Sunday, July 22, 2012
"Roughly 25 million adults live at home with their parents for a variety of reasons but mostly economic."
The thought of moving out on your own and making your individual way in the world is very much an American trait. Certainly movies and television shows almost always assume every American has moved out on their own once adulthood is reached. What this recession has taught us is never take anything for what is shown on the surface. Many young adults, many times to the chagrin of baby boomer parents, have moved back home because of the employment market conditions brought on by the recession. Roughly 25 million adults live at home with their parents for a variety of reasons but mostly economic. For many the debilitating cost of student debt is hindering their progression into the independent marketplace. For others it is the lack of solid wages that actually provide enough to support a person living on their own. And for many others the inability to find a job is still a very common experience.
Where have the young adults gone?
Without a doubt many young adults, those between the ages of 25 to 34 have moved back home (or never left home) because of the recession:
Part of the trend is unmistakable in that much of the growth has come from men. This is likely due to industries like construction taking a brutal hit once the housing market went bust. However the trend has also occurred with females if we go back to the early 2000s. There are a variety of reasons for this compression of generations. This is common in other parts of the world but certainly is a new phenomenon here in the US. In Italy it is common for men to live at home well into (and beyond) young adulthood but how well will this go in the US?
It doesn’t seem like much of this is by voluntary choice:
“(TIME) Nearly 25 million adults live at home with their parents because they’re unemployed or underemployed, they’re trying to pay off student loans or save money to buy a place, or for any number of other reasons. While calling mom and dad your “roommates” may be a smart financial move, it’s the kiss of death for a healthy dating life. Trulia’s survey found that only 5% of unmarried adults would be open to dating someone who lived with their parents.”