The data comes from a Census release called “Young Adults: Then and Now,” which “illustrates characteristics of the young adult population (age 18-34) across the decades using data from the 1980, 1990 and 2000 Censuses and the 2009-2013 American Community Survey.”
In 1980, according to the Census, 22.9 percent of the total population ages 18 to 34 were living with a parent who was deemed the householder. In 1990, the percentage living with their parents increased to 24.2 percent. In 2000, the percentage dipped to 23.2 percent, and in 2009-2013 it reached the highest level recorded in the dataset to 30.3 percent.
CNSNews.com contacted Veronique de Rugy, a senior research fellow at the Mercatus Center, to put the data in context to find out why this is occurring.
“For instance, the recession hit when some millennials were just getting out of college and so they went straight into the unemployment line. And then when they were lucky enough to get a job, usually there was a lot of underemployment going on, meaning not necessarily full-time and part-time jobs but also at lower salary than they would otherwise,” she said.
“The other thing that’s been really rough for them is the fact that during the recession and the slow recovery, the number of older workers that actually quit their jobs to get a better position, was down quite significantly, and unfortunately, I mean this is a bad thing, because this is one of the ways that first you measure the health of the labor market, but also this is one of the ways that younger workers go up the job ladder,” de Rugy added.
“And when you actually have few options because people are worried and won’t quit their jobs for better opportunities either because they’re risk averse or because those opportunities do not exist, it means that you are stuck at lower positions without being given the opportunity to go out. So it’s a problem,” she said.
“The other major problem that we’re gonna see in the next - you know playing out for the next 40 years is the fact that the biggest increase in your expected income, future income, comes the first 10 years of your career,” said de Rugy. “So if you start slow, it means you’re basically losing out a lot in the long run. So it’s been rough.”
Enjoying your CNSNews.com article? The MRC is NOT funded by the government like NPR - but as a non-profit, your tax-free contribution will keep the MRC your conservative premiere Media Watchdog! Support us today by completing the form below. Enjoy your article!