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There are a few reasons.
1. Less Money - Many Millenials have massive college debt so they can't even afford to buy a house and start a life much less have kids.
2. Birth Control - Now more than ever birth control and birth control education is readily available. Even the people who live in the deep red states where they teach abstinence only as birth control (which never works) now have access to birth control and information.
3. Easy Hookups - When I was 21 if I wanted to meet a woman simply for sex I would have to go to a bar or club, meet her, talk to her, hope she is up for the same thing etc. Now I can just install an app easily find someone. Easy, regular sex leads to fewer relationships.
4. Education - Studies have shown that people with more education have fewer kids. Millenials are the most education generation in the history of the country.
5. Marrying at Older Age - Many Millenials are now waiting longer to get married for a number of reasons. Many couples start having kids not too long after getting married. When they start later they have fewer kids.
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