One aspect of this broad and prolonged economic downturn is that more and more individuals are moving or continuing to stay in their parents’ home to save money. The impact on those between the age of 25-35, who as a group have experienced very high unemployment, has been especially profound according to new research from Pew.
The current surge in multi-generational households is linked to the economy. The unemployed, whose numbers are growing, are much more likely to live in multi-generational households—25.4% did in 2009, compared with 15.7% of those with jobs. [...]
The number and share of Americans living in multi-generational households rose for all age groups from 2007 to 2009. The sharpest growth was among adults ages 25 to 34, 8.7 million of whom lived in multi-generational households in 2009, compared with 7.4 million in 2007.
Both the numerical growth (about 1.3 million people) and the percentage increase it represents (16.8%) were larger than for any other age group.
The share of these adults in multi-generational households rose to 21.1% in 2009 from 18.7% in 2007. That 2.4 percentage point increase also was larger than for any other age group.
While the study only covers changes through 2009, there is reason to suspect the great move back home is continuing with unemployment still around 9 percent.
This inability to find a job and/or move out of their parents’ home for years is becoming a recipe for destroying the hope and optimism of a whole generation. If the Obama campaign thinks it is going to be able to count on a high youth turnout again to help him win, they maybe in for a rude awakening, as the young people who have fared very poorly under his tenure decide not to rally to extend it.