Home, Home on the Mom and Dad

If a young adult is unemployed or under employed, or is saddled with student debt, the easy solution is to live with mom and dad -- if you have them which, of course, most poor people don't. Reflecting economic conditions, it's a solution sought by an increasing large share of today's coming of age crowd. In the 16 to 19 year age group unemployment is 23.7 percent. For the 20 to 24 year old cohort the jobless rate is 12.6 percent. Total student loan debt is pushing $1 trillion dollars. Average student loan debt for graduating seniors is $26,600, with many students graduating with a debt load in excess of $50 K.

In 2012, 36% of the nation’s young adults ages 18 to 31—the so-called Millennial generation—were living in their parents’ home, according to a new Pew Research Center analysis of U.S. Census Bureau data. This is the highest share in at least four decades and represents a slow but steady increase over the 32% of their same-aged counterparts who were living at home prior to the Great Recession in 2007 and the 34% doing so when it officially ended in 2009.

Here is a visual of the trends.

There have been sharp losses in employment opportunities for young adults in the Obama years with essentially no rebound post recession.  

Despite this young adults are optimistic about their futures.

Much more so than their older compatriots who have had more experience with the crucible of time.