In the aftermath of the recession and weak recovery, the share of 18- to- 34 year olds—a.k.a.: Millennials—who own a home has fallen to a 30-year low. For the first time on record going back more than a century, young people are now more likely to live with their parents than with a spouse. [...]
On the first track, there are high-achieving students, who disproportionately come from richer districts. This group is more likely to move away to go to college and then settle in one of a handful of dense cities, where they delay buying a house (and delay starting a family) in order to rent throughout their 20s and focus on their careers. For example, about half of college graduates are working outside their state of birth by the age of 35. This group is also mostly white. They are the supermobile: ambitious, devoted to their professional lives, and comfortable with a life path that has them getting married in their late twenties-to-mid-thirties. [...]
The primary reason that the U.S. now has a record-high number of 18-to-34 year olds living with their parents is not because some rich white twentysomethings are taking a year after graduation to save money. It is because black and Hispanic Millennials who didn’t go to college, or did not finish college, are more likely to live with their parents than any time since the late 1800s.
No comments:
Post a Comment