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A potentially worrisome trend is emerging among young adults. Instead of landing a job and moving to the big city after graduation, many are moving back into their childhood homes instead. About live with their parents today than a decade ago. That's a 6.3% jump, more than double the rate of growth for the young adult population overall.

The issue is affordability. Over the past decade, urban rents have , while wages for full-time workers have . That means it's harder than ever to live in a big city on the typical salary—especially if you're a new graduate without much work experience.

The situation is even more challenging for aspiring homeowners: The median house price in the U.S. has risen about , or more than 6% each year. And as prices rise—the median home sells for now—so too do the ages of homebuyers. The median first-time U.S. homebuyer is , up from .

Why is the rent so high?

Put simply, there isn't enough housing. , I know that when demand rises faster than supply, prices have to increase. And supply is severely limited in the places where people most want to live: big cities such as and .

In most of these cities, planning and zoning laws prevent developers from building enough to meet demand. For example, from commercial to residential often requires mountains of paperwork. And in many cities, can stall a proposed development. These are just two of many obstacles local governments throw in homebuilders' way.

One city that has tried something different is Austin, Texas. After a few years ago, Austin has seen . Rents fell by 10% in one year and by in two years after that change. By making it easier to build, Austin has made it cheaper to live there.

I don't think it's a coincidence that Austin has a far lower share of its young adults living with their parents than many other cities do. in the Austin metro area live with their parents, one analysis found, versus nearly 14% in Greater San Antonio and 20% in Greater Los Angeles.

The pros and cons of living with the 'rents

One obvious advantage of living with parents is that they tend to charge below-market rents, or nothing at all. That makes it easier to save for a deposit on a house, helping young adults get on the property ladder sooner than they would otherwise. Indeed, homeownership rates among those 25 to 34 have .

There are also potential disadvantages, however, particularly when it comes to socializing. Living at home with parents can make it to . This, in turn, could partly help explain why and . These delays might not seem important, but they can leave people feeling like they're behind in life, which can affect their health and well-being.

I also wonder whether living with parents is indirectly making young adults unhappier at work. That's because older adults often live where directly related to their degrees. Job satisfaction rates are than among the rest of the working population.

A problem for the entire US

The housing shortage isn't just an issue for young adults. A recent analysis I found insightful was headlined "." It argued that the issue helps explain at least part of the current malaise in the U.S. economy.

For example, when people can't live and work where they want, they're unable to use their talents fully. That contributes to the the U.S. has experienced in recent years.

Similarly, if people can't live in areas where they might meet and work with like-minded individuals, they have fewer opportunities to share ideas, .

And if the housing shortage is indeed encouraging young adults to delay having children, it could make it harder for the U.S. to fund Social Security and other government programs in the future.

Making it easier to build new homes in places people want to live and work could go a long way to easing these problems. It's possible high rents translate into high barriers to adulthood, too.

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