Boomerang: Over 20 Million Adults Now Living With Their Parents; Massive Increase Since 2007
September 26th, 2012
As the economic crisis deepens, more jobs are vaporized, millions lose their unemployment benefits, and prices for essentials goods continue to rise, many Americans are left with no choice but to move back in with mom and dad.
It’s being called the Boomerang effect, and since the onset of recession in 2007 the trend has been growing at an alarming rate:
The number of 26-year-olds living with parents has jumped almost 46 percent since 2007, according to Census Bureau data compiled by the University of Minnesota Population Center. Last year, the number of 18- to 30-year-olds living with their parents grew to 20.7 million, a 3.9 percent gain from 2010.