WASHINGTON (CBSDC) — A record number of young adults are living with their parents.
A new study from Pew Research finds that 36 percent of Millennials – young adults ages 18 to 31 – are living at their parents’ homes, the highest number in four decades. A record 21.6 million young adults were still living at home last year.
“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 number rose from 32 percent at the beginning of the Great Recession in 2007 and 34 percent in 2009.
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.
The Labor Department released its latest job report Friday, showing the economy added 162,000 jobs last month while the unemployment rate edged lower to 7.4 percent.
Crash the system every four years or so forcing families with old folk to live together until mom or pop dies saving the state the expense of a retirement home and snicker with your political buddies as you repeatedly tell the clueless sheeple, “Ya know, Social Security’s gonna run out someday.”
The fact that college students (25 percent of Millennials, or 25 percent of 25 percent) are “living” at home means that their official address is where their parents live. One of the reasons college students now “live” at home is because it is much harder to get loan-free grants (Pell, etc.) than it used to be…unless parental income was very low you couldn’t get these grants, free money, so either students cheated on reporting their addresses or they were from very poor families. Today it’s even harder to get Pell grants, and much harder to fake your actual address, therefore most students report their address as their home address whether you live in a dorm or not. Also, more and more college students are going to junior or community colleges and for-profit DeVry or U of Pheonix type colleges where there are no dorms. What I’d like to know is this: how many Millennials, college or not, are homeless or living out of their vehicles?
High rent coupled with no jobs.
What else would one expect?