Kids Move Home Due to Covid
The COVID-19 pandemic has caused havoc on the economy and has had many trickle-down effects. People who have had their lives changed or their plans for the next year completely put on hold are having to work out how to get through these difficult times. For many young adults, the only logical and smart thing to do is to move back home with their parents.
Research has shown that the share of young adults living with their parents grew across the board over the last few months. Currently, America is seeing an unprecedented rise in kids moving back home. The share of 18- to 29-year-olds living with their parents is now higher than the previous peak during the Great Depression era. This is true for all major racial and ethnic groups, men and women, and metropolitan and rural residents.
The reasons are bigger than just financial considerations or colleges having closed, which of course, are major concerns. Twenty-three percent moved because their college campus had closed, and 18 percent lost their job or had other financial reasons. Being able to provide support, go shopping for groceries and medicines, if their folks are vulnerable, or have existing medical conditions is also a factor.
If we compare what life was like back in the mid-1980s all the way through until the late 2000s, Census Bureau data reveals that the share of 25-to-34-year-olds living at home was much lower at between 10 to 12 percent. Of course, the Recession had something to do with the increase before we got to where we are now, but the pandemic has accelerated this mass home migration to levels never before witnessed in the United States at any time in living memory.
The fact that the virus has hit young American adults financially is showing. When colleges and hospitality venues shut down, many lost jobs as well as educational opportunities. The effect on many families has been severe, and having grown children does not lessen the burden. If anything, it could make it harder. Almost two-thirds of parents in America are supporting their grown kids financially during the crisis, assisting with everything from health care expenses to grocery costs. Fifty percent are even paying for everyday costs such as gas.
The statistics speak for themselves: twenty percent (one in five) of older Americans have experienced their adult child move back home with them during the coronavirus pandemic, and as it drags on, there might be an even bigger increase over the next year.
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