Number Of Middle Age Californians Living With Their Parents Soars

Tyler Durden's picture




 

In the latest indication of just how strong the US "recovery" is, we find that the number of Californians 50 to 64 who live in their parents' homes has surged in recent years, which as the LA Times less than sarcastically adds, reflects "the grim economic aftermath of the Great Recession." Wait, don't they mean the great recovery? Because isn't the S&P just 10 points from its all time closing high? Maybe all those middle-age Californians are merely seeking their comfort (and spare bedrooms) of their parents so they can all use the family E-trade terminal together.

But since everyone knows the latest handout to the population by the administration is ObamaTrade in which everyone gets $100,000 to BTFATH, we know that is not the case, so surely the LA Times is joking.

Unfortunately, it isn't.

Here are the details - "for seven years through 2012, the number of Californians aged 50 to 64 who live in their parents' homes swelled 67.6% to about 194,000, according to the UCLA Center for Health Policy Research and the Insight Center for Community Economic Development. Many more young adults live with their parents than those in their 50s and early 60s live with theirs. Among 18- to 29-year-olds, 1.6 million Californians have taken up residence in their childhood bedrooms, according to the data. Though that's a 33% jump from 2006, the pace is half that of the 50 to 64 age group."

Here, once again, we run into the lack of that R(ecovery) word again:

The jump is almost exclusively the result of financial hardship caused by the recession rather than for other reasons, such as the need to care for aging parents, said Steven P. Wallace, a UCLA professor of public health who crunched the data.

 

"The numbers are pretty amazing," Wallace said. "It's an age group that you normally think of as pretty financially stable. They're mid-career. They may be thinking ahead toward retirement. They've got a nest egg going. And then all of a sudden you see this huge push back into their parents' homes."

Hmmm, if it's not the recovery, maybe it was the snow in the winter? After all that explained all the bad economic data in the past 3-6 months. Surely the polar vortex is the reason for all this renewed family circle "warmth?"

The surge in middle-aged people moving in with parents reflects the grim economic reality that has taken hold in the aftermath of the Great Recession.

 

Long-term unemployment is especially acute for older people. The number of Americans 55 and older who have been out of work for a year or more was 617,000 at the end of December, a fivefold jump from the end of 2007 when the recession hit, according to the Bureau of Labor Statistics.

 

As with Rohr, those in their 50s move in only as a last resort. Many have exhausted savings. Some have jobs but can't shoulder soaring rents in areas such as Los Angeles or San Francisco.

 

Whatever the cause, moving in with Mom and Dad exacts a bruising emotional toll. Even asking to move the family in was difficult for Rohr.

Maybe not. Actually, in retrospect, maybe there was no recovery at all. Maybe the Second Great Depression - when one ignores the HFT-rigged and Fed-manipulated market hitting daily all time highs - has just been getting worse and worse.

"I said 'Mom, I'm so sorry but I don't know what to do,'" she said. "I dreaded it. If it wasn't for my boys I wouldn't have done it. I would have lived in my car."

 

Jenny Chung Mejia knows how tough it can be. As a public policy consultant at the Insight Center for Community Economic Development in Los Angeles, she helps people and communities regain their economic health.

 

"It's unexpected vulnerability at this point in your life," she said. "When you're supposed to be the provider, sort of the rock for yourself and your family and maybe your parents, the table just gets turned on you and the rug gets pulled out from under you."

 

That's what happened to Janine Rosales, who moved into her mother's San Francisco home two years ago after a career of mostly low-paying jobs left her unable to afford the city's towering rents.

 

For Rosales, 53, it represented a personal defeat, an unofficial marker of unmet goals in life. 

 

"I sit here sometimes and I see baby pictures of myself and my teenage years and remember all the dreams I had," Rosales said. "I never thought I'd end up where I am."

Fear not Rosales: every personal defeat and failure in life can be quickly converted into a win, if only on paper - just remember to BTFATH, and failing that, BTFD. The same goes for your parents:

The situation is also trying on elderly parents.

 

They feel the anxiety afflicting their children. Aging people on fixed incomes also worry that the extra money they spend on utilities or food will drain their own limited retirement savings. 

 

"When I use up all of my money, who's going to help me?" said Rohr's mother, Penny Goulart.

Well, there's always Aunt Janet, and all those activisit who made billions in the past two months buying calls on a stock they knew would be acquired.

Either way, always repeat: the recovery, the recovery, the recovery:

Rohr is applying frantically for jobs. She's willing to do anything but has had no luck.

Or not. Still, remember to smile, because it will only get worse beofre it gets much worse. Some context: "About half of all Italians between 24 and 35 still live with their parents, compared with 14% in the U.S." ... All coming to America's "recovery" next.

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 04/22/2014 - 11:51 | 4682757 Latina Lover
Latina Lover's picture

Welcome to the bankster run plantation Amerika, land of the poor, home of the slave.  

Tue, 04/22/2014 - 11:52 | 4682766 tarsubil
tarsubil's picture

"O say does that blood-splatter'd banner yet wave,

O'er the land of the fee and the home of the slave?"

Tue, 04/22/2014 - 11:53 | 4682774 TahoeBilly2012
TahoeBilly2012's picture

Hey don't knock it til you tried it, Foods great and my Mom shares my politics for the most part. It's hard to move on man, this is good livin'!

Tue, 04/22/2014 - 11:58 | 4682796 Slave
Slave's picture

MISSION ACCOMPLISHED

 

Sincerely,

Foodstamp

Tue, 04/22/2014 - 11:59 | 4682807 Xibalba
Xibalba's picture

Wait..why don't they all sign up to become Herbalife distributors...er..I mean small bizniz owners

Tue, 04/22/2014 - 12:19 | 4682905 The Juggernaut
The Juggernaut's picture

End the Fed!!!

Tue, 04/22/2014 - 12:26 | 4682929 Skateboarder
Skateboarder's picture

Evening Mrs. Jones. Can Billy come out to play [Bingo]?

Tue, 04/22/2014 - 12:35 | 4682968 fonestar
fonestar's picture

Bitcoin is the ticket out of their parent's basement!

Tue, 04/22/2014 - 12:38 | 4682983 Skateboarder
Skateboarder's picture

And into the attic.

Tue, 04/22/2014 - 13:03 | 4683104 Joe Davola
Joe Davola's picture

and back out onto the street when the feds come for reimbursement after paying for Mom and Pop's eol medical bills.

Tue, 04/22/2014 - 13:08 | 4683128 zerozulu
zerozulu's picture

more and more people should live with their parents. This will unite a family. Divided family is an easy meal for the authorities. Save housing expanse, save utilities bill, save baby sitting expanses. If one need emotional help will be available right there, 24/7. IMHO

Tue, 04/22/2014 - 13:48 | 4683339 Telemakhos
Telemakhos's picture

There's something to this.  Extended families used to live together, and the elderly knew that they would be looked after by family rather than hired strangers, and the middle-aged had their children looked after by family rather than hired strangers, and a household was a prosperous and stable unit.

The push for every grouping of any size over one person to own a separate home certianly did wonders for the mortgage and construction industries.  Separating grandparents from their children and their children's children made more jobs for child-care and elder-care.  Both of those took a heavy toll on the efficiency of the household and its ability to save up a patrimony to pass on to the future, not to mention on the ideas of family traditions (things other than television and ephemeral cultural phenomena, which are now seen more as common to a demographic market than to a region or people, unless you're talking about immigrant families that haven't been broken up yet).

Tue, 04/22/2014 - 14:14 | 4683479 TruthInSunshine
TruthInSunshine's picture

Chazz Reinhold: HEY MOM! CAN WE GET SOME MEATLOAF?

10 Minutes Later: MOM! THE MEAT LOAF! FUCK!

In other news, the American Middle Class is broke dick poor, Taco Bell has Loaded Grillers $1 "Happy Hour" (get your edible food-like substance feast on), and Moochelle sayz "life is about splurging."

Middle Class Tango Down! If you aren't in top 5% (where median annual income is only $53,000), you're just going to have to suck it up (the top 80% to 94% already ate each other - wait for the top 95% to 98% to do the same).

http://www.nytimes.com/2014/04/23/upshot/the-american-middle-class-is-no...

Moochelle: Splurge Amerikans! Spend! Eat! Have Fun! Vacation!

http://news.yahoo.com/michelle-obama-splurging-key-life-171642985--polit...

Jeb Bush, John McAnus, and other RINOS push for MOAR ILLEGALS at Davos.

http://www.breitbart.com/Big-Government/2014/04/21/Jeb-Bush-Pushes-Amnes...

Tue, 04/22/2014 - 15:32 | 4683863 Son of Loki
Son of Loki's picture

I'll move back home also if Mrs Robinson still lives next door.

 

[yuk,yuk,yuk....]

Tue, 04/22/2014 - 15:49 | 4683936 giggler321
giggler321's picture

>>more and more people should live with their parents.

Yep, nothing like wiping a 92 year old arse or feeding with a bib your helpless father while he dribbles his food back in your face not knowing your name because of alzheimer's.  Hey I'm just thinking out loud not that I've done it but it's been like that here in the UK for to long now.

Tue, 04/22/2014 - 17:00 | 4684175 daveO
daveO's picture

True, but state run schools and, especially colleges, have brainwashed people beyond repair. They equate debt with wealth. None of my 4 half siblings live in the same state. They've all been divorced(another tool of the state). I'm sure 2 voted for BHO, and wouldn't be surprised if the other 2 did as well. They're full of 'white guilt' and carry more debt than worth. This country is full of idiots who don't even know they're poor!  

Tue, 04/22/2014 - 17:57 | 4684354 MrPalladium
MrPalladium's picture

"They're full of 'white guilt' . ."

The mass death wish of the 20th century. Hopefully it will pass.

Tue, 04/22/2014 - 13:16 | 4683174 zerozulu
zerozulu's picture

I also strongly believe if people can they should get rid of CAR and try to manage with a bicycle. No auto insurance, no gas expanse, no accidents, no repairs, no depreciation and no doctors visits too.

Tue, 04/22/2014 - 13:37 | 4683281 Anusocracy
Anusocracy's picture

Rent a car when you need one.

Tue, 04/22/2014 - 13:23 | 4683207 zerozulu
zerozulu's picture

When you cannot fight with the beast, you can starve it to death.

Tue, 04/22/2014 - 12:40 | 4682992 Blano
Blano's picture

You were a lot more fun to read when you weren't pumping BTC.  Back to mom's basement with you now.

Tue, 04/22/2014 - 14:45 | 4683629 crash commando
crash commando's picture

We've been through this before.  He lives in an attic.

Tue, 04/22/2014 - 12:40 | 4682997 Battleaxe
Battleaxe's picture

The thing you have to ask yourself is: "Is this exhuberance irrational?"

Well.....IS IT PUNK?

Tue, 04/22/2014 - 12:55 | 4683060 fonestar
fonestar's picture

Bitcoin is the rational exuberance!

Just because fonestar is a major douchetard is no reason to not buy Bitcoin!!

Tue, 04/22/2014 - 12:44 | 4683022 813kml
813kml's picture

But then they would lose their street cred in the BTC community.

Tue, 04/22/2014 - 13:43 | 4683317 TheMeatTrapper
TheMeatTrapper's picture

"Bitcoin is the ticket out of their parent's basement!"

And into the attic - like you. 

Tue, 04/22/2014 - 12:38 | 4682982 Oh regional Indian
Oh regional Indian's picture

ouch!!! straight for the twin hangers there sb....

Tue, 04/22/2014 - 13:08 | 4683124 Skateboarder
Skateboarder's picture

Hide and Go Seek --> Getting hammered, losing something, and walking around trying to find it
Tag --> Facebook Picture Upload
Riding bikes --> Filling up a couple of gallons of gas (cuz you can't afford more)
Getting grounded --> Spending a night in jail
Homework --> Job search
Imaginary friends --> Psych meds

Tue, 04/22/2014 - 17:14 | 4684214 Hongcha
Hongcha's picture

Sports Bars ---> adult Chuck E Cheeses.

Tue, 04/22/2014 - 11:59 | 4682809 IBelieveInMagic
IBelieveInMagic's picture

Finally, a good trend! Americans taking care of their elders...

Tue, 04/22/2014 - 12:55 | 4683057 Murf_DaSurf
Murf_DaSurf's picture

 

 

 

Yup, things are getting tough out there, even Michelle's Mother had to move in with the Obamas...

Tue, 04/22/2014 - 13:04 | 4683105 Falconsixone
Falconsixone's picture

That should get him to move out.

Tue, 04/22/2014 - 13:37 | 4683283 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

That should get him to move out.

Of the country for good?

Tue, 04/22/2014 - 14:45 | 4683630 crash commando
crash commando's picture

You have that perfectly backwards.

Tue, 04/22/2014 - 13:05 | 4683112 Wahooo
Wahooo's picture

Nancy Boys.

Tue, 04/22/2014 - 13:50 | 4683349 Freddie
Freddie's picture

California Dreaming California Dreaming - yeh man fU**king EhhhA  (words changed)

Sung by John Phillips of the Mamas and Papa's

Another   Laurel Canyon Military Industrial Complex special intelligence child.

http://www.davesweb.cnchost.com/nwsltr93.html

 

Liberal politcians. Liberal judges allowing open borders has turned CA into a third world country with a dying middle class.

Tue, 04/22/2014 - 14:23 | 4683523 Bananamerican
Bananamerican's picture

uh, ya don't get to be a judge ANYWHERE by being a quote "liberal"

Tue, 04/22/2014 - 17:10 | 4684203 Slave
Slave's picture

Boy the statists really fucked people up by hiding behind the word "liberal".

FYI, in case you didn't know, now it is "progressive".

Tue, 04/22/2014 - 13:04 | 4683109 RafterManFMJ
RafterManFMJ's picture

MOM! WHERE'S THAT FUCKING MEATLOAF!?

Tue, 04/22/2014 - 11:54 | 4682775 onewayticket2
onewayticket2's picture

Because Obama

(and liberalism....eventually, you run out of other people's money to spend)

Tue, 04/22/2014 - 12:28 | 4682940 SmallerGovNow2
SmallerGovNow2's picture

While i agree in general with your comment, republicans are just as good at spending other people's money as the liberals...  we need a return to constitutional principles and that just ain't gonna happen without a complete collapse and a lot of liberty minded individuals to pick up what's left over and fix it...

Tue, 04/22/2014 - 13:40 | 4683293 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Most Republicans are just a slightly more conservative brand of socialist. They campaign "fiscal restraint" but do not practice it. 

Tue, 04/22/2014 - 13:53 | 4683363 Telemakhos
Telemakhos's picture

Republicans are every bit as good at spending other people's money as Democrats: they just choose to spend it on different things and justify that theft with different catchphrases that resonate with a different voter base.  At the end of the month, though, Republicans and Democrats collect the same pay and the same bribes for doing the exact same work, namely for enriching the rich, impoverishing the poor, excluding any middle, and prostituting the American dream.

Tue, 04/22/2014 - 11:55 | 4682786 NotApplicable
NotApplicable's picture

"It's unexpected vulnerability, at this point in your life..."

Funny, I managed to expect all of this disaster, but an actual  "public policy consultant at the Insight Center for Community Economic Development in Los Angeles" has no clue?

While I feel for her, I still stand by the idea that stupid should hurt.

Tue, 04/22/2014 - 12:53 | 4683055 Tortfeasor
Tortfeasor's picture

"Jenny Chung Mejia knows how tough it can be. As a public policy consultant at the Insight Center for Community Economic Development in Los Angeles, she helps people and communities regain their economic health."

And she's doing a bang-up job!

Tue, 04/22/2014 - 11:57 | 4682794 Kaiser Sousa
Kaiser Sousa's picture

and many r willing slaves...

willfully ignorant...

willfuly obedient..

all that is required is to exit their debt based system to the greatest extent possible starting with converting all their disposable debt coupon dollars into real money - Gold and especially grossly undervalued SILVER...

then what would the MoneyChangers have???????

NOTHING.

Tue, 04/22/2014 - 11:58 | 4682806 Freddie
Freddie's picture

Sad stuff. Decent people need to leave that shithole as fast as possible.  I saw this coming years ago in CA.  Decent middle class Americans cannot afford to live there. 

Tue, 04/22/2014 - 12:11 | 4682874 Bill of Rights
Bill of Rights's picture

And yet the Parisites who mooch off of other peoples labor sit by the beach saying " Lifes good isnt it " Jose.

Tue, 04/22/2014 - 13:00 | 4683089 drendebe10
drendebe10's picture

....with govt employed life guards making $100K+ watching over them....

Tue, 04/22/2014 - 11:58 | 4682808 Headbanger
Headbanger's picture

I bet a big part of this problem is these 50 somethings were the people who were buying their way over priced dream house almost 10 years ago when they were still in their 40s and thought they were all set in life. The dream houses turned into a financial nightmare of of foreclosure and they probably lost their nest egg used as down payment.  And I bet there's a lots of used BMWs going for cheap now!

Do NOT follow this link or you will be banned from the site!