Have we failed this generation of young adults by not equipping them to be able to handle the harsh realities of the real world?
According to the Wall Street Journal, the percentage of Americans in the 18 to 34-year-old age bracket that are currently living with their parents hasn’t been this high in 75 years. At this point nearly 40 percent of our young adults in that age range are living at home, and many are concerned that this could have some alarming implications for the future of our nation.
In the United States today, more than 60 million people live in multi-generational households, and it is a good thing to have a tight family. But at some point young adults need to learn how to live their own independent lives, and in millions of cases this independence is being delayed or is never happening at all.
Normally when a recession ends, the percentage of young adults living with their parents starts to go back down. But this has not happened this time around. Instead, the percentage of young adults that live at home has just continued to rise…
The trend runs counter to that of previous economic cycles, when after a recession-related spike, the number of younger Americans living with relatives declined as the economy improved.
The result is that there is far less demand for housing than would be expected for the millennial generation, now the largest in U.S. history. The number of adults under age 30 has increased by 5 million over the last decade, but the number of households for that age group grew by just 200,000 over the same period, according to the Harvard Joint Center for Housing Studies.
Another major factor in all of this is the fact that Americans are getting married later in life than ever before and they are having fewer kids than previous generations.
In the old days, people got married young and they set up their own households even if they were dirt poor. But these days we have hordes of single young adults that are perfectly content to sit at home and sponge off of Mommy and Daddy.
There seems to be a real lack of toughness to this generation of young adults, and many that have perceived this lack of toughness have resorted to referring to them as “Generation Snowflake”.