Millennials Still Living with Parents in Record Numbers
Say it Ain’t So! Still?
Don’t feel bad, if you feel a bit like this too.
I’m not going to lie, the 2008 recession messed up my life-plan permanently, and I’m not alone.
The share of young adults in their late 20s living at home with their parents is at its highest rate in 75 years
According to Pew Data, 33% of 25–29 year olds lived with their parents or grandparents in 2016 — nearly three times the number than in 1970. That’s pretty shocking!
I write a lot about wealth inequality and as a futurist this trend should frighten us, it means an entire cohort isn’t hitting the usual milestones in a normal way where consumerism can continue “business as usual”. We are seeing this with a bifurcation already of consumer preferences where luxury and discount (off-price) retail is doing well, but not so much the retail sector in the middle.
The trend appears to be impacting more young men than young women.
Previous Pew data from late last year, cited in Curbed, found that about 15% of 25-to-35-year-old millennials lived with their parents in 2016. This share is significantly more than those of previous generations, according to LinkedIn.
Parents in the US cannot get rid of their kids.
It’s not so surprising.
The share of young adults who don’t leave the nest has steadily increased in recent decades, and accelerated after the 2008 financial crisis.
But when the economy is supposed to be doing amazing, and unemployment is supposed to be at a 16-year record low, what is it saying about our society and it’s future?
According to Quartz, across education levels, race, gender, and region, no group has been immune from the trend.
Pew’s researchers think late twenty-somethings are boomeranging back home because there’s less career and job certainty than ever before. It’s playing havoc on our relationships too. More Millennials will go unmarried and not become parents than ever before in history!
How is that for a futurist’s musings.
Gone too is married life — more 18–34 year-olds live with their parents than with a spouse. (BBC)
The US Census Bureau report found that the extent to which young people reached milestones like living alone was “tied to economic security”. So! What happens when automation and AI scales us out of our low-income jobs and part-time gigs?
The U.S. in particular tells a bleak story. There are 24 million 18–34-year-olds living with their parents, among whom there are more men than women. And of them, 2.2. million are not studying or working.
Video games and Netflix anyone?
Women are much more likely to have jobs.
More women work outside the home nowadays — it’s one of the biggest changes highlighted in the report. The problem is, those women still face unequal wages.
Only 14% of 25–34 year-old women are homemakers now, compared to 43% in 1975.
Millennial women are doing okay, but some Millennials are still struggling, a lot.