14 DAY TRIAL // In a recently released report, the Pew Research Center shows that, in order to mitigate the effects that the poor state of the economy is having on their budgets, more and more young adults choose to return home, and live with their parents.
While this may not necessarily be their primary choice, it is also the only one that makes sense from an economic perspective, especially if the younger member of the family gets along well with all the others. In the new investigation, it was revealed that more than 13 percent of parents have had one of their children move back in within the last year.
LiveScience reports that the adults sons or daughters gave a variety of reasons for their decision to move back in at home, and that high on the list was precisely the recession. The age group most likely to move in is that of young people between the ages of 18 and 24, and for good reason.
The economic downturn arguably affected those in the early stages of their careers hardest. This is further evidenced by employment records, which show that only 46 percent of young adults (aged 16 to 24) have a job in these tough times. Under this circumstances, keeping their own place is simply too much of a cost.
The US Bureau of Labor Statistics (BLS) says that these are the highest unemployment numbers for young people that have ever been recorded in the United States, since the government began taking an active interest in these things, back in 1948.
The new survey was conducted via telephone in October, on adults aged 18 or older. More than 1,000 people were interviewed, being construed in a representative sample of the US population. In additional findings, 4 percent of the respondents reported that they had to move back home because of the economic crisis.
In the 18 to 34 age group, more than 12 percent of those who participated in the Pew research told investigators that they preferred a roommate to moving in with their parents. In the same group, more than 10 percent of people said that they simply had to move back home, as they could no longer afford to live by themselves.
About 19 percent of parents (45 to 54) reported that at least one of their children had moved back in over the last year. According to the US Census Bureau, quoted by LiveScience, more singles have returned home than couples.