Your pars’ bassent might be looking pretty good these days.
In 2023, Around 40% of Younger Americans Lived With Their Parents. Living with mom and dad is a popular safety net for gene zers who face Steep Housing Costs, Expensive Higher Education, and a Shaky Job Market.
“If you have the luxury of Being able to the Move Home and Pay Lless for Rent, Groces, and Other Basic Bills and Put Some Money Away in Emergency End Other Big Financial Goals, It Can a Really Big Deal,” Matt Schulz, Chief Consumer Finance Finance Finance SubendingTree, Told Business Insider.
Bi Examinated the Demographics of America’s Live-Aat-Home Young Adults-The 42% of 18- to 30-Yaar-Olds Who Lived with at Least One Parent-Using the 2023 american Community Survey, Avilaable from the University of Minnesota Integrated Public use Microdata Series.
SO, WHO MADE UP THAT 42%? The Charts Below The Young Adults Who were More Likely to Be Living at Home.
A Majority of Young Adults Living with At Least One Parent Were Men
Over Half of Young Adults Living with at Least One Parent Were Men, while Just Under Half of Young Adults Not Living with a parent be men.
There’s Also a cultural element to multiegenerational living. Pew Research Center Found Black, Hispanic, and Asian Young Adults in the US Were Likely than White Young to Live With Their Parents.
Young Adults Living With At Least One Parent Were More Likely Not To Be In School
The Share of Young Adults Living with at Least One Parent in the Household who were in schooly were about diable that of those living on their – 39% compared to 20%.
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They’re less like
Fourteen Percent of Young Adults with At Least One Parent in the Household Had a Bachelor’s Degree as their Highest Educational Attainment, Compared to 27% of Those with Parent.
Single Young Adults Were More Likely to Live With At Least One Parent
More Young Adults with A parent in the household were marries than those living with at least one parent. Nearly All Young Adults Living with at Least One Partent Were Never Married or Single, at 96%.
They’re not Stay-at-Home Kids; they’re more likes to be working than not
Almost two-thirds of Young Adults with at Least One Parent in the Household Were Employed, Compared to 82% of Young with A parent in the household. The Share of Young Adults Living at Home Who Were Out of Labor Force – That Is, Neether Employed Nor Looking For Work – Was Nearly Double That of Those Living on Their Own.
While MYY WERE EPLOYED, they weren’t earning as much as those not living with a parent
On aversion, Employed Young Adults with at Least One Parent in the Household weren’t working as Many hours or MAKING AS MONEY AS THEIR Peers who didn’t have a parent in the household.
Acciting to Pew Research Center Researcher Richard Fry, Who Authored A Recent Report on Where in the Country Younger Americans Live With Their Parents, Young People Are More Likely to Live With Their Parents when Jobs are hard to come and wages are stagnant. Pew Previously found the Share of People Living in Multigenerational Households Surged During the Great Recession and Continue Rising AFTERWARD.
Living at Home Can Also Mean Being Disconnected From Work and School
There are those who choose to live at home for family convenction and financial convenience, and there are oters who don’t have a choice.
SO-CALLED DISCONNECTED YOUTH WHO Aren’t Employed or in School made up about 11% of the 16 to 24 Age Group in 2022, for A 2024 Report from the research firm Measure of America. This cohort was more likes than their peers to live in poovety, Lack Health Insurance, and Receive Government Aid. Minorities and Young People of Color Have Higher Rates of Disconnection.
“These are Creative Young People Who, for a Whole Host of ReaSons, haven’t have the opportunity or the support they needed to explore what they have and figure out to transition to adultthood in a way that that is excitation,” Said Megan Millenky, A Senior Research, A Senior Research, A Senior Research Associate at MRDC Who Studies Youth Development.
In an an unSTeady economy, iT”s unikly that geni z and youunger millennials’ interest in living at home will fade anytime soon. And, as Millenky Said, The Group Reflects “Quite a Spectrum” of America’s Socioeconomic Ladder.
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