More young adults are living with their parents, according to survey

(CNN) - The high cost of living and a challenging job market are keeping more young Americans at home.

Nearly half of adults under the age of 30 now live with a parent, according to the Federal Reserve’s latest survey of household economics and decision-making.

That’s up 6 percentage points since 2022 and 12 percentage points since 2019.

The cost of housing, high mortgage rates and everyday expenses like groceries and gas are the main reasons behind the trend.

According to AAA data, U.S. diesel futures have also surged above $5 a gallon, for the first time since April 2022.

Americans are feeling a little better about the economy after consumer confidence hit a 12-year low in September.

According to the Conference Board’s latest report, the consumer confidence index jumped 7.5 points in October to 91.7.

However, confidence remains well below recent historical levels, and persistent inflation continues to squeeze household budgets.