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Feb. 18, 2015

30% of Millennials Still Living at Home

It’s a mass failure to launch that will hurt the economy in the long term. The Census Bureau released a report indicating 30.3% of Americans 18 to 34 are still living at home. A part-time job isn’t going to cut it for 20-somethings. Rent is expensive, and, hey, stay at home and laundry is thrown in for free – all thanks to an economy that eats under-qualified applicants for lunch. “Millennials are taking a big hit in this economy,” senior research fellow at the Mercatus Center Veronique de Rugy told CNS News. “Recessions are always rough on younger people, but this one has been particularly rough. The recovery has been so slow, and it’s also been kind of slow on the labor market side of things. … The other major problem that we’re going to see … 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. So if you start slow, it means you’re basically losing out a lot in the long run.” Furthermore, as young citizens stay put, they loose the enterprising spirit that built this great nation – a troubling trend indeed. More…

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