26% Of All Millennials Live At Home With Their Parents, The Most In The Age Group Since 1950
Certainly it’s been a problem. Since the crash of 2008 and the ensuing slow recovery it’s been a more and more common theme for Millennials, those 25-34, to move back home with their parents. What wasn’t known until now is that more Millennials are living at home with mom and pop than the numbers of elderly being cared for by their children, a number not seen since at least 1940 and possibly ever.
The increase in multi-generational living since 2010 is apparent across genders and among most racial and ethnic groups. While the share of young adults ages 25 to 34 living in multi-generational households has increased most rapidly, the share increased across all age groups with one exception: Among those ages 65 to 84, the share living in a multi-generational household decreased slightly between 2010 and 2012.
Among young adults, men are significantly more likely than women to be living in multi-generational households. In 2012, 26% of men ages 25 to 34 were living with multiple generations of family, compared with 21% of women in that age group. For most other age groups, women are more likely than men to be living in multi-generational households.
Perhaps more interesting is that, according to the Pew Center, Millennials aren’t even the generation doing the worst in today’s economy, those 18-24 are.
…since 2010, the share of young adults ages 18 to 24 currently employed (54%) has been its lowest since the government began collecting these data in 1948. And the gap in employment between the young and all working-age adults—roughly 15 percentage points—is the widest in recorded history. In addition, young adults employed full time have experienced a greater drop in weekly earnings (down 6%) than any other age group over the past four years.
What’s especially interesting to me is that some of these groups may be living in the same multi-generational home. What I mean is that some Millennials may have moved back home to find that one or more of their grandparents is already living there or soon will be.
With the high cost of retirement and more people living longer it appears that the trend of the elderly being on their own or in a retirement facility is turning back towards family care and Millennials are following suit.
I’m curious as to how many TC readers are in this situation. Have you had to move home because of the job market or simply to save money? Are your grandparents also living there with you? Is it awful? Is it great in some ways?
For the record, I don’t think it’s anything to be ashamed of. I imagine everyone would be on their own if they could.
