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Over Half Of All Young Adults Are Living With Their Parents – Highest Level In Modern American History

 

 

As the chaotic events of 2020 have unfolded, large numbers of young people have moved back in with their parents, and this has pushed the percentage of Americans in the 18 to 29-year-old age bracket that live with their parents to the highest level ever recorded.  Without a doubt, the collapse of the economy has hit young adults particularly hard.  About 59 million Americans have filed for unemployment over the past 24 weeks, and low wage workers have been disproportionally affected by this tsunami of job losses.  Needless to say, young adults traditionally make up a large chunk of our low wage workers, and now that really tough times have hit a lot of them are being forced to fall back on their mothers and their fathers for support.  According to a brand new report that was just put out by the Pew Research Center, 52 percent of all young adults in this country are now living with their parents

 

A new report by the Pew Research Center found that a majority of young adults — 52% — lived with one or both of their parents in July. Pew’s analysis of monthly Census Bureau data notes that this is higher than any previous measurement.

For purposes of this report, Pew defined a “young adult” as anyone that is in the 18 to 29-year-old age bracket.

At this point, 26.6 million young people are living with their parents.  We have never seen a number this high, although Pew suspects that the level may have been higher during the Great Depression of the 1930s

 

“Before 2020, the highest measured value was in the 1940 census at the end of the Great Depression, when 48% of young adults lived with their parents,” says the report, published Friday. “The peak may have been higher during the worst of the Great Depression in the 1930s, but there is no data for that period.”

 

In any event, what we are witnessing right now is extremely alarming.

 

Many tend to think of young people that live with their parents as lazy or unproductive, but that is not necessarily the case.  Many of them were working extremely hard to make it on their own, and as Jeremy Sopko has pointed out, “nobody wants to be living at home with mom and dad”…

 

‘For the most part, nobody wants to be living at home with mom and dad,’ Jeremy Sopko, CEO of Nations Lending Corporation, a mortgage lender told the Huffington Post.

 

 ‘It’s a difficult situation that’s been exacerbated by the pandemic and it may take years, if not the better part of a decade, for younger demographics to recover and be financially stable enough to leave home.’

 

 

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