A record percentage of Americans are living with their parents, according to a new survey by Pew Research Center.
The world just got out of a pandemic that nearly crippled the global economy, so it should come as no surprise that Americans are struggling now more than ever financially…
Researchers say this trend might be here to stay…
43% of Young Adults (18-29) Are Living with Parents or Grandparents
Between record-high inflation and soaring food and gas prices, the average American can’t seem to catch a break, let alone, recent college graduates.
Nearly 1/3 of Americans aged 25- 29 are living with their parents.
Since the 1970s, the Number of Young Adults Living with Their Parents Has Increased 4 Fold
Younger millennials are by far the most likely to be living in a multigenerational household.
Those between the ages of 18-24 were mostly unemployed university students living in their parents’ homes.
Approximately 59.7 million Americans lived with multiple generations in one house in March 2021, compared to 58.4 million in 2019, according to census data.
Most College Graduates Have LOADS of DEBT to Pay Off…
In 2020-2021, students and parents borrowed approximately $95.9 billion.
13% of these loans were private and other non-federal loans.
Private student loan debt hit an estimated $12 billion in the 2020-2021 academic year.
90% of undergraduate and 63% of graduate private loans were cosigned by someone else in 2020-2021.
Why Is This Happening?
It always comes down to money, of course.
The most common factor behind Americans’ decision to live at home is lack of funds.
Of those surveyed, 40% stated that finances were the main reason to live with family. This was followed by commitments to take care of older relatives.
How Did the Pandemic Impact these Statistics?
58% of adults younger than 24 were living with their parents in 2021, according to census data.
More than 50% of Americans under 29 were living with their parents in the first year of the pandemic, according to another survey.
This was the first time this has happened since the 1940s.
Living independently is very expensive. Between the cost of rent, car payments, gas, insurance, food, internet, and general miscellaneous expenses, the average American has a lot of dues to pay.
The average salary in America is $53,490 per year.
While this is most definitely enough to make ends meet, data proves that the average American does not know how to manage their finances.
45% of Americans have $0 in their savings accounts.
A recent survey found that 24% of Americans have less than $1000 in their savings.
Even worse, 45% of Americans don’t have a DIME ($0) in their savings accounts.
How Did This happen?
Since our fabulous public schools don’t teach financial literacy in public schools across America, what did we expect?!
Maybe if we taught the future generations of America how to manage their money and cut down their expenses, they’d be a little better off right now.
But that doesn’t really serve “their,” benefit, does it?
64% of Americans are living paycheck-to-paycheck.
Nearly 6 in 10 Americans don’t have enough savings to cover a $500 or $1,000 unplanned expense, according to a new report from Bankrate.
Is America Turning into Socialist Europe?
In comparison, here is a graph that shows how many people are living with their parents in each European country…
While living with your parents until marriage may be a “cultural” tendency in some nations, the real reason behind this trend is the fact that most adults in these nations are simply unable to survive due the poor economic situations many of these countries struggle with.
Young adults struggle to find jobs, make decent wages, and grow within their careers…
Either way, this is not great trend for the future of America…
Our nation is struggling from every aspect right now, with economic distress having the worst impact on families and young adults.
READ MORE: OY VEY! Israel Caught Hiding Children’s Vaccine Injuries
ABOUT THE WRITER:
Elena Patestas is a journalist and writer for Valuetainment media. She attended Pepperdine University in Malibu, California, and Adelphi University on Long Island, New York. She was born and raised in Roslyn, New York, and currently lives in Miami, Florida.
Elena is passionate about bringing positive change to our world and believes education is the root to solving many societal problems. After overcoming a chronic health condition, Elena became passionate about health and believes food is the key to preventing dis-ease and achieving optimum health.
Amongst her many goals, she hopes to bring positive, impactful change to our world to create a healthy, financially sound, and unified society.
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