Many epidemic children still live with mom and dad
Why do so many young people live with mom and dad
In general, multigenerational life has been increasing for years.
The number of families with two or more generations of adults has quadrupled over the past five decades, according to a Pew Research Center report based on census data from 1971 to 2021. These families now account for 18% of the US population, it estimates.
Pew found finances to be the number one cause of household multiplication, in part due to ballooning student debt and housing costs. Caregiving also plays a role in the decision-making process.
To this end, multigenerational life has grown faster among 25- to 34-year-olds.
In 2020, the proportion of those living with their parents – often referred to as “Boomerang children” – has temporarily risen to a historic level.
“The pandemic has been a short-term missile, but levels today are still much higher than they were in 2019 — and have risen over the past 50 years,” said Richard Fry, a senior researcher at Pew.
Now, 25% of young people live in a multigenerational household, up from just 9% five decades ago.
In most cases, children between the ages of 25 and 34 live in the home of one or both parents. A smaller portion lives in their home and a parent or older relative lives with them.
The proportion of young men living with their parents or grandparents is higher among men and those without a college degree.
“It’s really a private social safety net for them,” Frey said.
Pew also found that young adults without a bachelor’s degree tended to earn significantly less than those who finished college.
Not surprisingly, older parents are also more likely to pay the most expenses when two or more generations share a home. Pew found that 25- to 34-year-olds in a multigenerational household contribute 22% of total household income.
However, for parents, supporting adult children can be a huge drain at a time when their financial security is at risk.
In an economy that has produced the highest inflation since the early 1980s, the cost of staying home for young adults has risen sharply.
But overall, there is an economic benefit to these living arrangements, Pew found, and Americans who live in multigenerational households are less likely to be financially affected.
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