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A Rising Share of Young Adults Live in Their Parents’ Home — The Baby Boomers’ Boomies!

The post agrarian nuclear family, popularized by shows like Father Knows Best  in the 1950s and 60s, may not be sustainable in today’s economy.  Sociologists and social historians have long said that marriage and the Mom, Dad and the kids arrangement is quite recent.  In fact, it was not long ago that a significant percentage of siblings did not marry at all.  In today’s America, it is getting increasingly difficult to go to college, buy a home and settle down and raise a family.  Today’s young people are struggling to get jobs and parents are staying put in their homes well after retirement…  Perhaps it is the baby boomers leading these trends.  Ironically, just like they made noise for their elders and their parents in the 1960s, so too are their children today as they are crowding their nests and spending their life savings… Empty nest syndrome is being replaced with a new, perhaps more uncomfortable version of the extended family… At least extended at the bank as families struggle to face a  new reality in an economy that undervalues education and yields few jobs and opportunities for the baby boomers “boomies” …

“In 2012, 36% of the nation’s young adults ages 18 to 31—the so-called Millennial generation—were living in their parents’ home, according to a new Pew Research Center analysis of U.S. Census Bureau data. This is the highest share in at least four decades and represents a slow but steady increase over the 32% of their same-aged counterparts who were living at home prior to the Great Recession in 2007 and the 34% doing so when it officially ended in 2009.

A record total of 21.6 million Millennials lived in their parents’ home in 2012, up from 18.5 million of their same aged counterparts in 2007. Of these, at least a third and perhaps as many as half are college students. (In the census data used for this analysis, college students who live in dormitories during the academic year are counted as living with their parents).

Younger Millennials (ages 18 to 24) are much more likely than older ones (ages 25 to 31) to be living with their parents—56% versus 16%. Since the onset of the 2007-2009 recession, both age groups have experienced a rise in this living arrangement.”

via A Rising Share of Young Adults Live in Their Parents’ Home | Pew Social & Demographic Trends.

Filed under: access to education, Aging, analytics, Blogosphere, Children and Poverty, consumers, Culture Think, Demographic Change, good jobs with good benefits, Job Sector, News, Parenting, Policy ThinkShop Comments on other media platforms, Unemployment, , , , , , , ,

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