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Remember all of those Millennials living in their parent's basements because they couldn't find a job or afford a place of their own?
Well, they haven't moved out yet.
They also don't seem to be in a hurry to get married, have kids -- or buy a home. And that has pushed the homeownership rate among young adults ages 18 to 34 to a new low of 13.2%, according to an analysis of Census Bureau data by Trulia.
Thanks to a sluggish job market, heavy student loan debts and tight lending standards, Millennials are moving out of their folks' homes at a snail's pace. In 2014, 31.1% of 18- to 34-year-olds lived with their parents, down slightly from 31.2% a year prior. Millennials are staying put at mom and dad's place - Sep. 17, 2014
Apparently skyrocketing debt accumulated to obtain degrees that the market just isn't demanding in a prolonged, weak job market is just not a good combination.
An entire generation of people has to put off major life decisions until things improve. Inflation adjusted net worth per household is off 30% from what it was 12 years ago (much of this due to stagnant housing market), and student loan debt is climbing to catastrophically high levels.
Could this be the lost decade for the United States?
I suspect that the lack of upward mobility in this sorry economy is why these minimum wage arguments are gaining traction in at least a few areas.
Last edited by tigerphan; 09-18-2014 at 11:50 AM..
At least half of my friends are in this situation. Not because they "have to" but they "choose to." They have no (or little) college debt yet want to be near the (future) grandpparents.
I think when doing this on their own free-will it is a "win-win." Built in babysitters. Built in senior caretakers. Built in inheritance increase due to shared expenses.
Last edited by Utopian Slums; 09-18-2014 at 12:34 PM..
Reason: typos
I'm 28 now. When I was 18 to 22, I was in college and working part-time occasionally. I had enough to keep gas in the car, food, etc, but not enough to make it on my own. The economy was stronger between 2004-2008 than it has been since, so I'd bet those a bit younger than me are struggling more.
Most 18 year olds don't have the financial wherewithal to live independently on their own, and many will struggle to make it with a roommate. They can't get a job because they have no experience, and without a job, they can't build the prerequisite experience.
Living at home is fine as long as it works for both parties. Still, I think if you graduate at 22, and haven't gone anywhere by 25-28 or so, it's going to be hard to get back on course.
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If We millennials can keep our own debt down, staying at home a couple of extra years could be a good thing.
It could give people the opportunity to save up and by a home instead of going into massive debt doing so just to fit the social norm of leaving home at 18/22.
If We millennials can keep our own debt down, staying at home a couple of extra years could be a good thing.
It could give people the opportunity to save up and by a home instead of going into massive debt doing so just to fit the social norm of leaving home at 18/22.
That would be the smart thing to do. Why have a home mortgage when you don't need to.
Just have to be careful the banks don't try to barrage them with home equity loans.
The powers that be can't stand truly independent folks. When you are not in debt, you are
not beholding to anyone...
You mean the parents that are allowing them to live at home
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