for comment.

Other factors can lower tariff income

As tariff rates increase, other factors can decrease how much revenue the U.S. ultimately collects, experts say.
“The administration seems to think that every time it raises the tariff rate that it can collect more revenue,” the Tax Foundation’s Durante said. “And that’s not always the case.”
Direct tariff revenue is lowered by behavioral and other economic factors, according to a Tax Foundation report published April 15.

The Tax Foundation estimates that a 10% universal tariff would raise $2.2 trillion through 2034. However, the same tariff would reduce U.S. gross domestic product by 0.4%, which affects revenue, it said.
The International Monetary Fund on Tuesday reduced 2025 U.S. growth projections to 1.8% from 2.7% based on trade tensions. More

A majority of Americans, 85%, have concerns about tariffs, a new NerdWallet survey finds. Other data points to plummeting consumer confidence.
As financial uncertainty looms, individuals are making different choices with their money.
Experts say it would be wise to start with bulking up emergency savings.

The Apple Fifth Avenue store in New York, U.S., on Monday, Feb. 24, 2025.
Michael Nagle | Bloomberg | Getty Images

Even as a pause on reciprocal tariffs has been put into effect, consumers are already anticipating the pressures of higher prices.
A majority of Americans — 85% — have concerns about the tariffs, according to a new NerdWallet survey of more than 2,000 individuals conducted this month.

Among top concerns of consumers is that the new policies will impact their ability to afford necessities and that the U.S. economy will fall into a recession.
Meanwhile, cracks in consumer confidence are showing elsewhere.
The University of Michigan’s consumer survey shows sentiment has dropped by more than 30% since December among persistent worries of a trade war. The latest reading for April fell 11% from the previous month, which was worse than expected.
The worries are not unfounded, experts say. Tariffs could cost the average household $3,800 per year, the Budget Lab at Yale University estimates.
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“Most Americans are worried about tariffs, and it’s actually impacting their spending plans,” said Kimberly Palmer, personal finance expert at NerdWallet.
In the next 12 months, a significant portion of individuals surveyed by NerdWallet plan to make changes to their spending habits, with a notable shift towards saving more.
Specifically, 45% plan to spend less on non-necessities, 33% intend to spend less on necessities, and 30% plan to save more money in an emergency fund. However, a smaller percentage, 14%, anticipate paying less on their debts.
The tariffs come as consumers were already struggling to pay for groceries and other essentials amid higher prices, according to Palmer.
“These tariffs are adding to that financial stress and basically forcing people to make some difficult decisions,” Palmer said. That includes scaling back on travel and planned big-ticket purchases like a car.

Emergency savings is ‘most important’ priority: expert

New economic pressures may prompt income to be eaten up by rising prices and competing interests, according to Stephen Kates, a certified financial planner and financial analyst at Bankrate.
Consumers may have to make tough choices between saving, investing and paying down debts.
“If you have nothing [saved], start with the emergency fund,” Kates said.
Individuals should strive to have at least one month of essential expenses set aside at the very minimum, Kates said. Ideally, that would be more like three to six months’ living expenses, he said.

That way, if a job or other income loss happens, consumers can protect themselves from going into debt, Kates said.
For individuals who already have racked up debt balances, prioritizing emergency savings still makes the most sense, Kates said. And if you’re choosing between emergency savings or saving for retirement, emergency savings should still be the highest priority, he said.
To be sure, that doesn’t necessarily mean individuals should ignore their other goals.
Kates discussed using what is called the “debt avalanche” strategy.
The focus is on paying down the debt with the highest interest rate first — while paying minimums on the others — then move on to the account with the next highest rate, and so on. That can provide an immediate return and help free up money in household budgets, Kates said.
When it comes to retirement savings, it’s important to make sure individuals are contributing enough to take advantage of a match, if their employer offers one, he said. More

In an op-ed Monday, Secretary of Education Linda McMahon explained the Education Department’s decision to resume “involuntary collections” of federal student loans that are in default.
Within weeks, borrowers should contact the government’s Default Resolution Group to make a monthly payment, enroll in an income-driven repayment plan, or sign up for loan rehabilitation. 
Borrowers who remain in default may eventually have their wages automatically garnished.

U.S. Secretary of Education Linda McMahon smiles during the signing event for an executive order to shut down the Department of Education next to U.S. President Donald Trump, in the East Room at the White House in Washington, D.C., U.S., March 20, 2025. 
Carlos Barria | Reuters

In a Wall Street Journal op-ed, U.S. Secretary of Education Linda McMahon explained the U.S. Department of Education’s decision to restart collections on federal student loans that are in default — and what comes next for Federal student loan borrowers who are behind on their bills.
“On May 5, we will begin the process of moving roughly 1.8 million borrowers into repayment plans and restart collections of loans in default,” McMahon wrote in the op-ed Monday.

“Borrowers who don’t make payments on time will see their credit scores go down, and in some cases their wages automatically garnished,” McMahon wrote.

Next steps for borrowers

Federal student loan borrowers in default will receive an e-mail over the next two weeks making them aware of this new policy, the Education Department said.
These borrowers should contact the government’s Default Resolution Group to make a monthly payment, enroll in an income-driven repayment plan, or sign up for loan rehabilitation. 
The Education Department said it is extending the Federal Student Aid call-center operations with weekend hours as well updating a “loan simulator” to help borrowers calculate their repayment plans. There is also an artificial intelligence assistant, dubbed Aidan, to help with a financial strategy.
“We are committed to ensuring that borrowers are paying back their loans, that they are fully supported in doing so, and that colleges can’t create such a massive liability for students and their families, jeopardizing their ability to achieve the American dream,” McMahon wrote.

‘Be proactive’

Those borrowers who are behind in their required payments should avoid being placed in default by taking advantage of various options currently available to them to manage their education loans, advised Kalman Chany, a financial aid consultant and author of The Princeton Review’s “Paying for College.”
“Be proactive,” he said. “Best to take care of this as soon as possible, as the loan servicers’ and the U.S. Department of Education’s customer support will get busier the closer it gets to May 5.”

The Education Department has not collected on defaulted student loans since March 2020. After the Covid pandemic-era pause on federal student loan payments expired in September 2023, the Biden administration offered borrowers another year in which they would be shielded from the impacts of missed payments. That relief period officially ended on Sept. 30, 2024.
“President Biden never had the authority to forgive student loans across the board, as the Supreme Court held in 2023,” McMahon wrote. “But for political gain, he dangled the carrot of loan forgiveness in front of young voters, among other things by keeping in place a temporary Covid-era deferment program.”
McMahon said restarting collections of loans in default was not meant “to be unkind to student borrowers.” Rather, the new policy intended to protect taxpayers. “Debt doesn’t go away; it gets transferred to others,” she said. “If borrowers don’t pay their debts to the government, taxpayers do.”
Currently, around 42 million Americans hold federal student loans and roughly 5.3 million borrowers are in default.
“It really is time to start repaying again,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in a statement. “While a short repayment pause was justifiable early in the pandemic, that was five years ago — and it makes no sense today.”
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President Donald Trump in March signed an executive order aimed at dismantling of the Education Department after nominating McMahon for Education secretary. Trump suggested that she would help gut the agency. As part of this overhaul, federal student loan management was then shifted to the Small Business Administration.
Along with changes to the student loan system, the Trump administration revised some of the Department of Education’s income-driven repayment plans, which put at-risk borrowers in “economic limbo,” according to Mike Pierce, executive director at the Student Borrower Protection Center.
“For five million people in default, federal law gives borrowers a way out of default and the right to make loan payments they can afford,” Pierce said in a statement. “Since February, Donald Trump and Linda McMahon have blocked these borrowers’ path out of default and are now feeding them into the maw of the government debt collection machine.”
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The U.S. Department of Education announced Monday that its Office of Federal Student Aid will resume “involuntary collections” on May 5 for federal student loans that are in default.
More than 5 million borrowers are currently in default, according to the Education Department, with another 4 million borrowers in “late-stage delinquency,” or over 90 days past-due on payments.

The headquarters of the Department of Education on March 12, 2025 in Washington, DC.
Win McNamee | Getty Images

The U.S. Department of Education announced Monday that its Office of Federal Student Aid will resume “involuntary collections” on May 5 for federal student loans that are in default.
Collections will be made through the so-called Treasury Offset Program, which can reduce or withhold payments from the government — such as tax refunds, Social Security benefits, federal salaries and other benefits paid through a federal agency — to satisfy a past-due debt to the government.

“American taxpayers will no longer be forced to serve as collateral for irresponsible student loan policies,” U.S. Secretary of Education Linda McMahon said in a statement. “The Biden Administration misled borrowers: the executive branch does not have the constitutional authority to wipe debt away, nor do the loan balances simply disappear.”
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The Department has not collected on defaulted student loans since March 2020. After the Covid pandemic-era pause on federal student loan payments expired in September 2023, the Biden administration offered borrowers another year in which they would be shielded from the impacts of missed payments.
More than 5 million borrowers are currently in default, according to the Education Department, with another 4 million borrowers in “late-stage delinquency,” or over 90 days past-due on payments.

All borrowers in default will be notified via email by Office of Federal Student Aid in the next two weeks, the Department said. These borrowers can contact the government’s Default Resolution Group to make a monthly payment, enroll in an income-driven repayment plan, or sign up for loan rehabilitation. 

Borrowers who remain in default will be subject to “involuntary collections” and may eventually face administrative wage garnishment, the Education Department said.
“Borrowers who graduated during the pandemic may have no experience with loan repayment, so it is important to educate them about the process, including their rights and responsibilities,” said Higher education expert Mark Kantrowitz.
“Payment is due even if you are dissatisfied with the quality of the education you received,” he said. More

Overall, Americans expect they will need $1.26 million to retire comfortably, according to a recent study by Northwestern Mutual.
By some measures, workers, overall, are doing well but “the 2025 stock market has not spared many savers,” says Winnie Sun, a member of CNBC’s Advisor Council.
Market volatility, inflation and future uncertainty have all helped undermine retirement confidence.

Phoenix Wang | Moment | Getty Images

There’s been a persistent gap between how much money savers are putting away and how much they think they will need once they retire.
Yet this year, many Americans are scaling back their expectations.

For 2025, the “magic number” to retire comfortably is down to an average $1.26 million, a $200,000 drop from the $1.46 million reported last year, according to a new study from Northwestern Mutual, which polled more than 4,600 adults in January.
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“Americans’ ‘magic number’ to retire comfortably has come down,” John Roberts, chief field officer at Northwestern Mutual, said in a statement. Inflation has receded, Roberts said, and as a result, people are adjusting their outlook.
The 2025 figure is roughly in line with estimates from 2023 and 2022, which were $1.27 million and $1.25 million, respectively.
However, that retirement goal is still high, Roberts added, “far beyond what many people have actually saved.”

‘Magic number’ vs. average retirement balances

Last year, positive market conditions helped propel retirement account balances near new highs. 
As of the fourth quarter of 2024, 401(k) and individual retirement account balances notched the second-highest averages on record, boosted by better savings behaviors and stock gains, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans.
The average 401(k) balance was $131,700 in the fourth quarter, while the average IRA balance stood at $127,534, according to Fidelity.

However, since then, U.S. markets have whipsawed. As of April 21, the S&P 500 is down roughly 10% year to date, while the Nasdaq Composite has sunk more than 15% in 2025. The Dow Jones Industrial Average has pulled back 8%. 
“The 2025 stock market has not spared many savers,” said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. “Your portfolio is likely lower than it was before the new year.”

Why retirement confidence is sinking

Even after lowering the bar, more than half, or 51%, of Americans in Northwestern Mutual’s study expected to outlive their savings. Just 16% said that outcome would be “very unlikely.”
Last year, 54% of workers who were not yet retired said they expected to be financially ready for retirement when the time comes.
Currently, only about two-thirds, or 67%, of Americans in their planning years feel confident about their retirement prospects — down 7 percentage points from last year, according to a separate Retirement Planning study by Fidelity.

Workers today are largely on their own when it comes to their retirement security, which has also taken a toll on retirement confidence. “Notably, the current generation of retirees could be the last to use predictable sources of income such as pensions as the primary way they fund retirement,” Rita Assaf, vice president of retirement offerings at Fidelity Investments, said in a statement.
“The shift toward relying on retirement savings heightens the importance of grounding yourself in a financial plan as early as you can,” Assaf said.

Retirement rules of thumb

According to Fidelity, there are a few simple rules of thumb for retirement planning, such as saving 10 times your earnings by retirement age and the so-called 4% rule for retirement income, which suggests that retirees should be able to safely withdraw 4% of their investments, after adjusting for inflation, each year in retirement.
Other experts say there is no magic number for a retirement savings goal, but setting aside 15% of your yearly salary before taxes is a good place to start.
If your retirement date is still years away, “meet with an experienced financial advisor as soon as you can to evaluate your future income needs and put together a strategy sooner rather than later,” said Sun, a member of CNBC’s Financial Advisor Council. 
Alternatively, if your retirement date is soon, “make sure your emergency fund is funded, tighten your spending, look into establishing a HELOC [home equity line of credit] if you have equity in your home as an emergency line, look for ways to bring in supplemental income while you can, and importantly, meet with an advisor to make sure you have a full picture of retirement will look like for you,” Sun said. 

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A federal judge has granted a preliminary injunction to block the Department of Government Efficiency from further access to sensitive personal information at the Social Security Administration.
The order blocks the agency from granting DOGE access to systems containing personally identifiable information including Social Security numbers, medical records, mental health records, tax information and family court records.

A person holds a sign during a protest against cuts made by U.S. President Donald Trump’s administration to the Social Security Administration, in White Plains, New York, U.S., March 22, 2025. 
Nathan Layne | Reuters

A federal judge has once again blocked Department of Government Efficiency staffers, operating inside the Social Security Administration, from accessing sensitive personal data of millions of Americans.
U.S. District Judge Ellen Lipton Hollander on Thursday granted a preliminary injunction to block the so-called DOGE from further accessing sensitive personal data stored by the agency. As a result, DOGE will have to comply with certain legal requirements when accessing SSA data. The order applies specifically to SSA employees who are working on the DOGE agenda.

The lawsuit was brought by the American Federation of State, County, and Municipal Employees; the AFL-CIO; American Federation of Teachers and Alliance for Retired Americans.
They are represented by national legal organization Democracy Forward.
The plaintiffs argue DOGE’s actions violate the Privacy Act, Social Security Act, Internal Revenue Code and Administrative Procedure Act.
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Defendants in the case include the Social Security Administration; the agency’s acting commissioner Leland Dudek; SSA chief information officer Michael Russo and/or his successor; Elon Musk, senior advisor to the president, and DOGE acting administrator Amy Gleason.

The order blocks the agency and its agents and employees from granting access to systems containing personally identifiable information including Social Security numbers, medical records, mental health records, employer and employee payment records, employee earnings, addresses, bank records, tax information and family court records.
DOGE and its affiliates must also disgorge and delete all non-anonymized personally identifiable information in their possession or control since Jan. 20, according to the order. They are also prohibited from installing any software on Social Security Administration systems and must remove any software installed since Jan. 20, the order states. In addition, the defendants are blocked from accessing, altering or disclosing the agency’s computer or software code.  

“The court’s ruling sends a clear message: no one can bypass the law to raid government data systems for their own purposes,” said Skye Perryman, president and CEO of Democracy Forward, in a statement.
“We will continue working with our partners to ensure that DOGE’s overreach is permanently stopped and that people’s rights are protected,” Perryman said.
The injunction does allow DOGE staffers to access data that’s been redacted or stripped of anything personally identifiable, if they undergo training and background checks.
A temporary restraining order, which was issued by Hollander on March 20, is vacated and superseded with this order. The Trump administration had unsuccessfully appealed the temporary restraining order.
“We will appeal this decision and expect ultimate victory on the issue,” White House spokesperson Elizabeth Huston said in an email statement. “The American people gave President Trump a clear mandate to uproot waste, fraud, and abuse across the federal government. The Trump Administration will continue to fight to fulfill the mandate.”
The Social Security Administration did not respond to CNBC’s request for comment. More