Unemployment and debt force young adults to live with parents
College graduation is supposed to be an exciting time, as students celebrate their accomplishments and look forward to the life and career ahead of them. However, as the economy continues to struggle, many young adults in Georgia and throughout the country are finding out that their college graduation may not be the beginning of a successful, prosperous life, after all.
According to recently released data from the United States Census Bureau, the number of young adults who live with their parents has steadily increased in recent years. Researchers believe that more young adults are moving back in with their parents as a result of the high unemployment rate, unmanageable student loan payments, and the shaky housing market, all of which leave millions of young people unable to rent or purchase their own home.
Since 2005, the number of young men aged 25 to 34 years old who live with their parents has increased from 14 percent to 19 percent, the Census Bureau reports. The number of young women of the same age who live with parents has also increased from 8 percent to 10 percent since 2005. However, while the rate for men has increased steadily since 2000, the rate for women only began to rise in 2003, and actually decreased by 0.8 percent from 2010 to 2011.
The numbers are even greater for adults aged 18 to 24. According to Census data, 59 percent of men and 50 percent of women live with their parents. However, the Census counts college students who live in dorms or other non-permanent housing under those tallies, which likely skews the statistics for college-aged students.
Source: Forbes, “The Not-So-Empty Nest: More Young Adults Choose To Live With Parents,” Morgan Brennan, Nov. 3, 2011