A weak economy and high debt levels are prompting more young adults to return to the family nest, a new survey shows. Perhaps surprisingly, most are happy with their living arrangements. – Christian Science Monitor

 

By Husna Haq at Christian Science Monitor

EXCERPTS:

“I moved back home pretty much for lack of money and prospects,” she says. Owens’s cousin, Evon Burton, who also returned home after graduating from Morehouse College in 2009, adds, “The choice is to go out and be in debt or to pursue your dreams and save up money at home, in a safe, stable environment.”

 

Unable to find well-paying work in a weak economy, escalating numbers of young adults – as many as 3 in 10 – are returning home to the family nest, resulting in the highest share of young adults living in multigenerational households since the 1950s, according to a Pew Research Center report released Thursday.

 

Today, some 29 percent of 25- to 34-year olds either never moved out of their parents’ home or say they returned home in recent years because of the economy, according to the Pew report. Among 18- to 24-year olds, that figure is even higher – 53 percent of young adults in that age group live at home.

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