The percentage of 33-55 year olds who live with their parents or grandparents is the highest it’s been in 50 years
Moving in with mom and dad is the thing to do — even if you’ve got wrinkles and gray hair.
Millennials have been called the “basement generation” because so many of them, even when they hit their late 20s, are still living with mom and dad. About one in three millennials — roughly 24 million — lived with their parents in 2015, according to a Census Bureau report released this month.
But it turns out, they’re not alone: “The proportion of of people living at home with their parents is going up uniformly for all age groups,” according to data released from real estate site Trulia.com on Wednesday.
In fact, the percentage of 33 – 55 year olds living under their parents or grandparents roofs is the highest it’s been in more than 50 years, according to Trulia.com. Now, 5.5% of people in this age group live with mom and dad, up from 3.4% 50 years ago and 4.8% 20 years ago. It’s even creeped up from 2015, when 5.3% did it.
Trulia attributes this to a number of factors including lingering effects of the recession, as well as people marrying and entering the labor force later. Some older people are also caring for aging parents and may move in with mom and dad to do that.
“When members of any generation become young adults, they struggle in the same way young adults struggle today.,” the Trulia report reveals. Often they have higher rates of unemployment — currently young people are 29.5% more likely to be unemployed than their older peers. This is a lower rate than it has been in past decades, and compares with 41.7% to 51.7% more likely in the late 70s, early 80s and in 1990.
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