(Image source: The Daily Caller)
BY EMILY SPAIN
You're watching multisource US news analysis from Newsy.
Hey Mom and Dad, I’m back! More parents have heard that in the past few years. According to the 2010 Census, the number of adult children living with their parents increased since 2007 before the recession hit.
MSNBC explains what shacking up with the ‘rents means for the economy...
“Children in their 20s and 30s are doubling it with their folks because of tighter budgets, Chris. Not creating new households, which means they are not buying washing machines or TVs and so though our children are not doing better this challenge is bringing them closer to home for now.”
The Census Bureau calls this “doubled-up” households, which increased by almost 11 percent. And the statistic can include more than just older kids moving home. A writer for TIME magazine defines it as:
“...when at least one extra adult resides in the home who is not in school and/or is outside the typical family unit.”
But the Chicago Tribune reports most of the “doubling up” increase noted in the 2010 census, did come from adult children moving home or never leaving.
“Among adults between the ages of 25 and 34, some 5.9 million were living with their parents this spring, up from 4.7 million before the recession hit in 2007. That 25 percent increase translates to 14.2 percent of all young adults living with their parents in March.”
CNBC notes, bunking back at the ‘rents may have influenced other census numbers like the poverty rate.
2: “Kids who move back home?”
1: “Move back home or are living at home. It’s up by 2 million now so that’s another way I think the poverty numbers would probably be higher if those kids were out there living on their own, because a lot of times those salaries would be them into the poverty.”
With so many adults living back at home, some are asking if kids should pay their parent landlords? WWL Radio got these answers...
One man said, “‘I kicked him out because he didn't pay rent... I don't know if it was right or wrong ... there ain't no book, I don't know.”
And a mom told the station...
“The only reason they are moving back home is because of the economy... Family is supposed to help...”
Out of all American households, according to the 2010 census, 18.3 percent of households were “doubled up”.
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Transcript by Newsy.
