Another indication of how the job market is considerably worse than unemployment rates indicate, is the percent of young people, many with college educations, that have given up on finding jobs and have moved in with their parents.
Young adults ages 25 to 34 have been a major component of the growth in the population living with multiple generations since 1980—and especially since 2010. By 2012, roughly one-in-four of these young adults (23.6%) lived in multi-generational households, up from 18.7% in 2007 and 11% in 1980. This is a record high.
Historically, the nation’s oldest Americans have been the age group most likely to live in multi-generational households. But in recent years, younger adults have surpassed older adults in this regard. In 2012, 22.7% of adults ages 85 and older lived in a multi-generational household, just shy of the 23.6% of adults ages 25 to 34 in the same situation.
The increase in multi-generational living since 2010 is apparent across genders and among most racial and ethnic groups. While the share of young adults ages 25 to 34 living in multi-generational households has increased most rapidly, the share increased across all age groups with one exception: Among those ages 65 to 84, the share living in a multi-generational household decreased slightly between 2010 and 2012.
Among young adults, men are significantly more likely than women to be living in multi-generational households. In 2012, 26% of men ages 25 to 34 were living with multiple generations of family, compared with 21% of women in that age group. For most other age groups, women are more likely than men to be living in multi-generational households.
Why: Declining employment is a major reason. In 2012, 63% of 18- to 31-year-olds had jobs, down from the 70% of their same-aged counterparts who had jobs in 2007. 2014 data is not yet available, but labor participation rates indicate it is even worse today.