Young Adults Still Living in their Parents’ Homes

YoungAdults Still Living in their Parents’ Homes

YoungAdults Still Living in their Parents’ Homes

Thenumber of young adults who are still living with their parents hasbeen increasing exponentially within the last one decade. This hasbecome a controversial social issue that has attracted research whoare trying to identify the major causes of this phenomenon. Althoughthere are many reasons that have been suggested to-date, three ofthem have been empirically proven. First, researchers haveestablished a positive relationship between the tendency of youngadults to live with their parents and a decline in the rate ofemployment. According to Fry (2013) the unemployed young adults aremore likely to be living with their parents (45 %) compared to thosewho are employed (29 %). This implies that the increase in the rateof unemployment is a major challenge affecting the young adults.

Secondly,the decline in the rate of marriage has increased the tendency ofyoung adults to live with their parents. A research conducted by Fry(2013) showed that the rate of marriage among the population of youngadults reduced from 30 % in 2007 to 25 % in 2012. A similar researchconducted two years later (in 2014) showed that about 75 % of theyoung adults who are living with their parents are single and havenever engaged in marriage (Jones, 2014). This suggests that singleyoung adults fail to find the reason of living away from theirparents or lack adequate resources to establish new homes.

Third,the raise of house prices relative to income has presented a majorchallenge to young adults who cannot afford to buy or rent houses atpresent prices. According to Osborne (2014) the increase in thenumber of young adults who are living with their parents coincideswith the period (such as 1996 and 2007-2008) in which the price ofhouses increases. This shows that the increase in the price of housesis one of the major challenges that are forcing the young adults tolive in their parent’s homes. In conclusion, the increase in therate of unemployment, decline in marriage, and a sharp rise in theprice of houses are some of the major factors forcing the youngadults to live with their parents.

References

Fry,R. (2013, August 1). A rising share of young adults lives in theirparents’ home. PewResearch Center. RetrievedJuly 7, 2014, fromhttp://www.pewsocialtrends.org/2013/08/01/a-rising-share-of-young-adults-live-in-their-parents-home/

Jones,M. (2014, February 13). In U.S., 14 % of those aged 24-34 are livingwith parents. Gallup.Retrieved July 7, 2014, fromhttp://www.gallup.com/poll/167426/aged-living-parents.aspx

Osborne,H. (2014, January 21). Record levels of young adults living at home,says ONS. TheGuardian.Retrieved July 7, 2014, fromhttp://www.theguardian.com/money/2014/jan/21/record-levels-young-adults-living-home-ons