Last week Gallup released some survey data that deserved more attention than it actually received. The survey indicated that, in the United States, 14 percent of adults aged 24 to 34 live with their parents. What’s more, 51 percent of young adults aged 18 to 23 live with their parents. Put them together, and almost one-third of American adults under the age of 35 live with their parents.
As the Gallup report linked above indicates, there are many potential causes for this phenomenon. Some young adults, for example, may be helping to care for their aging or infirm parents. But deep down, we all know what the real cause is — the job market for young people is terrible, and many college graduates have obtained their diplomas at the price of a huge amount of debt. If you can’t get a job that covers the cost of housing, allows you to service your student loans, and leaves a little money left for living expenses, you don’t really have a choice. Inexorable financial necessity drives the decision.
The reality exposed by the Gallup survey is why so many of us have difficulty accepting the gradual decline in the unemployment rate as real evidence of an improving economy. We all know too many smart, capable, motivated college graduates who have had to move back in with their parents to try to make ends meet while they look for a job. It’s not what they — or their parents — envisioned when then went off to college.
The Gallup piece ends with a paragraph that begins: “A key question is to what extent those living at home are better off or worse off than their contemporaries who are out on their own, and what implications that has for society in general and the economy in particular.” Gallup promises to explore this question in a future report, but I think I can predict the findings — young adults who live with their parents probably eat better but are less satisfied than their friends who have found a job and are living on their own. People want to be independent, and the surest indication of independence is maintaining your own place. Mom’s home-cooked meals are nice and the comforts of home are pleasant, but young people who have to move back into their old rooms to make ends meet have to be frustrated and worried about their careers and their futures.