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The PJ Tatler

by
Rick Moran

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August 3, 2013 - 10:25 am

More than a third of young Americans between 18-31 are still living at home, according to a study by the Pew Research Center. According to Pew, 36% of young millennials, or 21.6 million, live with their parents, up from the pre-recession number of 32%, or 18.5 million.

From NBC News Business:

According to Pew’s analysis of U.S. Census Bureau data, the number of millennials still living at home is the highest percentage in four decades.

A driving factor: Declining employment. Last year just 63 percent of young adults in that age group were employed, down from 70 percent in 2007.

“You’re much less likely to be living with your mom and/or dad if you have a job, and job holding still hasn’t picked up,” said Richard Fry, a senior research associate with Pew Research Center.

Another interesting finding in the study is the gender difference. Men are more likely to hang at home than women: 40 percent to 32 percent.

What’s a parent to do?

It costs a little less than $300,000 to raise a child to age 17, according to U.S. Department of Agriculture figures. And maybe another $160,000 to put him through college. But as the Pew study reveals, more families are finding the big bills don’t stop once kids reach adulthood.

Today’s kids who fail to launch have become a major financial planning issue, said certified financial planner Lynn Ballou, a managing partner at Ballou Plum Wealth Advisors in Lafayette, Calif.

Parents already have a tendency to sacrifice their own retirement planning and other savings to send their children to college, banking on them finding good jobs at graduation. “Come to find out, your grad is unemployable and can’t even find a job at Starbucks,” said Ballou, who estimates a third of her clients are providing some financial support to an adult child.

Unexpected expenses to care for adult children can force parents to make severe cuts in their own spending, delay retirement or dip into savings.

But parents shouldn’t feel obligated to continue providing the same support as they might for a teenager. “They could be there forever if you don’t charge them some rent and make them do some chores,” said certified financial planner Sheryl Garrett, founder of The Garrett Planning Network. Adult children who can’t find a job outside the home should be asked to contribute with jobs around the house, she said.

Men are more likely to live at home at that age than women — 40%-32%. And there are a couple of interesting social factors that contribute to the high number of millennials failing to launch:

Rising college enrollment. In March 2012, 39% of 18- to 24-year-olds were enrolled in college, up from 35% in March 2007. Among 18 to 24 year olds, those enrolled in college were much more likely than those not in college to be living at home – 66% versus 50%.

Declining marriage. In 2012 just 25% of Millennials were married, down from the 30% of 18- to 31-year-olds who were married in 2007. Today’s unmarried Millennials are much more likely than married Millennials to be living with their parents (47% versus 3%).

This generation is marrying later and still thinks a college education is a ticket up the ladder. In a recession, both of those trends are exaggerated.

But Pew notes some long-term trends that reveal a changing society:

Looking at longer term trends, the analysis finds that the share of young adults living in their parents’ home was relatively constant from 1968 (the earliest comparable data available) to 2007, at about 32%. However, other household arrangements of young adults changed dramatically during this period. For example, the share who were married and living with a spouse fell from 56% in 1968 to 27% in 2007. And the share who were living with a roommate or child or were cohabiting with a partner increased nearly fivefold (from 5.5% to 26%).

Youth unemployment in July was 11.4% compared to the national number of 7.4%. As long as the jobless recovery fails to create full-time employment that would allow young people to cut the apron strings, this is a trend that’s going to continue.

Rick Moran is PJ Media's Chicago editor and Blog editor at The American Thinker. He is also host of the"RINO Hour of Power" on Blog Talk Radio. His own blog is Right Wing Nut House.

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Top Rated Comments   
Well, I'm sure this is all due to a conspiracy organized by the Koch Brothers, right-wing code-talkiing dog-whistle raaaaacists and Adolf Hitler's ghost to purposely not hire college graduates with degrees in multi-cultural transgender poetry in order to make our first black/female/Marxist president look bad. Because there's no way he could screw things up this badly on his own, could he? Oh, and if you think that position is stupid... SHUT UP!
36 weeks ago
36 weeks ago Link To Comment
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until I looked at the bank draft which had said $9680, I have faith ...that...my father in law realy taking home money part-time on their laptop.. there uncles cousin has done this 4 only about fifteen months and resantly paid the mortgage on their home and got a top of the range Honda NSX. read more at.. WWW.CNN13.COM
36 weeks ago
36 weeks ago Link To Comment
my roomate's step-sister makes $73/hour on the laptop. She has been fired from work for five months but last month her payment was $18153 just working on the laptop for a few hours. Read more here---> WWW.CN32.COM
36 weeks ago
36 weeks ago Link To Comment
my roomate's step-mother makes $70/hour on the laptop. She has been fired for eight months but last month her pay check was $12727 just working on the laptop for a few hours. Read more on this site...>>. http://xurl.es/r1kkq
36 weeks ago
36 weeks ago Link To Comment
my friend's aunt makes $63 an hour on the internet. She has been fired from work for 7 months but last month her pay was $21070 just working on the internet for a few hours. Read more on this web site http://www.wep6.com
36 weeks ago
36 weeks ago Link To Comment
By wasting their votes without doing due diligence on whom they voted for, they deserve to be where they are.
36 weeks ago
36 weeks ago Link To Comment
Looking at longer term trends, the analysis finds that the share of young adults living in their parents’ home was relatively constant from 1968 (the earliest comparable data available) to 2007, at about 32%.

I had no idea the historical number was so high! Given that, a 4% increase isn't so much and I don't see how anyone can really build any kind of comment on it.
36 weeks ago
36 weeks ago Link To Comment
My child has a law degree from a very well thought of college. (trans.: exclusive and very expensive) At the ripe old age of 31, was diagnosed Bi-Polar.(classic) The question of right meds is ongoing. Unfortunately ( or fortunately ) this child is gifted in many areas where we would be happy with just one of the many given to this person. Very, very bright with no foreseeable future in sight. What good are wings when you have no feet?
36 weeks ago
36 weeks ago Link To Comment
Claim disability benefits.
36 weeks ago
36 weeks ago Link To Comment
The longer the economy stays poor, the greater the clamor for "student loan reform" will become. Look for a major communist, excuse me Democrat, initiative going in to the '14 Election. An offer of forgiveness or substantial subsidies will bring both the borrowers and large numbers of their parents into the the Democrats' fold.

Outside the STEM area, a batchelor's degree doesn't represent as much training as a high school diploma from the '60s and before. Even in the STEM area, a college graduate is likely a complete illiterate in cultural and historical terms unless s/he got it on his own.

We in the Red States should actually work to make it harder for batchelor's degree holders to make it into the workforce above the entry level. The place a BA is most likely to get you a job above the entry level is government. A HS diploma or a GED with a little work experience will get you the entry level job in most clerical or technical job class series in government and you have to work your way up from there. Often you are barred from reaching the top of the series without further training because at some point a degree, or at least college course work, becomes a requirement. However, in many class series "a degree" will get you a job several levels above entry, usually at least the bottom of the journeyman/professional/supervisory classes in the series. This is allows the mind-numbed lefty robot right out of college to quickly become the supervisor of the people who came in at the entry level a few years before and who actually know the work and have some life experience. Within ten years, that mind-numbed lefty with the Environmental Studies degree can be the supervisor or manager of, say, the biologists or chemists in a government's environmental protection department. Within twenty years, less if the employee is an attractive woman willing to make a horizontal career move, that employee, still a mind-numbed lefty, can go to a few cocktail parties and write a few checks and run a government's environmental protection department. The same is true for a government's labor department and its social services department. Both education and social services departments usually have a degree requirement for almost any job above clerk or janitor and that poses its own problems because in my experience having a degree in either education or the social so-called sciences renders a person incapable of supervising anything or anyone.

Red state governors and Republican mayors should direct their HR departments to review their class specification and remove the "a degree" qualifier except where that degree credential is directly related to and necessary to perform the work. That would pretty much eliminate the "a degree" qualifier outside the STEM area and certain professions and occupations where some sort of licensure is required and a degree is the predicate of the licensure. An interesting irony is that with females now being the majority of college graduates, the "a degree" requirement where there isn't demonstrable business utility for the degree poses a discriminatory artificial barrier to male applicants and makes the employer liable for a discrimination claim. It's about time for males to get some of that anti-discrimination action!
36 weeks ago
36 weeks ago Link To Comment
When my friends and I left home back in the '60s, which we all did, it was because parents still imposed rules regarding late nights, drugs, drinking and general behavior. This is no longer the case. Most parents are permissive and think sex, drugs and rock and roll are just part of daily life, so why leave home?
36 weeks ago
36 weeks ago Link To Comment
Parents don't have much choice but to be permissive so long as they're minors; look at the brat crossways and you're talking to the nice lebians from the child protective service or, worse, the cops. They're actually easier to have some control over once they're over 18 and can't call in the lesbians. That said, the only thing I know of more despicable than a 25+ year old guy still living in his old room at home is the girl trying to slip past his mother to sleep with him. What is she thinking?
36 weeks ago
36 weeks ago Link To Comment
I thought that Jaycen's reaction, although pretty obviously trolling, was interesting in that Moran's simple laying out one of the generational impacts of an economic decline was somehow objectionable. We are poorer and there are more kids stuck at home and the usual remedy - college - isn't working very well either. So the sun rose in the East. That is happening in my family too. One grandson thinks he is entitled to be supported, the other is doing contract work in web maintenance obtained through an Internet based agency and putting himself through college with some family assistance. So far avoiding loans! Like in any generation there can be large differences even within a family. The problem is real and the social implications are not good. After two terms of Hillary some of those children will be 40.
36 weeks ago
36 weeks ago Link To Comment
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