I remember the effects of the 2007/2008 recession and the decline that forced almost 40% of people under 29 to live at home. Now according to Business Insider, another poll says that 52% of people under the age of 30 are living at home, in what is a new record.
Pete Davidson isn’t the only one: 52% of young Americans are living with their parents, according to a new poll by Pew Research Center.
The number is now the highest on record, according to Pew, surpassing the 48% peak recorded during the Great Depression.
Even prior to the COVID-19 pandemic, a large portion of 18- to 29-year-olds were living with a parent. A 2016 report said millennial men were more likely to live with a mom or dad than with a significant other. And a 2019 report found that millenials, already behind because of the 2008 financial crisis, are plagued by four main costs: college tuition, housing, healthcare, and childcare. In July of 2019, 47% of young adults lived with a parent.
But the coronavirus pandemic has worsened the economic outlook for this generation struggling financially, pushing 2.6 million more young people to move back home. One quarter of young-adult workers, aged 16 to 24, lost their jobs between February and May, according to Pew, and another study found that 18- to 29-year-olds lost jobs or received pay cuts in greater shares than other age groups. (source)
this is a very serious change, because it represents the inability of many people to get a job since the work pool is shrinking. If they cannot find work, how can they live?
This trend began years ago, and far from stopping, it has only increased and likely will do so in the future.