Saturday, August 31, 2013

More Young Adults are Living with Parents

The share of young adults living with their parents edged up last year despite improvements in the economy—a sign that the effects of the recession are lingering. 
In a report on the status of families, the Census Bureau on Tuesday said 13.6% of Americans ages 25 to 34 were living with their parents in 2012, up slightly from 13.4% in 2011. Though the trend began before the recession, it accelerated sharply during the downturn. In the early 2000s, about 10% of people in this age group lived at home. 
The figures are the latest evidence of the recession's continuing impact on young Americans, who are finding it harder to land jobs and take on the costs of setting up their own homes.
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Vivien Tsuong, 28, has a job as a marketing specialist, but is living at home in San Gabriel, Calif., to save money. In 2010, after returning from Japan, where she taught English for two years, Ms. Tsuong struggled for a year to find work. After landing a position in 2012, she moved into her current job at a company that sells computer and Internet products this spring. Now that she is stable professionally, she wants to build savings, just in case she encounters more job turbulence, she said. 
Ms. Tsuong said many of her friends are spending $700 or $800 a month on rent. "I can move out if I really wanted to, but given the situation with rent and gas, I feel like I can save more living at home," she said. "If you can save now, you're sort of investing in your future."
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2 comments:

RomneyMan said...

Stronger family values under this administration equalling more wanting to stay at home out of bonding?

Right Wingnut said...

I'm going to assume your response was intended as a joke.....