Select date
Too broke to leave home even at 35 years of age
Over 30 percent of young adults under the age of 35 living at home. Home ownership rate of young adults continues to plummet.
from MyBudget360.com:
Young Americans are so broke, they can’t leave home. That might sound like the line of a really bad joke but this is the unfortunate situation in our economy. Many young Americans are saddled with mind numbing levels of student debt. Younger Americans are carrying the heavy burden of the $1.2 trillion in student debt outstanding in the United States. At the end of the day, many already have a mini-mortgage before they even go out and house hunt. It should come as no surprise that sales volume is downright anemic in the housing industry because new households are simply not forming as they did in the previous generation. Younger Americans have lower wages, more college debt, and massively reduced benefits compared to the previous generation. The idea of buying and staying put in one location for 30 or more years simply does not fit in with the economic conditions of many younger households. In fact, we have the highest number of young Americans living at home today compared to any other time in US history. Even through the recovery, the number of young Americans living under the roof of mom and dad has increased dramatically. In essence, young Americans are too broke to leave home.
