Young Adults Living With Their Parents To Save Money During The Pandemic
The coronavirus has had a number of profound effects on society as we know it, and it should be interesting to see what the effects are when it is all over. Until that occurs, the Wuhan virus will continue to affect our lives as we have learned in a few ways, ranging from how we look at cleaning surfaces to how we safely run our businesses. One of those effects has been that something that has not been seen for generations, young adults living with their parents as a matter of choice, returning to part of how we live. It should be interesting to see what the effects of this will be long term, but for now, everyone is busy trying to find their balance.
The Statistical Interest
As per Pew Research Center studies, there was an increase of 52% of young adults (those between 18 and 24 years of age) living with parents in July, as compared to 47% in February. Put another way, that an increase of 600,000 young adults. While the increases were seen across the board, both in terms of racial and ethnic groups as well as by living area, the largest amount of growth was seen in white young adults. This has not been seen since the time of the Great Depression when about 50% of all young adults lived with their parents. While there was a peak during the 1950s and 1960s, it was not this high. It should be noted that there are no statistics available prior to the 1930s.
The Reasons Involved
The reasons are pretty much economic; the young adults have been hit hard by this year's pandemic. They are also the group most likely to move than other groups, with roughly 9% of all young adults moving back in with their parents, either permanently or until things get better. Slightly more, 10%, had someone move into their household. Among all adults who moved due to the coronavirus, 23% did so because their college campus had shut down due to health concerns with 18% due to financial issues such as an employer cutting back jobs or just shutting down.
Interestingly, the reasons are pretty much the same as they were in the 1930s. By working together the family is better able to save money on bills and is better able to consolidate their funds. With colleges and jobs becoming more and more remote, that is, accessible due to the internet and therefore able to happen anywhere, it simply makes better sense for the family to be in one location rather spread out all over the map. While this trend is likely to continue as long as the pandemic persists, it should be interesting to see if the trend itself persists once it is over.
Millennials are moving back in with parents during the coronavirus quarantine | New York Post