The last thing Caitlin Hipp would have expected as she prepared to turn 28 years old was to be living at home with her parents.
All she’s ever wanted to do is to become an elementary school teacher. And in the meantime, she’s been working through her teaching *certifications for four years after obtaining an education degree from Bowling Green State University in Ohio, US.
Hipp has *racked up $100,000 (about 0.67 million yuan) in student loan debt and isn’t able to earn enough through working as a part-time skating instructor and restaurant server to live anywhere other than home.
To some degree, multigenerational households have always been a part of American life. However, the number of adults who have been moving back in with their parents – or never leaving home in the first place – has been growing steadily.
The Pew Research Center recently reported that 2014 was a *milestone in the evolving living arrangements of young adults in the US. For the first time since 1880, adults aged 18 to 34 became more likely to be living with a parent than to be living on their own.
In 2014, about 32.1 percent of 18-to-34-year-olds lived in their parents’ home, with 31.6 percent married or *cohabiting and living in their own separate *dwelling. *Prior to 2014, the most common living arrangement for young adults was to be living in their own *property as part of a couple.
UBS Financial Services, a Swiss global financial services company, released a report that even suggests one reason for the growing number of young adults still living at home could be that their family doesn’t want them to leave.
The report shows that 74 percent of millennials get some kind of financial support from their parents after college. It finds that boomers and millennials have *redefined the ties that *bind parents and children. “Millennials see their parents as peers, friends and *mentors. Nearly three quarters talked with their parents more than once a week during college. In return, their parents happily provide financial support well into adulthood, helping fund everything for them.”
Stuart Hoffman, chief economist for the PNC Financial Group in the US, said the number of young adults striking out on their own fell during the Great Recession. Although job growth for millennials since 2014 has improved, that doesn’t necessarily mean that millennials are starting to fly the nest, he said. “They may like living at home and being able to save money.
“There’s no doubt it has held back household formation and purchases on things people spend money on related to household formation and perhaps related to *child-rearing,” Hoffman explained. “But they are probably traveling more and eating out more if they don’t have a house expense or marriage. I don’t know if it represents a change in moral values. But it’s much more common for adult children to live in their parent’s homes because it’s becoming part of the culture.”