Wikinvest Wire

Home for the holidays ... and every other day

Wednesday, November 25, 2009

A new report by Pew Research tells of the growing number of "boomerang kids" who will only have to walk down the hall tomorrow to get a good Thanksgiving dinner.

The journey home for Thanksgiving won't be quite so far this year for many young adults. Instead of traveling across country or across town, many grown sons and daughters will be coming to dinner from their old bedroom down the hall, which now doubles as their recession-era refuge.

A recent survey by the Pew Research Center finds that 13% of parents with grown children say one of their adult sons or daughters has moved back home in the past year. Social scientists call them "boomerangers" -- young adults who move in with parents after living away from home. This recession has produced a bumper crop.

Census Bureau data confirm that proportionately fewer young singles are living solo now than before the recession. Overall, the proportion of adults ages 18 to 29 who live alone declined from 7.9% in 2007 to 7.3% in 2009. Similar drops in the proportion of young people who live by themselves occurred during or immediately after the recessions of 1982 and 2001.
Given that their parents' home equity money tree has now stopped producing, many millenials are now either going to grow up very fast or develop an alternative, less-productive view of the world that, in some cases, will shape the rest of their lives.

There have been so many stories about teenagers getting whatever it was that they wanted up until a year or two ago that you have to wonder if a more descriptive name for their generation might develop over time.

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Dan said...

Living in LA (west side), many of the renters here are partially, or wholly on their parent's dime. When the credit collapse first revved up, it appeared as though many parents yanked the subsidized funding for their young'ins as they mostly quickly vacated their rental units. Then the gov't stepped in with the bailouts and a new crop o' young'ins moved in. I can only assume that was because the parents felt safe enough to subsidize them again. The new crop has recently vacated and there's a whole new set of "for rent" signs in my neighborhood.. again. Will these units get rented as fast as they did the last time? Parents that are subsidizing their chillins may have decided that it's best to have them under their own roofs if they are going to be paying the bills. Who knows? But I've seen this before. Most of my neighbors who've "staying power" are European, involved in Entertainment or Lawyers... where are the others who service this economy??? They're either doubled or tripled up (in my case, doubled-up - I have no parents), commuters or at home with the folks.

All anecdotal. My simple observations.

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