52% of young adults in US live with parents
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READING:
A new study from the Pew Research Center has revealed that most adults under 30 years old are now living with their parents. The study says the number of 18- to 30-year-olds who live at home has hit an 80-year high. Around 52 per cent, or 26.6 million, of young people are at home with one or both of their parents. Researchers say that not since 1940 have so many of the younger generation lived with their parents. Only in the Great Depression of the 1930s was the percentage higher. The researchers say there has been a recent rise in the number of young adults moving back in with their parents. A contributory factor to this spike is the economic downturn and a rise in unemployment caused by coronavirus.
Regarding the economy, financial analyst Jeremy Sopko said: "You have to take into account two huge factors: massive student loan debt and a lack of available work." He added: "It's a difficult situation that's been exacerbated by the pandemic and it may take ...the better part of a decade for younger demographics to recover and be financially stable enough to leave home." Another commentator said the trend could have adverse effects on the property rental market. She said: "With a lot of young people not renting, not moving into cities...there is a lot of inventory coming onto the market." Mr Sopko concluded: "For the most part, nobody wants to be living at home with mom and dad."
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