According to Pew Research, a growing percentage of American young adults are choosing to live with their grandparents or older family members rather than trying to buy a house of their own. “multigenerational homes”More than twice as many people have benefited from it in the 50 last years.
A third (31%) of men and women between the ages 25 and 29 live in multi-generational homes. More than one-fifth of all people aged between 30 and 34 share their homes with other generations, often parents.
These numbers are much higher than for the previous generations. This suggests financial pressure may play a role in the decision of moving back in with an older relative.
The survey will be conducted using the following information: “multigenerational households”Include all households with at least two generations, ages 25-plus “skipped generation”Homes that have grandparents and grandchildren younger than 25 years old are an example of multigenerational homes. All age groups are included in the 18% who live in multigenerational homes, which has been steadily increasing since 1970s.
However, it is possible to uncover some unexpected facts by dividing the data into different ages. Young men 25-29 years old live in a multigenerational household. This is a staggering number. Living with your parents, which is now the norm for young men aged 18-34, has been the case for more than ten years.
Multigenerational families are becoming more common for women, even though it is less prevalent than for men. More than 25% (26%) of people aged 25-29 live in these households.
This may be surprising considering American social norms. The majority of young people find employment in the youth sector. “leave the nest”Graduating high school is a good time to start looking for a job, or even go off to college. However, as even most entry-level jobs now require a college degree, those with only a high-school education may have trouble finding work – a fact reflected in their overrepresentation among young adults living with their parents.
Getting a degree is no panacea, either – college costs have skyrocketed over the past several decades, and the burden of student loan debt has forced graduates to temporarily move back in with their parents if they are unable to find a well-paid job (or a group of compatible roommates to lessen the financial strain). While the Pew survey did not include young adults living with unrelated roommates of a similar age, such living arrangements have become more popular as young adults wait longer to marry and start families – often for financial reasons.
Due to the rising amount of debt that young Americans have, even if they do get a job it might not be enough to provide financial independence. A 2017 Pew survey found that while just 5.1% of 25- to 35-year-olds were unemployed, 15% of them were living with their parents – about twice the proportion who did so among their grandparents’ generation.
Although they account for 17% overall population growth, Americans below 40 have contributed nearly 50% to the rise in multigenerational household populations since 2000.
The number of young Americans moving back in with older family surged during the recession of 2008. A similar phenomenon has been observed in 2008 with the Covid-19 Pandemic. In just the first few months of the epidemic, 3 million American adults moved back in with their parents, amounting to 32 million adults living with parents or grandparents – a record high, according to Zillow.
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