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The Growing Number of Millennials Living with Their Parents

Posted on by Nihonmagazine in Higher Learning | Comments Off on The Growing Number of Millennials Living with Their Parents

Millennials LivingA growing number of young adults are choosing to live with their parents. U.S. Census Bureau data show 36 percent of the country’s Millennial generation (those aged 18 to 31) are staying at home.

Factors

There are several factors that led to such a development. One of them is the lower employment rate. From 2007 to 2012, the number of 18- to 31-year-olds who had jobs has gone down 8 percent. Forty-five percent of unemployed millennials are likely to stay at home, compared to 29 percent of those employed and living with their parents.

The rising number of those who enrolled in college in the 18-24 age group in March 2012 (up 4 percent from March 2007 figures) is also a factor in the new family living situation. Those who were in college were more likely to stay with their parents than those who were not.

The last most significant factor is the declining number of millennials who are getting married. Those who are not married are more likely to stay with their parents than those who are.

Advantages

The reasons for continuing to live with parents are mostly driven by factors such as economics, culture, and education. But it is not only the adult children that benefit from this arrangement. Parents who welcome their children at home are less likely to go through empty nest syndrome. They also save money because they don’t have to pay for boarding houses or apartments while their children are unable to make enough for themselves.

Ageing parents may need special attention in the future, such as memory care in Utah from legacyretire.com. Having their children with them for as long as possible may delay their need to get that care or at least ensure that their children will be there to support them when it’s time.

This new development which may have been helped by the most recent recession does bring with it different benefits, one of which is the reduced pressure of having to move out of one’s parents’ when one is of age. Another is the real possibility of nurturing closer and healthier family ties.

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