Many Millennials still live at home

The Census Bureau reported that latest figures show 31 percent of Millennials live at home with their parents vs 27 percent who live with their spouse. The Millennials are those folks between 18 and 34 years of age.

Millennial_Workplace_Circumstabces_Infographic.jpg

I think these numbers are incredible. Why can’t these Millennials cut the umbilical cord?

In addition, the numbers break down as follows 35 percent of the men are still with their parents vs 29 percent of the women.

I believe the fact that they grew up in an atmosphere where they got a trophy for being on the team, not winning, damaged them seriously.

It is a fact that these kids are burdened with $1.3 trillion in student debt. Also, the Obamacare law permits them to remain on their parents’ insurance till age 25.

Student debt is no small consideration. The $1.3 trillion exceeds the amount of car loans or mortgage loans out there.

What do you think?

PS I actually posted this in my other blog @ willingwheeling.wordpress.com, but was not able to reblog it here.

Tony

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13 Comments

Filed under census bureau, millennials, Uncategorized

13 responses to “Many Millennials still live at home

  1. Subsidize what you want, tax what you don’t. Simple economics (unless you’re Paul Krugman).

    Liked by 1 person

  2. Hi Tony, as part of the Millennial generation here are my opinions on some of the reasons (particular in the UK):
    1) The increasing number choosing to attend college/university creating more debt
    2) The price of housing increasing and banks requiring a larger deposit for a mortgage is resulting in many going back to live with parents rather than renting to save up for the deposit
    3) General financial irresponsibility – alot of my generation seem to have to have all the latest gadgets, go on the best holidays, have all the latest clothes etc
    4) Society that is softer – as you mention with the ‘trophy for participation’ generation, there is the lack of that good kick up the backside to be responsible.
    For example with my grandfather’s generation it was about getting a job, where I see friends whose parents are happy to sit back and let them focus on their ‘dreams’ the low or non paying jobs and projects, meaning that there maturity to grow up is delayed.
    5) Changing dynamic in gender roles – it is very hard to have good relationships, getting married under the age of 25 is probably more unlikely today than 40/50/60 years ago. Not being in a stable relationship/marriage reduces need to live independently.

    Liked by 2 people

    • Wow, James! Thanks very much for that thoughtful reply. Very interesting and informative. I hope you guys get your act together as there are some serious problems coming down the pike.

      Liked by 1 person

      • No problem Tony, I suppose being part of that generation it’s an area that is of a big interest to me. Think there are some challenging times ahead, with the outcome depending on how we handle it (or show some realist maturity!)

        Liked by 1 person

  3. This is only one of mant reasons, beyond the financial:

    I believe that parents have a much more enmeshed relationship with their children than ever before. Looking to children of all ages, from 5 to 35, to satisfy their emotional intamacy “best friend” needs rather than achieving it with their spouse. They don’t want their bff to move out. That would force them to be present in their own lives. With their own spouse. So, instead, they create conditions of “the good life” for their grown children. Crippling them in the process.

    Personally, I was motivated by freedom when I was 17, not stuff. I wanted a place of my own. Away from my parents. To rent. To share with other people my age. It wasn’t fancy. It had mice. No tv etc. But it was all mine. 🙌

    Liked by 1 person

  4. Sorry for the typos! ☕️

    Like

  5. Millenials are looking for convience in a home – lots of condos or mixed use spaces. I’m actually a mortgage lender and we do see some Millenials rising to buy now, which is encouraging, however there are fewer and fewer sellers currently. Across the country this is the slowest selling market in years!
    You mentioned student debt, the awesome thing is just this month the way we equate student debt has changed (in favor of the person with the debt). Someone also mention down-payment issues, there are actually still 3% and 3.5% down loans out here (I do them daily)! In addition to that, there are a ton of down-payment assistance programs out there to use, talk to a loan officer and ask them for the ones in your market! I can make 4 off the top of my head that are all over California. Thank you for your post it’s great to talk about for sure!

    Liked by 1 person

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