It’s no secret that times are tough for millennials, and a bunch of us have been moving back home in droves to save money. If you’re in this boat, know that you’re not alone, because 2015 was the worst year ever for us. According to Trulia, 40% of young Americans were living back at home with their parents, so nearly half of us. To put it into perspective, this is the highest percentage of young Americans moving back into their childhood bedrooms in 75 years. In case you didn’t pay attention in history class, this was during World War II, so it’s super great to know that our student loans have caused the same level of economic crisis as one of the world’s most significant tragedies.
Usually after a recession, once the economy improves, young people begin to move back out, purchasing or renting homes, and thereby stimulating the economy and leading to further recovery. Unfortunately for us, this is the first time in history this trend hasn’t happened, due primarily to our crushing student loans. On top of this enormous burden that would otherwise be a down payment on a home, high rents and the difficulty in securing mortgages after the 2008 crisis are making it impossible for almost half of 18 to 35-year-olds to move out on their own. We’re also not getting married nearly as soon as previous generations, so the need for us to buy a home just isn’t as pressing. Basically, thanks to our unique generational circumstances, we’re pretty much ruining the housing market. Cool.
The next time you go home with your Tinder match and wake up to breakfast in bed catered by a 55-year old named Susan, at least take solace in the fact that this is happening to about half of us these days. The bright news is that as we accrue more cash and start to pay off our debts, we’ll likely begin to purchase homes in the next decade or so. Maybe modern medicine will catch up in time to help us make up that decade later in life, but for now, whenever you feel like crying into a bottle of wine over crippling debt and the Backstreet Boys posters you never removed from your ceiling, know that statisticians believe that you’ll be able to get back on track by age 45, so at least the second half of your life might not suck. .
[via Wall Street Journal]