Census Bureau: More Adults Living in Shared Households

Monday, 03 Dec 2012 08:14 AM

By Michael Kling

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If their parents are the baby boom generation, today's young people might be the boomerang generation.

People in their 20s and 30s are increasingly returning home to live with their parents, according to a new Census Bureau report.

Credit the recession and weak recovery.

Editor's Note: Economist Warns: 50% Unemployment, 100% Inflation Possible

In 2011, 17.9 percent of people 18 or older, or 41.2 million adults, lived in someone else's household, compared with 16 percent of adults in 2007 and 17.3 percent in 2010.

In 2011, more than one in three adults aged 18 to 24 and over 30 percent of those 25 to 34 lived in someone else's household. In other words, they were not the householder, the householder's spouse or cohabitating partner, the Census Bureau states.

Further, the proportion of adults aged 25 to 34 living in other households increased 4.5 percentage points from 2007, while the increase for those aged 18 to 24 was 1.7 percentage points.

About half of those adults were children of the householder. Most other adults were parents, siblings or other relatives of the householder. Non-relatives accounted for 19.2 percent of the group.

Many of the adults living with relatives would have been in poverty if they were living on their own, the Census Bureau states.

Economists worry that the increasing number of young people living with their parents could restrain the housing market from recovering.

“It does have a negative impact,” Joel Naroff, economist with Naroff Economic Advisors and a Moneynews.com contributor, tells CNBC. “The question is why is it happening.”

The high unemployment rate and student loan burdens may be factors. If the issue is mainly unemployment, they'll be able to move out at some point after finding jobs, Naroff says, according to CNBC.

But if student loans are the major problem, their predicament could be a long-term problem.

Editor's Note: Economist Warns: 50% Unemployment, 100% Inflation Possible

© 2014 Moneynews. All rights reserved.

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