Millennials Out of Work - Living At Home

by Kerby Anderson, Contributing Author: A third of all young adults are single, broke, and living in their parent’s home. That’s how some are describing the latest results from the Pew Research Center study of the millennial generation.

More young adults are now living with their parents than with a spouse or a partner. This is a tipping point for the first time in modern history. About 32 percent of Americans between the ages of 18 and 34 are living in their parents’ homes compared with 31 percent who are married or living with a partner in their own household. The remaining 36 percent live alone, are single parents, or live in dorms or with other relatives.

One researcher explained that this was a much different transition from previous generations. In the past, setting up new families was more typical than what we find today. In many ways this shows a postponement of marriage. This is likely due to both lifestyle choices and economics. It is worth noting that some of these trends where taking place before the economic downturn eight years ago.

But economics is another obvious reason for more young people living at home. They face a difficult labor market and therefore are unable to living independently. That is why fewer and fewer of them are married or even living with someone.

These economic realities are even worse for men without a college degree and for people of color. The highest percentage (36%) of men living with parents is black and Hispanic men. The lowest percentage (19%) is men with college degrees. Wages for all men have stagnated over the last few decades, and the labor participation rate his dropped significantly.

None of this is helping improve the housing market or other aspects of the economy. If you don’t own a home, you aren’t likely to be spending money on appliances, furniture, or other household items.

All of this merely demonstrates that the image of a millennial living in his or her parents’ home isn’t just a stereotype: it’s reality.
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Kerby Anderson is a radio talk show host heard on numerous stations via the Point of View Network endorsed by Dr. Bill Smith, Editor, ARRA News Service

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