Pew Research did a study and found out that there is a massive increase in young people living with their parents. According to the study, “36% of the nation’s young adults ages 18 to 31—the so-called Millennial generation—were living in their parents’ home.”
Shocking—not! Student debt is in the TRILLIONS. Can you even imagine what a trillion dollars looks like? I can’t imagine what a million looks like but when I imagine a million chicken McNuggets my head explodes. Thinking of a trillion is the same as trying to picture infinity. Wh-wh-what? On Wednesdays we wear
pink what we wore on Tuesday cause laundry service is expensive. If you don’t have beef with Sallie Mae—you can’t sit with us!
“A record total of 21.6 million Millennials lived in their parents’ home in 2012, up from 18.5 million of their same aged counterparts in 2007.” About one third to one half of these ‘Millennials’ are recent graduates. But what does all this mean? The study attributes this to a decline in jobs (duh), a rise in college enrollment (duh) and a decrease in marriage at a young age (totes).
Essentially, what this all boils down to is that it’s nearly impossible for many of us to pay back student loans and rent, which is not something most salaries/wages account for because salaries generally have not changed with the cost of living or to account for the steady increase in the price of college. Plus the job market has been awful for the past, you know, five years.
If you’re living at home, I would so not be ashamed or embarrassed. Just think of it this way, remember when everyone was wearing trucker hats in the early ’00s? It was totally trendy back then even though it seems kind of silly now. Well, think of this as a hot new trend, except a super grave, depressing one. But hey, everyone else is doing it!
No, seriously, we all have to do what we have to do to meet our goals. We may have to live with our folks a lot longer than we expected but if that’s what is going to get us on our feet and fulfilling our career aspirations then so be it. Times are difficult, we don’t need a study to tell us that young people are getting hit hard by what’s going on fiscally too.