The Obama 'Recovery': Number Of Millennials Living At Home With Mom Reaches 75-Year High

Tyler Durden's picture

Millennials finally get to claim a trophy for an achievement they actually earned (no participation medals here)...that's right, Millennials have officially set a 75-year record for highest percentage of young adults living at home with mom.  At just under 40%, Millennials are barely shy of the all-time record of 40.9% set in 1940, after the end of the Great Depression.  For once, we have every confidence that our young snowflakes will excel in crushing this longstanding record.  Per the Wall Street Journal:

Almost 40% of young Americans were living with their parents, siblings or other relatives in 2015, the largest percentage since 1940, according to an analysis of census data by real estate tracker Trulia.

 

Despite a rebounding economy and recent job growth, the share of those between the ages of 18 and 34 doubling up with parents or other family members has been rising since 2005. Back then, before the start of the last recession, roughly one out of three were living with family.

 

The trend runs counter to that of previous economic cycles, when after a recession-related spike, the number of younger Americans living with relatives declined as the economy improved.

Millennials At Home

 

We must admit that we're somewhat confused by the following data, from the Census Bureau, suggesting that the percentage of the population with college degrees has increased 5x since 1940.  Bernie Sanders and Elizabeth Warren assured us that spending 4-7 years drinking and partying at an institution of higher education, while incurring $100,000's of dollars worth of debt that will ultimately have to be absorbed by taxpayers, would automatically result in higher incomes which should then translate into higher household formation and economic growth, right?

College

 

Well, we're sure their is some other fantastic explanation as to why only 200,000 households have been created by the 5 million milliennials that have joined the "young adults under 30" cohort over the past decade...and this is just a guess but we bet it has something to do with Republicans and/or Russia. 

The result is that there is far less demand for housing than would be expected for the millennial generation, now the largest in U.S. history. The number of adults under age 30 has increased by 5 million over the last decade, but the number of households for that age group grew by just 200,000 over the same period, according to the Harvard Joint Center for Housing Studies.

 

Analysts point to rising rents in many cities and tough mortgage-lending standards as the culprit, making it difficult for younger Americans to strike out on their own.

 

“I don’t think those are challenges that are going to keep young households permanently out of the housing market, but it may keep their homeownership rate near historic lows for likely the indefinite future,” said Ralph McLaughlin, Trulia’s chief economist.

 

Household formation is closely correlated with housing affordability and income. Among those aged 25 to 34, 40% of those earning less than $25,000 headed their own household. The share rose to 50% for those earning between $25,000 and $50,000, and 58% for those with incomes above $50,000, according to the Harvard Joint Center.

Perhaps the problem isn't as complicated as Bernie and Liz think, maybe we should just try this guy's idea that millennials should stop playing video games in their parents' basements and get a job...it just might be crazy enough to work.

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demi urge's picture

Wait, my elementary school diploma is worthless?!?!!

 

FUCK!

Golden Showers's picture

Oh. You want to have a talk? Let's talk.

blackwhiskey's picture

sounds like someone is mad that millennials keep passing up his overvalued levitt home in the 'burbs, which has been on and off the market for ~5 years

maybe he can attract a nice chinese young professional to solve his woes...

Hongcha's picture

Uparrow if you think that Huma picture is HOT.  It's the only one I like of her.

Sudden Debt's picture

HAHAHAHAHAHAHAHA THAT LAST MOVIE!!!! HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!

 

One Eyed Jack's picture

I get it, it is an ironic joke. Something like military intelligence, or free trade or ah fuck you get its bullshit like every thing that spills out of the media and governments fetid lips.

Golden Showers's picture

'sup?

Here's my take on you: You are pussies. All of you.

You've never meditated. You've never had a lucid dream. You've never had an out of body experience. You've never eaten or enjoyed the 5th kingdom spirits of Cubensis as a guide. You've never dosed. You've never taken the spirit of Salvia Divinorum. You've never taken any responsibility for you. Mommy has. Mommy does that while you live in the gutter. And you don't even give mommy respect.

That's because you are special. You are little Piccassos with your little Guerinicas and I don't give one fuck about you. Tough it out. But you are stupid.

Picassoo pisses in your face. So do I.

Most of you here lack intellectual honesty, won't stick your neck out, won't take a stand for nothing. That's why you are pussies. Fuck you. I don't care what you think about me. And fuck your lazy genes. You are stupid. That's not my problem.

Tennessee Patriot's picture

Golden,

I agree.  They are all 100% USDA Pussy.  Here are someother things they never experienced.  Jumping out of an airplane at 0200 from 800 feet.  Leading real men in combat.  Experiencing the sheer joy of having someone shoot at you & thankfully they miss.  Suffering through 100+ degree heat for weeks on end.  Enduring 20 degrees below zero in a godforsaken shithole in Afghanistan.  Getting drunk on your ass in Bangkok, Stutgart, Rome, Seoul and many other places with your buddies.  Plus, a multitude of other life changing events reserved exclusively for the warriors of the world.  Good times, good times. 

demi urge's picture

You really think getting drunk in Bangkok is reserved for the warriors of the world?

Interesting.

LyLo's picture

Wow. 

C'mon guys, ya'll know better than to judge books by their cover: my husband, who reads ZH now and then, is a decorated combat veteran, and I lived in a hippie commune for a few years (they don't like sleepwalking in the military, turns out, and yes I had dreadlocks.)  Probably worth mentioning that we both are avid video gamers that own our home at age 30.  And I'm a homemaker.  Yeah, stereotypes are useful, but this is ZH: most of us pride ourselve in busting them in all the best ways.

Oh, and he was on waaaay more trips than me.  Ex military and all.  Hey, I did admit stereotypes are useful...

bookofenoch's picture

Iraq and Astan were the best and worst of times. Thanks for the reminder.

One Eyed Jack's picture

Blah..blah...blah fucking Wah! Cry me a river life is tough welcome to the real world bitch and shove meditation up your ass. That's probably one of your many problems besides being a fucking self entitled cunt.

mary mary's picture

Speak for yourself, please.

jplbrmo's picture

Reading something like this makes me realize how lucky i am. No wife,no kids,not a penny of debt. Mom and Dad are in a better place. Glad they didn't life to see America in this condition.

jplbrmo's picture

Reading something like this makes me realize how lucky i am. No wife,no kids,not a penny of debt. Mom and Dad are in a better place. Glad they didn't life to see America in this condition.

mary mary's picture

Moving in with parents does not mean not working.  It's a good way for everyone to save money.  And grown children can help a lot, even after they get off work.  The American Dream was never owning a house; it was always owning your own small business, and the only way to do that is to save money first.  (Unless you belong to the Trrrr.....)

Golden Showers's picture

I agree. I moved home in 2002. I worked 45 hours a week. Then I worked 20 more hours taking shifts from the same company. I saved all I could.

I'm calling BULLSHIT on your posting above. "Owning your own small business...." You must be Korean or something and own a fucking stinking ass gas station. And you don't tell us how you really feel.

Please explain. What is the Trrrr....?

Shove your triangle up your ass where you like it, Miss contrary.

mary mary's picture

Born in the South, raised in the military.

Nobody gets rich except by owning his own business.  Most immigrants, both historically and right now, come to the USA to escape a "class ceiling" which effectively prevents them from owning a profitable business back home.  Here they can own their own profitable business; back home they can't.  Read any of the many ZH comments about how English and other European people have to spend months to acquire the same business licenses Americans acquire in days.  THAT's a reason to immigrate.  Or, consider that Cuban, Persian, Indian, and Chinese immigrants to the USA all have small business ownership percentages way above USA average.  That's because they understand how things work in the real world.

Houses are just tools.  A tool that costs you money but doesn't make you money is a bad investment.  If you purchased a Boeing 747 that you couldn't sell seats on, that would be a bad investment.  If you purchased a 3,000 square foot house for yourself and one other person, that house costs you plenty in taxes, insurance, and maintenance, so it's a bad investment.  In fact, it's a SPECULATION.  Like an option on a stock, or a lottery ticket.

Realtors made up the myth that houses are "the American dream".  They never were.

Also, this board is about investing.  Investing is a small business, and in that small business, you have to save money before you can invest it.

Since you are doing what I was arguing for, I don't understand why you are upset.  I was sticking up for you.

Tennessee Patriot's picture

Anyone:  Was that a "REAL" video or some sarcastic "Onion-esque" type of video?  If it's "real", then fuck that asshole.  I hope he gets his ass kicked for lunch money every day.  If it "fake", then Well Played, Sir. 

olebugger's picture

30% is NOTHING. Some counties in Europe (Southern Med) have 60-80% of guys in their 20s living with Mom and Dad. America has a looooong way to go: http://image.guardian.co.uk/sys-images/Guardian/Pix/pictures/2014/3/24/1...

Spungo's picture

Damn. That's what poverty looks like.

norecovery's picture

Could be one reason so many milleneals stayed home for the election -- Hiillary had too much of a resemblance to Mom and/or Nanny, therefore it wasn't to be "her turn."

Agres's picture

millennial here ... we're not all complete retards but the vast majority are :( I'm ashamed to be part of this generation.

P.S. been living on my own since 17yo did it the old fashion way of working shit job to get to a better job 

Agres's picture

millennial here ... we're not all complete retards but the vast majority are :( I'm ashamed to be part of this generation.

P.S. been living on my own since 17yo did it the old fashion way of working shit job to get to a better job 

St. Alphonzo's picture

that asshole Obongo is enjoying one victory in his pathetic useless legacy and that is making the millenials trapped in his socialist web. Trump will free you and we can piss on Obozo's legacy some more...it already is shit.