Five or so years out of the Great Recession and into a slow but reasonably steady recovery, it appears that a significant number of Millennials are living at home.
“In fact, the nation’s 18- to 34-year-olds are less likely to be living independently of their families and establishing their own households today than they were in the depths of the Great Recession,” according to a Pew Research Center report issued this summer.
What’s more, the percentage of Millennials who live with Mom and Dad has increased since 2007 – before the recession – despite the fact that the unemployment rate for young adults has improved considerably since 2010. In the first third of this year, 7.7 percent of Millennials were unemployed – that’s down from the 12.4 percent rate seen in 2010.
(Fasten your seatbelts; there are a lot of numbers in this column, and numbers make me dizzy.)
There actually are more young adults today than there were before the Recession; this population cohort has grown by nearly 3 million since 2007. Yet, according to Pew, the number heading their own households hasn’t increased.
“In spite of these positive economic trends and the growth in the 18- to 34-year-old population,” the report states, “there has been no uptick in the number of young adults establishing their own households. In fact, the number of young adults heading their own households is no higher in 2015 (25 million) than it was before the recession began in 2007 (25.2 million). This may have important consequences for the nation’s housing market recovery, as the growing young adult population has not fueled demand for housing units and the furnishings, telecom and cable installations and other ancillary purchases that accompany newly formed households.”
I added the emphasis to, y’know, emphasize that we’re not just tossing around numbers for fun.
Reading further into the Pew Research report, we find that, despite the dire warning that more young adults are living with their parents than there were before the Recession, overall there are more young adults living independently than there are those living with Mom and Dad. Although the comparative rates may have declined, by sheer numbers, more Millennials live in their own households than not.
According to the report, “In the first third of 2015, 67 percent of Millennials were living independently, compared with 69 percent of 18- to 34-year-olds living apart from family in 2010 and 71 percent in 2007.”
So percentages are decreasing, slightly. But according to this research, more than two-thirds of the entire Millennial generation lives independently.
What’s the takeaway? As confounding as the numbers may seem, there still are more members of our target generation living independently than those who are not.
The next task? Figuring out how many of those have space for plants.
(You can read the entire Pew Research report here: (http://bit.ly/Millennials_PewResearch)