What empty nest? The boomer generation and the boomerang generation are colliding in greater numbers, according to a U.S. Census Bureau report released today.
Between 2005 and 2011, the percentage of young adults living in their parents’ home has increased sharply. The number of men aged 24 to 34 who have returned to the family manse rose from 14 percent six years ago to 19 percent. More women, it seems, are making it on their own. The percentage in the same age group who returned home increased from 8 percent to 10 percent.
The economy is certainly a factor. The unemployment rate in September for 24 to 35-year olds was an above the national average 9.7, a 0.2 percent increase over the previous month. But the trend, said the report’s author Rose Kreider in a statement, “began before the recent recession, and has continued beyond it.”
The rates are even higher for younger children. Fifty-nine percent of men ages 18 to 24 years-old and 50 percent of women in that age group lived in their parents’ home this year, up from 53 percent and 48 percent, respectively in 2005. The Census Bureau counts college students living in dormitories as livingin their parents' homes.
The recession, of course, is not just impacting young people trying to find work or unable to afford living on their own. It has also caused a rise in two-income households. The number of stay-at-home mothers in married couple families with children younger than 15 has decreased from 24 percent in 2007 to 23 percent, the report found.
A survey conducted by Millionaire Corner in October found that of the nearly 8 percent who reported that someone in their household has returned to work either full-time or part-time, 17 percent were under the age of 40. Nearly 14 percent of this age group said that someone in their household has taken a second job.
This economic angst was underscored in a 2011 Millionaire Corner study of households with a net worth between $100,000 and $1 million that found of the 59 percent worried about the financial situation of their children and grandchildren, 62 percent were boomers between the ages of 55-64.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.