Are More Millenials Living With Parents Despite Improving Economy?

It has been observed that young adults aged between 18-34 are residing with their parents in the United States, Today–In 2015–than at the height of the Recession in 2010, states the Pew Research Center.

Pew’s report is based on U.S. Census Bureau data and it explains why in spite of declining unemployment and other augmented employment settings for the age group between, 18-34, a minority of millennials are directing towards owning their own households in 2015 than they were about five years ago.

Young adult crisis ensuing the recent inflation was at its peak in 2010, while12.4% of young adults were unemployed. The young adult unemployment rate has been on a decline since then and was at 7.7 % in the first quarter of the current year. Full-time jobs and median weekly incomes are increasing, too.

The percentage of young adults residing on their own has declined sharply, from 69% in 2010 – 67 % in the first quarter of 2015. Also, on a recently related note, the fraction of young adults dependent on their parents, has gone up by 2 points, in the last five years, to 24 percent.

Although, there are over 3 million or more Americans in the 18-34-bracket, as of today than there were in pre-recession 2007, fewer millennials are seen to be living independently in 2015. Approximately 42.2 million young adults were running their own households in 2015, decreased from 42.7 million in 2007.

“This may have important consequences for the nation’s housing market recovery, as the growing young adult population has not fueled demand for housing units and the furnishings, telecom and cable installations and other ancillary purchases that accompany newly formed households,” the report suggests

So what do you think is exactly keeping millennials at Mom and Dad’s? Are student loans or the shaky job market, a hindrance? Or is it just paving its way on becoming more socially acceptable now?

facebooktwittergoogle_plusredditpinterestlinkedintumblrmail

Leave a Reply

Your email address will not be published. Required fields are marked *