21 Million Young Adult Americans Are Living With Mom and Dad
A record 36 percent of Americans ages 18 to 31 are living at their parents’ homes, the highest number in four decades.
A record 36 percent of Americans ages 18 to 31 are living at their parents’ homes, the highest number in four decades.
“Most of my friends that have graduated end up living back home because even if they have a job they can’t afford to pay rent and pay back their loans at the same time,” Stephanie Levonne, a 20-year-old college student living at home, told CBS News. “I know a lot of people that took out almost half or more of their tuition in loans, which is $50,000, so it’s impossible to pay rent and live in New York City while paying off your loan.”
The measure was at 32 percent at the beginning of the recession in 2007 and 34 percent in 2009.
— Posted by Alexander Reed Kelly.
WAIT BEFORE YOU GO...CBSDC:
Declining employment led more young adults to stay with their parents. Sixty-three percent of Millennials had jobs in 2012, down from 70 percent in 2007.
The study also found that the number of 18- to 24-year-olds who were enrolled in college rose from 35 percent in March 2007 to 39 percent in March 2012 and that the number of Millennials dropped to 25 percent last year from 30 percent in 2007.
This year, the ground feels uncertain — facts are buried and those in power are working to keep them hidden. Now more than ever, independent journalism must go beneath the surface.
At Truthdig, we don’t just report what's happening — we investigate how and why. We follow the threads others leave behind and uncover the forces shaping our future.
Your tax-deductible donation fuels journalism that asks harder questions and digs where others won’t.
Don’t settle for surface-level coverage.
Unearth what matters. Help dig deeper.
Donate now.
Economic Justice
The relatively decent financial state of Millennials as a whole is buoyed by the few that are wildly wealthy while the majority struggle.
Massive economic inequality has forged a generation that is deeper in debt, poorer paid and half as likely to own a home as its parents.
A new survey finds 70% would likely vote for a socialist candidate, with 38% saying they now approve of communism—up from 28% in 2018.
A new demographic is helping to breathe some new life into the sector, industry officials say.
Debate surrounding the cheeky meme "OK Boomer" offers just another form of distraction from the class divide tearing our country apart.
Young Americans carry an unfair burden in today's economy, but bold solutions being floated by lawmakers could lighten the load.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.