Parents in the US cannot get rid of their kids. The share of young adults in their late 20s living with their parents is the highest it’s been in 75 years.
According to a recent study by the Pew Research Center, 33% of 25-29 year olds lived with their parents or grandparents in 2016. This is almost three times as many as in 1970.
The share of young adults who don’t leave the nest has steadily increased in recent decades, and accelerated after the 2008 financial crisis. Across education levels, race, gender, and region, no group has been immune from the trend.
Pew’s researchers think late twenty-somethings are boomeranging back home because, in contrast to previous generations at this stage of their lives, they are less likely to have a well-paying job and less likely to be married. It turns out that no job and no partner makes living with your parents a lot more appealing.
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Both of mine still live with me. Both have college tuition loans to pay off and their jobs pay less than 12 dollars per hour. So who in the hell can afford an apartment for over 1000 per month and student loans and a car loan because you need a car to get to work on the shore?
ReplyDeleteOn top of that, most young people are delaying marriage and having a family because of this. I can definitely say my parents had it better than me or my son's. They had the golden parachute of cradle to grave employment with benefits and a pension.
I'll be lucky to live long enough to see any retirement, and my son's will be lucky to keep their jobs because everything in this economy is temporary. Nothing is guaranteed and if you don't plan and save for the lean times, there is nothing for you.
not a surprise... we're raising a generation of tide pod eaters
ReplyDelete9:31 AM THANK YOU!!!
ReplyDelete9:31 If they were smart enough to get a degree, they should be smart enough to move to where the jobs are. Good paying jobs are never returning to this area.
ReplyDeleteI'm just trying to keep the 40 year old's from coming back!
ReplyDeleteThe Sallie Mae debacle appears to be worse than the mortgage mess 10 years ago. At least with a mortgage, there is something tangible backing up the loan. With student loans, they give easy money to students -and mainly parents via Parent Plus loans- it's like a West Virginia pharmacy handing out opioids. It's easy to get addicted because, after all, it's your kids future.
ReplyDeleteThis is the number one reason this is the slowest economic recovery in history. Debt is like an anchor around the necks of way too many Americans.
When one of these basement dwellers comes out into the yard and sees their shadow it means another year of staying in the basement.
ReplyDeleteEver heard of "Tough Love"? Kick the leaches out, and make them grow up!
ReplyDelete