A Record Number Of Millennials Are Still Shacking Up With Parents
More millienials — the generation that ranges from 18-to-31 years old — are staying at home with their parents. In fact, 36 percent of them mooched off their folks in 2012 compared to 32 percent in 2007, which was the year of the recession, reports The New York Times.
Younger millennials (those ages 18 to 24) are more likely to be still at home with their parents because they are still attending school, according to a study from the Pew Research Center. Unemployment, also unsurprisingly, is the biggest culprit causing millennials to overstay their welcome at home. Forty-five percent of jobless millennials are still at home compared to 29 percent of their working counterparts.
But here’s an interesting tidbit: Being male heightens the probability that you will leach off your parents. Forty percent of males are freeloading at home while only 32 percent of women are doing the same.
Theoretically, because fewer young men are attending college than women, males don’t have the skills to bring to the table for a well-paying job that women do. As a result, they’re more likely to be munching at the fridge and sleeping in the basement of their folk’s place. Only 18 percent of those with a Bachelor’s degree or higher are living with their parents compared to 40 percent of their same-aged counterparts without a degree.
The study points out the decline in marriages over the years as a contributing factor to a drop in millennials having their own place. In 2007, 29.6 percent of 18-to-31-year-olds were married. Last year, dropping nearly five percentage points, 24.9 millennials were married. “A very tiny share of millennials live with their parents once they are married (about 3 percent in 2012),” the NY Times said.
This new trend of millennials staying at home is said to be weighing down the American economy. Because the number of new households has been steadily decreasing, there is less consumer spending. Each time a household is formed, it adds $145,000 into the economy. “With new households, after all, come furniture purchases and other kinds of consumer spending,” NYTimes added.
The Pew Research Center analyzed data from the U.S. Census Bureau and found a record number of 21.6 million millennials are shacking up with their parents.