Coronavirus has changed the way we live and for many young adults, that has meant living with their parents. This change has occurred for a number of reasons including,
College students are at home because their campuses are shut down.
Young adults have lost their jobs and have given up their apartments.
Young adults are working remotely and saving money by living at home.
Parents and their homes are in areas of lower population density and are seen as a safer place to avoid the virus.
In July 2020 fully 52% of 18-29 year olds lived with one or both of their parents up from 47% in February right before the virus hit. This was in increase of 2.6 million young adults moving back in with their parents, according to Pew Research.
The biggest change came with the youngest group of adults, 18-24 year olds or the college age contingent. Among that demographic 71% are now residing with their parents as many campuses remain closed to in-person learning so students may not have returned to their apartments in college towns. For the purpose of Pew’s survey students living in college dorms are counted as living at home so they would not have impacted this change.
The report shows that this is the first time, with records going back 1900, that over half of young adults are back at home. Before 2020, the highest rate of families all residing together was in the immediate aftermath of the Great Depression when 48% of young people were living with their parents.
Earlier this summer, Bloomberg reported on the phenomenon they termed “adulthood interrupted,” asserting that
“Facing down a locked-down spring and now, an aimless summer, young people have embarked on a mass migration back to the homes they once shared with their parents. It makes sense for recents grads and young Millennials to ride out economic uncertainty under a sturdy roof: They’re also the ones who are more likely to live in cities with hopped-up rents, and early unemployment statistics suggest they’re already facing worse after layoffs.”
The current Pew research finding and a previous study by Pew Research bear out these anecdotal findings. According to Bloomberg This “Great Regression” may leave its mark on this demographic of young adults for a long time to come.
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