Pity both parents and the American housing market: Millennials are moving back home with their folks — and they aren’t moving out.
Almost 40 percent of young adults lived with their parents, step-parents, grandparents and other relatives last year, or the highest point in 75 years, according to data from real estate analytics company Trulia. The only time in U.S. history when the share has been higher was in 1940, when the U.S. economy was regaining its footing from the Great Depression and the year prior to the country’s entry into World War II.
The number of millennials who fail to leave the nest has been climbing for the past 10 years, with the trend starting shortly before the Great Recession of 2008 but accelerating during the downturn and the recovery. The phenomenon is tied to a few factors, ranging from society shifts to economic headwinds. For one, Americans are delaying marriage and starting families. But the bigger issue may be the triple whammy of low wages, student debt and rapidly escalating rents.
“Even though unemployment rates have decreased and the economy is picking up, we know wages are stagnant, so this will impact this […]
Sometimes it makes sense for generations to pool their resources especially during economic hard times. The millennials can help care for the aging boomers. Grandparents can watch the grandchildren. This can be a positive thing.
Defragmenting the modern far flung family is a win for rebuilding community in this nation. The circumstances causing this realignment are, however, troubling.
Have been reading Sebastian Junger’s book Tribe that reaffirms the life supporting system of tribal nations observed by Colonials. In today’s world, people in big cities can go a whole day without seeing someone they know. He believes technology and distance have played a role in today’s all too prevalent depression among America’s population.
And there was more than one colonial woman that stayed with the tribes out of choice, as many tribal groups were more egalitarian when it came females.
Thanks Sharon for the book reference and commentary.