An increasing share of American millennials are living with mom and dad instead of starting their own homes, even as the economy has recovered since the great recession, according to a new analysis of federal data by the National Association of Home Builders.

Access to home-cooked meals and family photo ops are probably not the main drivers for 25- to 34-year-olds staying in the nest despite low unemployment rates and modest pay gains. Instead, ever-increasing housing costs and personal debt are largely to blame for the missing millennial-led homes, economists say.

The median price for a new home in the U.S. jumped nearly 40 percent from $232,100 in 2008 to $323,100 last year, more than double the general price inflation rate of 17 percent over the same period. During that time…

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