Record Numbers of Young Adults Living with Older Family Members
Certain groups have suffered more from the “Obama Recovery” than others, starting with younger adults. A recent article found that currently, America is experiencing the highest-ever level of young adults living with older family members:
This is not a situation that young adults – or their parents – want. The desire to own a home is still very prevalent among young adults. But with a depressingly slow “recovery” in jobs and continued disappointing wages for those who can find work, many simply cannot afford it.
This is not a new trend. In 2013, an MIT study found that the median household income for those between ages 25 and 34 dropped a staggering 8.9 percent between June 2009 and June 2012 – that is, during the first three full years of the “Obama Recovery.” What’s more, a 2013 Harvard study noted that of those under age 30, just 62 percent were currently working, and of those “half are toiling at part-time jobs.”
One thing is certain: the kids are not alright.