An absolutely shocking, new report via Zillow this month estimates 2.7 million adults moved in with a parent or grandparent in March and April as virus pandemic lockdowns crushed the economy.
The Zillow analysis shows 32 million adults lived with a parent or grandparent as of April, or about 10% of the entire population lives in their parent's basement, the highest on record.
Many of those who moved back home in March and April, 2.2 million, were jobless millennials:
Employment and living situations among this young age group are generally the most in flux even in normal times, and the added uncertainty of the pandemic and future employment prospects makes this group even vulnerable to volatile swings in job and housing markets. Normally, the living arrangements of the 18-25 age group is quite seasonal (because of college terms and/or seasonal work), with a smaller share living at home in the spring months than in the summer months: Typically, 53%-to-55% of these adults live at home in April, compared to 55%-to-57% in July. But this April, that share surged as high as 61%, an unprecedented level.
But while students returning home after the nationwide closure of college campuses this spring is undoubtedly driving some of this surge, young adults were overwhelmingly driven back home by the major labor market swing in the wake of COVID-19. The number of employed young adults (aged 18-25) fell by more than 25%, or 5.9 million, in March and April. Roughly 60% of these workers that became unemployed in these months continued to look for employment, but more than 2 million were officially counted as no longer in the labor force. And while recently unemployed young people moved back home at roughly the same rate as usual (about 60% of them typically live with parents) the total number of them is bigger than ever.
Its not just newly jobless young Americans that are moving back home. Before the pandemic, almost half (46.5%) of employed young adults already lived in a parent's home; by this April, the share had risen to 49%. Those who ceased looking for work altogether or were not in the labor force already, including a large number of students, were even more likely to move back home, adding another million-plus young adults to the ranks of homeward-bound movers. - Zillow
The great migration home, more precisely, to their parent's basement, has been a major headache for landlords who now face lost rent. Zillow said Gen Zers who returned home in March and April represent lost rental income of $726 million a month.
The New York Times used Zillow data to show rental market losses by geographic area due to folks moving back home during the pandemic.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
15 comments:
Because they're like barnacles...They must attach onto a "host" to survive. They cannot support themselves, without slowly destroying the host. Their parents are no different than a boat owner that either has no common sense, or desire, and more money than brains, and by allowing the barnacles to remain attached, the host slowly decays, and performance is slowly negatively effected, yet they continue to allow it die to their inability to take responsibility!
Very True
after parents and grandparents pass away
they have no where to go
It's the new don't want to work generation. First sign of trouble. They run home to momma.
Let's go a step further: Even pre-pandemic,more single parents live with their parent(s) than ever before, as do more essentially abandoned children live with grandparents and great grandparents. The numbers by race tell a larger story.
We knew this....just never was on the lame stream medias radar.
Now everything is an issue. Eventually there will no news that get ratings.....maybe that could be a good thing...
I was shocked to learn my friend's daughter has lived with her and her husband for 40 years. Her daughter never left home yet she met this man with 3 kids and then they moved in. Never married until last year. My friend raised the kids. Both daughter and male friend worked - surprising. Last year (kids now going on 20) they got married and built a new home. My friend's daughter doesn't know how to cook so now that she is on her own they order out. Appears none of the kids have moved out of the new home. They are totally lost without my friend catering to them. Is this not crazy!!
They should stop calling it living in their parents "basement". There is probably a very small percentage of American homes that have a livable basement.
OH well, this is what you get when you let communism and socialism into our country!!!! You all wanted to be slaves now you got it, so SFTU about it!!!!
I don't think they're actually adults maybe man child is a better term
And they will vote for free goodies. Free housing, food, phones, rent etc. Why should they work. Then the collapse of business begins. No one wants to work, business can't make money. The owner becomes tired and realizes free isn't so bad. He/she closes up and signs up for free too. Socialism. It doesn't work. Get rid of the FREE. Let the strongest survive regardless of color. This isn't about color. It is about culture. It's an easy fix.
Molly?
Not everyone lives with their parents because they are jobless losers,
My son is 22 year old, works everyday (construction) pays a fair portion of bills and helps with chores around the house. He could never support himself on the salary a kid makes these days. His father and I were young when we started out (his age) and barely made it with both of us working and living together at that age. He never gets into trouble and is saving a portion of his money so he can buy a home and be on his own. He doesn't want to live here forever and can take care of his own finances.
Not all the young people today are lazy punks, some are doing the best they can. People are steering these kids to go to College, get student loan debt and come out more stupid than they were when they went in. We told him not to waste his money and to learn a skill.
The problem is that these kids have energy but no where to vent it off, they need to learn a skill and learn to be constructive so they are not destructive. We have gotten away from that today.
My son is proud of the things he builds with his hands and that is what this generation lacks, real skills and creative focus.
America has Gone to Hell , that's WHY !!! To expensive to live & get by
and PAY is Tooooo LOW !!!!
That just Don't Work !!!! Thank the Demon-crats !!!!
Anonymous said...
Not everyone lives with their parents because they are jobless losers,
My son is 22 year old, works everyday (construction) pays a fair portion of bills and helps with chores around the house. He could never support himself on the salary a kid makes these days. His father and I were young when we started out (his age) and barely made it with both of us working and living together at that age. He never gets into trouble and is saving a portion of his money so he can buy a home and be on his own. He doesn't want to live here forever and can take care of his own finances.
Not all the young people today are lazy punks, some are doing the best they can. People are steering these kids to go to College, get student loan debt and come out more stupid than they were when they went in. We told him not to waste his money and to learn a skill.
The problem is that these kids have energy but no where to vent it off, they need to learn a skill and learn to be constructive so they are not destructive. We have gotten away from that today.
My son is proud of the things he builds with his hands and that is what this generation lacks, real skills and creative focus.
July 1, 2020 at 12:16 PM
Your son is an example of how things should be. To many young people these days have no clue about life.
Amen!! I'm a single Male parent (28) with a five yr old boy. We had to move back in with my mother....NOT BECOUSE I WANTED TO!! I make 15 hr doing construction. I would not be able to make it on my own...it sucks. So you are correct not all of us are losers....thankyou!
Post a Comment