Adult children move back home in tough economy

rockin'robin

rockin'robin

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WASHINGTON (Reuters) - More adult children moved in with their parents amid the recent tough economic times in the United States, according to a U.S. Census Bureau report released on Wednesday.

The number of adult children living with parents increased 1.2 million to 15.8 million between 2007 and 2010, the Census Bureau said. Those ages 25 to 34 accounted for two thirds of the 823,000 increase in adult children living with parents during that period, according to the report.

The 2007-09 recession, the longest and deepest since the Great Depression of the 1930s, decimated household wealth and erased 8.8 million jobs. U.S. unemployment has been stuck above 8 percent since February 2009.

The report found that 30.1 percent of Americans age 18 and above lived in 2010 in a shared household - with family members or with unrelated roommates. That was up from 27.7 percent just before the recession started in 2007.

"Although reasons for household sharing are not discernible from the survey, our analysis suggests that adults and families coped with challenging economic circumstances over the course of the recession by joining households or combining households with other individuals or families," said Laryssa Mykyta, an analyst in the Census Bureau's Poverty Statistics Branch.

The Census survey found that shared households increased 11.4 percent to 22 million in 2010 from 2007. Shared households accounted for 18.7 percent of all U.S. households in 2010, up from 17 percent in 2007, the report stated.

Adult children move back home in tough economy - Yahoo! News
 
That's so sad. :(

Shame on bank, credit card companies, wall street and subprime mortgage for killing our economy.
 
Shared housing shouldn't be seen as a bad thing. With the mortgage/rent prices the way they are now, it's not economically feasible to live alone for many people. It's really a US attitude towards people who live in shared housing. If you look at other countries, shared housing is very common, sometimes expected. People have the same attitude about transportation--they gotta have their own cars, nevermind the fact traffic is getting worse and new roads are being added.
 
The FED had to retract their figures for future job growth predictions and raise their unemployment numbers today. They also lowered interest rates again to historic lows in an attempt to stimulate a failing economy. The only positive is that they predict that gas will be below $3 a gallon by the end of the year.
 
airportcop said:
The FED had to retract their figures for future job growth predictions and raise their unemployment numbers today. They also lowered interest rates again to historic lows in an attempt to stimulate a failing economy. The only positive is that they predict that gas will be below $3 a gallon by the end of the year.
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What are you doing if we are still in recession or slow economy during all of Romney Admin?
 
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