A record 52% of young American adults from the ages of 18 to 29 are currently living with their parents, according to Pew Research data released Friday. In July, 26.6 million were living with their parents, an increase of 2.6 million from February.

The previous recorded peak was in 1940, when 48% of young adults lived with their parents. This figure may have been higher during stretches of the Great Depression in the 1930’s.

The coronavirus pandemic has damaged the economic prospects of Millennials (ages 24 to 39) and Generation Z (ages 18 to 23). A report from Age Wave and Edward Jones published in August found that roughly a third of Gen Z and Millennials say COVID-19 has had an extreme or very negative impact on their financial security. On the other hand, only 16% of Baby Boomers (ages 56 to 74) felt the same way.

The pandemic has also had an impact on the mental health of young people. A Centers for Disease Control study found that in June, one in four people between the ages of 18 and 24 had seriously contemplated suicide due to the pandemic.

The high number of young people living at home could negatively impact the economy further. It could result in less demand for housing and household goods, and a decline in renters and homeowners.

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