Posted on 03/21/2017 10:05:31 PM PDT by nickcarraway
The secret is out, living with your parents is more common than you might think. A study by rental website Abodo showed that millennials are more likely to be living at home than on their own.
The national average is 34.1 percent.
San Francisco ranks 28th in the nation, with 31.5 percent of its millennials living at home. Of those, 9.2 percent of the millennials living there are unemployed, while of those who work, the median monthly income is $2,813.
"We found that Millennials aren't living at home simply because of high rent prices across the country,” said Sam Radbil, Sr., communications manager at ABODO. “Other factors also contribute to Millennials living at home, including education level, student loans, unemployment and low pay. Many Millennials are not only earning less than their parents did as younger adults, but the majority of Millennials who pursue college degrees are eventually saddled with an average student loan debt hovering around $30,000."
This data is based on a research study done on metro areas with a population greater than one million.
Of the16 metro areas with the highest percentage of millennials living at home, number one is Miami-Fort Lauderdale-West Palm Beach, FL, where a whopping 44.8% of 18- to 34-year-olds live with their parents. Close behind are Riverside-San Bernardino-Ontario, CA, at 44.5%, and New York-Newark-Jersey City, at 43.8%.
My 22 year old son has moved home to San Jose.
He’s been unable to get a job using his degree, a BS in economics from Texas A&M.
He’s taken a minimum wage job at Whole Foods so he can get some money.
He’s been applying to jobs online, but nothing has come of that. He’s been to some job fairs, but the Whole Foods job seems better.
I don’t know what he is doing wrong, and I’m ready for him to move out!
Is just a BS, good enough, now, for such positions ?
They r not wannabe Republicans.
And for any here who want to chalk this up to them being "lazy losers" who aren't interested in supporting themselves. Just read post #2 above. Their experience is the "new (ab)normal" that millions are presently experiencing all over America thanks to Obomination's disastrous intentional destruction of all sectors of the economy over the last 8 years.
“He’s taken a minimum wage job at Whole Foods so he can get some money.”
Some hope: If he stays at a grocery store it is easy to get promoted to a division or department manager. Management in grocery stores pays better than you’d expect.
A Bachelor’s degree is basically an advanced high school degree now.
Department managers in the grocery business make about 20.00 an hour and benefits that can’t be beat most are food service union workers!!!
I find that a high school diploma from the 70’s and before are FAR MORE educated than the kids with a BA degree today!!! That is a FACT!!!
I personally think, there’s a huge demand for young people who have mechanical skills. I should say, a huge demand for young people that have skills to work with their hands, period. I’ve heard from managers, from different companies, that there is lots of competition between companies, to pick up the few that are applying for these positions. Tech school, learning a trade, may be the new wave. Obviously, it’ll be more technology advanced, but, companies will be searching and you would have the upper hand in negotiating wages.
I agree 100% with your post.
Wages for the middle class have been falling for the past few decades. This type of inter-generational dependence is the result.
I also have a son graduating this summer with a BS in Economics and I want to ask—did your son do a nationwide search when job hunting, or just a Bay Area search? How many resumes sent out? Any interviews at all? I want to tell my young adult son what to expect. I suppose he looked for jobs in Texas too?
I’m wondering if some millennials are unwilling to do a wide geographic job search? Are they willing to live anywhere for that very first job after college? I fully expect my son will not be able to return to the Bay Area to live for many years—way too expensive for a young adult just out of college.
I think working at Whole Foods is a great idea while he continues to search.
Wages for the middle class have been falling for the past few decades.
...
All according to plan. Crooked politicians hate the middle class. Those are the citizens who try to hold them accountable.
Companies typically will not hire if not local.
Your son should spend summers interning at companies in the industry he wishes to work in. These internships typically aren’t paid.
This is why we have a student debt crisis on our hands: no job with a bachelor’s, so the econ grads then go for their MBA (which is now the minimum requirement for entry level) to postpone the BA/BS debt.
Millennials can’t afford to move out because, as you correctly identified, the cost of living has gone up way faster than did wages.
This article sums up some of the stats nicely:
“1. In 1989, adults aged 25-34 made $50,910 on average (adjusted for inflation). In 2013, they made only $40,581—20% less.
2. Millennials have trouble buying homes, due to immigration-fueled inflation in the cities. Home ownership declined from 46% to 43% for young adults between 1989 and 2013.
3. In 1989, the median assets held people aged 24-35 was $61,000. In 2013, this had declined to $29,000—a whopping 52%. The same thing happened with median net worth (which is the balance of assets and liabilities). The median net worth declined from $25,000 to a paltry $11,000—56% lower.”
The economy is so badly distorted by immigration & offshoring that young people can’t get a start in life.
http://www.nationaleconomicseditorial.com/2017/01/16/millennials-got-screwed/
He got some phone interviews for financial analyst jobs that were mostly commission jobs. He decided he didn’t want commision jobs. He can be very introverted. Sales is not for him.
He’s looked on Texas and in California.
His dream job is working at some video game companies, and he’s been contacting people st those companies about work. He would move anywhere for those companies.
He should have done this his last semester, but he had a bad case of pneumonia.
I think he should have stayed in Texas after he graduated, but he hated his living situation and was getting very depressed by it.
He actually seems to like working at Whole Foods. He comes home happy.
He was very depressed the last couple of years of college, and it is nice to see him happy.
Prior to Feminism taking over in the 1970’s, women left home after marriage.
Are we only talking about men?
I’m surprised it isn’t a higher rate. San Fransicko is crazy expensive to live in. Many stories that even the high payed Silicon Valley workers are struggling with housing. And yesterday’s story of a firm paying a nice relocation fee for their employees to leave the area.
Does mommy still do their laundry?
Wow, that’s a lot of chicken tendies!
Mom!!!
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