Adults are still living with their parents and grandparents, according to the latest numbers. The Great Recession is over, but more adults are delaying adulthood by staying at home and residing in a multi-generational household.
The Pew Research Center, a non-profit think-tank, published the results of its new study, and it noted that nearly one-third (31) of young adults (24 to 29) live with their parents and grandparents. Here is what the organization writes:
“In recent years, young adults have been the age group most likely to live in multigenerational households (previously, it had been older adults). Among 25- to 29-year-olds in 2014, 31% were residents of such households. Among a broader group of young adults, those ages 18 to 34, living with parents surpassed other living arrangements in 2014 for the first time in more than 130 years. Education levels make a difference, though: Young adults without college degrees now are more likely to live with parents than to be married or cohabiting in their own homes, but those with college degrees are more likely to be living with a spouse or partner in their own homes.”
It also found that the number of Americans living in multi-generational homes continues to be going up. The study noted that 60.6 million people, or about one-fifth of the United States population, live in a household comprised of three generations. This is up from 12 percent in 1980 and 17 percent in 2009.
Hispanics and Asians are far more likely to live with their families at home than whites. Also, foreign-born Americans are a lot more likely than U.S.-born Americans to live in a household that has multiple generations of family members.
Essentially, the study found that young adults are still living at home and households can have as many as three generations living under the same roof.
Why is this exactly happening? Well, the economy isn’t entirely to blame. When it comes to the grandparents, some families prefer to have the grandparent stay at home to look after children because of the surging cost in daycare. Moreover, sometimes grandparents have no other choice due to the rising cost of living, personal health issues and limited Social Security funds.
Pew discovered something else that’s very interesting: the makeup of the home.
The percentage of children living in a two-parent household has reached its lowest level since 1965. Today, 69 percent of children reside in a two-parent household, down from 73 percent in 2000.
It shall be very interesting to look back at this time over the next 30 years. At one point in time, youth wanted to leave home as soon as they turned 18. Now, they don’t want to leave home at all and use their parents and grandparents as a crutch.
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