Courtesy of Mish.
PEW Social Trends research shows a Record 21.6 Million Young Adults Live in Their Parents’ Home
Here are some clips from the fascinating PEW study.
In 2012, 36% of the nation’s young adults ages 18 to 31 the so-called Millennial generation—were living in their parents’ home, according to a new Pew Research Center analysis of U.S. Census Bureau data. This is the highest share in at least four decades and represents a slow but steady increase over the 32% of their same-aged counterparts who were living at home prior to the Great Recession in 2007 and the 34% doing so when it officially ended in 2009.
A record total of 21.6 million Millennials lived in their parents’ home in 2012, up from 18.5 million of their same aged counterparts in 2007. Of these, at least a third and perhaps as many as half are college students.
The steady rise in the share of young adults who live in their parents’ home appears to be driven by a combination of economic, educational and cultural factors. Among them:
- Declining employment: In 2012, 63% of 18- to 31-year-olds had jobs, down from the 70% of their same-aged counterparts who had jobs in 2007. In 2012, unemployed Millennials were much more likely than employed Millennials to be living with their parents (45% versus 29%).
- Rising college enrollment: In March 2012, 39% of 18- to 24-year-olds were enrolled in college, up from 35% in March 2007. Among 18 to 24 year olds, those enrolled in college were much more likely than those not in college to be living at home – 66% versus 50%.
- Declining marriage: In 2012 just 25% of Millennials were married, down from the 30% of 18- to 31-year-olds who were married in 2007.
Percent of Married Millennial Declines
Long-Term Changes in Young Adult Living Arrangements
Household Formation…
