The economy may be recovering, but more and more young Americans are living at home with their parents, according to a new Pew Research Center report. Bloomberg’s Zara Kessler summarizes the data:
Pew’s analysis of U.S. Census Bureau data finds that in spite of an improved labor market, “the nation’s 18- to 34-year-olds are less likely to be living independently of their families and establishing their own households today than they were in the depths of the Great Recession.”
The unemployment rate for 18- to 34-year-olds has decreased from its 2010 peak, while median weekly earnings for workers in that age group have risen marginally from a 2012 nadir. Yet the share of young adults living independently — that is, “in a household headed by the adult, his or her spouse or unmarried partner, or some other person not related to the adult” — was 67 percent in the first four months of 2015, down from 69 percent in 2010 and 71 percent in 2007. Likewise, 26 percent of young adults were living in a parent’s home in the first third of this year, up from 24 percent in 2010 and 22 percent in 2007.What gives? Why hasn’t economic recovery freed millennials from their childhood bedrooms?
Because their parents let them…..kick their ass out….
My oldest will be 16 this December. I remind him daily to get the fcuk off the games and do something constructive because he has about 2 years left before I kick him out. He doesn’t get it.
Meanwhile my soon to be 12 year old has anxiety attacks because she’s smart enough to extrapolate that I’ll probably be looking to boot her out based upon what I tell her brother.
The article left out a few possible factors. A biggie is taxation, including the BarkyCare hit on health “insurance” cost. The general U.S. population, and the younger, healthier ones in particular, simply have more of their earnings sucked out of their paychecks by Big Uncle Sammie and all the little state Uncles.
I know this is a generalization, but here goes. I believe society has taught this generation that everyone has to have a college degree, and that once you have that degree, you cannot accept some low paying job without a title. You now have whole blocks of people sitting at home waiting for that perfect job, one they won’t have to work for or pay their dues to get. If you’re unemployed, mom and dad might be the only hotel you can afford.
Why yes, that economy surrrre has recovered, yes sir! Everyone knows that, right? /s
“Why hasn’t economic recovery freed millennials from their childhood bedrooms?”
Um…. because…um….THERE WAS NO RECOVERY!!!!!!
I think this is going to be the new normal for a long time
The article mentions “an improved labor market”. Bullshit. What planet are they living on?
In 2010 Joe Biden sed “Recovery Summer iz right around the corner!”
BTW – that wuz 5 years ago for all you Biteme fans…
my 28 yr old nephew still lives in his parents basement. never had a bill, never bought a car…..they’ve given him two and pay his gas and insurance.
he ‘teaches’ and is an ‘author’….while playing games and surfing porn. no girlfriend
I’m considering it. And I moved out nearly 40 years ago…
Thanks, barry.
Both my sons are out and financially independent. They were told often that rent started after school was over. My youngest dropped out of community college after 25 minutes and paid rent for four months until concluding that he could do better on his own. He struggled but managed to make it work. My oldest put himself through college and married and moved out a month after graduating. He’s since pit his wife through graduate school and now they’re both working and saving for their house. Moral of the story: don’t raise kids, raise adults.
My dad died when I was 16, I started working the next week.
My mother also starting working and at 40 had to learn how to drive.
Between our two checks we barely made it. We would not take government
Assistance of any kind. 6 people in the family.
Kids today would rather live off of their parents or the government.
well there’s the stagnant and decreasing wages due to abundance of ‘degreed’ workers, much increased cost of living in the form of food and energy prices, high rent, worthless degrees, and enormous college loan debt.
You CAN get a job at starbucks and walmart but that might not make ends meet with your ‘women’s studies’ degree.
Nothing short of the demoralization and demise of the middle class.
The statistics point i favor of your analysis, good job.
Add to this that the socialists have done everything in their power to ship jobs overseas resultant from their tax on everything including energy which makes it impossible to have factories in this country.
Send your child off to trade school and let them work for a living. If by some luck they want to attend a university, they do it on their own dime and work twice as hard for a degree that will be useful.
I’m doing this with my boy, 18, and he positively hates what Obama has mad his future.
Still recovering from the recovery. Economy has flat lined and anyone looking for a job do to their previous employment downsizing because of any or all of Obamanomic policies.
Perfect for a pretext to go to war, a large segment of the population that sits around doing nothing.