As of March 2013, only 34 percent of adults between the ages of 18 and 32 headed their own household. And that number has barely changed since last year, according to a recent report from the Pew Research Center. The lack of improvement in the rate of household formation among young adults has little to do with housing conditions, however. Record affordability and historically low mortgage rates have done little to reverse the high number of Millennials still living in their parents’ home. The reason more than a third of young adults are still living at home four years into an economic recovery is directly related to the job market. This year, 40 percent of employed young adults headed their own household, compared to 25 percent among unemployed Millennials. As the number of employed young adults rises, so to will the household formation rate and number of first-time home buyers entering the housing market. More here.