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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]
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Steph W.
Steph W. is a new Master's degree graduate with an intern's salary and six-figure taste. She realizes her expectations far exceed reality, so she spends her days pinning away Loubs she pretends are in her physical closet instead of her virtual one. Her hobbies include attempting to trapping her boyfriend into marriage before he finds out how insane she is and pretending that Black Box wine tastes as good as the kind she could afford when she was gainfully employed. Send her tips for getting out of student debt at recruitchairtsm@gmail.com
@therecruitchair
The problem with this study is that it talks about an age range that doesn’t focus on the level of their education or their education situation. People from age 18-24 are either trying to find full-time work right out of high school or they are in college and don’t change their primary address to their college address because the college address is temporary (moving from dorm to dorm or a greek house, etc.). The study should have focused on recent college graduates (ages 22 to 26/27) on what their current living situation is. The study needs to be broken down specifically on education level, age and career industry. I hope my comment makes some readers feel better about themselves?
I agree. Also if you’re lucky to move to your hometown after post graduation… why wouldn’t you take a year to live at home and save the grand plus you’d probably pay in rent? Not ideal socially but economically you can bank an extra 10k in the 401 or used that for a down payment. I believe this is a factor in the 40% number quoted.
If you’re stuck at home and it’s because you have no other choice. Different game lol. As The19thHoler said. Study needs to be. Broken down more.
No offense to The Millennial Chair, bu if the study considered these factors, the headline wouldn’t be a shocking 40% living at home. It would be a more reasonable number, and let’s face it…18% of millennials live at home doesn’t get them clicks.
Did not read, but if mom and dad owned the house in the stock photo would move back home 10/10.
Better than 50% chance that they have a pool in the backyard of that house.
Good to see you back. I’m going pool with guest house in back yard.
Thanks, bruh.
And I was thinking guest house as well, but didn’t want to get too over zealous.
I saw the Trulia article last night on twitter and my first thought was not if it would be covered on PGP but what time would the inevitable article be published.
Story time: of my high school friends (we were the nerd group) I was the “crazy” one that everyone expected to be doing something stupid after college. Turns out, I’m the only one of us that doesn’t still live primarily at home with my parents. The rest of them do. Feel bad for them, but at the same time, don’t hate the player hate the game.
How excited are you for your birthday!?
Bout to get rowdy. I plan on being very hungover for mass this Sunday.
Party cause its His birthday!
I moved home a year ago after I graduated assuming it wouldn’t be for long (I didn’t have a job but was killing interviews.) I never even unpacked my shit. Well here I am, a year later, still living in the basement but getting out as soon as I complete my study program. One of the most frustrating and unfulfilling years of my life. It’s not like living at home is bad, but moving back home after being out of state 6 hours away at state school school for 4 years is less than ideal, especially when short term turns into long term.
Finally moving out next week after a year and a half stint back in the basement. Hang in there
Grew up during the housing crisis, graduated during the student loan crisis. PGP
Have roommate’s multiple high school buddies, who live with their parents in the burbs, sleep on my couch every single weekend to party in the city. Can confirm.
Pearl Harbor was a tragedy. Our response and therefore saving the world from tyranny and stomping out dictators in two continents is a great cause for celebration and pride.
I think I only have one friend who still lives with her parents. Is it really that common?
I think it comes down to your age bracket and education level as someone said above. I also only have one buddy that lives at home. We’re pushing 31 which makes it that much weirder of a situation. Dude has made no effort to get out.
Actually, in retrospect, WWII wasn’t an “economic crisis”. In terms of finances alone, it stimulated the economy and helped the US make a full recovery from the Great Depression.