Nowadays, when 20-somethings say they "work from home," it's highly likely they mean "I work from my parents' basement." In fact, the number of U.S. adults under age 30 living with a parent hit an 80-year high this past summer at 26.6 million, or 52%. But this isn't a reflection of bad parenting by the older generation or lackadaisical living by the younger. It's a sign of the times. And it might be the best thing that ever happened to this age group. The 20-something demographic currently comprises younger millennials (those born between 1981 and 1996) and older Generation Zers (those born between 1997 and 2010). And the economic impact of the pandemic has hit them hard. In July, 18- to 24-year-olds had the highest unemployment rate of any age group. Combine that with unprecedented student loan debt, the sky-high cost of urban living and COVID-19 health concerns... and we got a mass exodus to the burbs. Now, the obvious benefit of moving back home is the ability to mooch live rent- and mortgage-free. But beyond that is the ability to save. That's been the silver lining for this age group - a chance to assess, regroup and, in some cases, catch up. |
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