- 10 Feb 2024 02:52
#15303963
According to Axios, new census data shows that 87% more adults between the ages of 25 and 34 are living at home with their parents compared to 20 years ago.
According to a Bloomberg analysis, nearly half of young adults live with their parents, a rate that hasn’t been seen since the 1940s.
(That is about 23 million adults between the ages of 18 to 29.)
In 2020, Pew Research Center found that 52% of young adults (between the ages of 18 and 29) lived at home with their parents.
sources:
Why millennials are moving back home, Sami Sparber, Axios - Business, Jan 27, 2024
https://www.axios.com/2024/01/27/millen ... rents-data
Nearly Half of All Young Adults Live With Mom and Dad -- and They Like It, Paulina Cachero and Claire Ballentine, Bloomberg (News), September 20, 2023
https://www.bloomberg.com/news/articles ... ify%20wall
A majority of young adults in the U.S. live with their parents for the first time since the Great Depression, Richard Fry, Jeffrey S. Passel, D'Vera Cohn, Pew Research Center, September 4, 2020
https://www.pewresearch.org/short-reads ... epression/
There are three main reasons a larger percentage of young adults are living with their parents. The first is that housing prices (both rent prices and the price of houses) have gone up in many regions of the U.S. and young people are having more difficulty affording to move out and live on their own. Housing shortages and intense competition have meant that more affordable options are scarce and difficult to obtain.
A larger share of young adults are going or being pushed to go to college. This delays their entry into the workforce and often saddles them with large student loans, making it more difficult to afford housing. Not all of the adults who go to college finish to get a degree, or finish in a timely manner.
A larger share of the younger generation in the U.S. now come from immigrant backgrounds, from cultures where multigenerational living is considered normal. It's not surprising because in these other parts of the world where the parents came from it's not easy for adult children to afford moving out, and it's seen as the responsible thing to do to save money by having the young adult continuing to live with their parents.
This is a big turnaround in American culture.
As late as the 1990s it was the norm for many American families to expect their children to move out at the age of 18, often expecting their children to be entirely financially independent beginning at age 18.
(Sometimes unless they went to college, and then it would be age 22)
Young adults, especially young men, who continued to live with their parents often had a stigma attached to them, of being a "loser" in life, or not really a "real man", who had to continue living under the rules of their parents. Not being emotionally mature.
Beginning around 2005 in some high cost of living regions, and definitely after 2007, many parents had difficulty understanding why their grown-up children were not leaving, or having so much trouble leaving.
related threads:
Young adults are still financially reliant on parents (26 Jan 2024 in Economics & Capitalism)
Younger generation packs together with roommates because housing so expensive (30 Nov 2023)
Fewer young people can afford to have a car ( 27 May 2023)
Younger adult generation shows higher suicide rates amid rising financial pressures (18 Jul 2023)
Hikikomori now appearing in U.S. (young men withdrawing from society) (11 Jun 2023)
According to a Bloomberg analysis, nearly half of young adults live with their parents, a rate that hasn’t been seen since the 1940s.
(That is about 23 million adults between the ages of 18 to 29.)
In 2020, Pew Research Center found that 52% of young adults (between the ages of 18 and 29) lived at home with their parents.
sources:
Why millennials are moving back home, Sami Sparber, Axios - Business, Jan 27, 2024
https://www.axios.com/2024/01/27/millen ... rents-data
Nearly Half of All Young Adults Live With Mom and Dad -- and They Like It, Paulina Cachero and Claire Ballentine, Bloomberg (News), September 20, 2023
https://www.bloomberg.com/news/articles ... ify%20wall
A majority of young adults in the U.S. live with their parents for the first time since the Great Depression, Richard Fry, Jeffrey S. Passel, D'Vera Cohn, Pew Research Center, September 4, 2020
https://www.pewresearch.org/short-reads ... epression/
There are three main reasons a larger percentage of young adults are living with their parents. The first is that housing prices (both rent prices and the price of houses) have gone up in many regions of the U.S. and young people are having more difficulty affording to move out and live on their own. Housing shortages and intense competition have meant that more affordable options are scarce and difficult to obtain.
A larger share of young adults are going or being pushed to go to college. This delays their entry into the workforce and often saddles them with large student loans, making it more difficult to afford housing. Not all of the adults who go to college finish to get a degree, or finish in a timely manner.
A larger share of the younger generation in the U.S. now come from immigrant backgrounds, from cultures where multigenerational living is considered normal. It's not surprising because in these other parts of the world where the parents came from it's not easy for adult children to afford moving out, and it's seen as the responsible thing to do to save money by having the young adult continuing to live with their parents.
This is a big turnaround in American culture.
As late as the 1990s it was the norm for many American families to expect their children to move out at the age of 18, often expecting their children to be entirely financially independent beginning at age 18.
(Sometimes unless they went to college, and then it would be age 22)
Young adults, especially young men, who continued to live with their parents often had a stigma attached to them, of being a "loser" in life, or not really a "real man", who had to continue living under the rules of their parents. Not being emotionally mature.
Beginning around 2005 in some high cost of living regions, and definitely after 2007, many parents had difficulty understanding why their grown-up children were not leaving, or having so much trouble leaving.
related threads:
Young adults are still financially reliant on parents (26 Jan 2024 in Economics & Capitalism)
Younger generation packs together with roommates because housing so expensive (30 Nov 2023)
Fewer young people can afford to have a car ( 27 May 2023)
Younger adult generation shows higher suicide rates amid rising financial pressures (18 Jul 2023)
Hikikomori now appearing in U.S. (young men withdrawing from society) (11 Jun 2023)
- By Tainari88
- By Pants-of-dog