Posted on 04/22/2014 7:58:03 AM PDT by SeekAndFind
This study from researchers at UCLA was first released back in February, but it looks like it’s just now come to the attention of both the LA Times and myself: While it’s unfortunately not unusual for young people to move back home with their parents during times of economic hardship, it appears that upper-middle-aged Californian adults have lately been moving back into their parents home at twice the rate of the under-30 crowd:
For seven years through 2012, the number of Californians aged 50 to 64 who live in their parents’ homes swelled 67.6% to about 194,000, according to the UCLA Center for Health Policy Research and the Insight Center for Community Economic Development.
And, before you ask, the driving factor apparently doesn’t have nearly as much to do with caring for parents getting on in years as it does the continuing fallout from the economic recession:
The jump is almost exclusively the result of financial hardship caused by the recession rather than for other reasons, such as the need to care for aging parents, said Steven P. Wallace, a UCLA professor of public health who crunched the data.
“The numbers are pretty amazing,” Wallace said. “It’s an age group that you normally think of as pretty financially stable. They’re mid-career. They may be thinking ahead toward retirement. They’ve got a nest egg going. And then all of a sudden you see this huge push back into their parents’ homes.”
Many more young adults live with their parents than those in their 50s and early 60s live with theirs. Among 18- to 29-year-olds, 1.6 million Californians have taken up residence in their childhood bedrooms, according to the data.
Though that’s a 33% jump from 2006, the pace is half that of the 50 to 64 age group. …
Long-term unemployment is especially acute for older people. The number of Americans 55 and older who have been out of work for a year or more was 617,000 at the end of December, a fivefold jump from the end of 2007 when the recession hit, according to the Bureau of Labor Statistics.
Wow. For what is supposed to be an unencumbered super-blue paradise, California certainly has some entrenched economic problems, including unemployment currently holding at above eight percent and worsening rates of poverty and downward mobility. I don’t know of any comparative studies from other states, but that is certainly not an attractive statistic — and the widespread trend of young adults moving back in with their ‘rents is certainly a national one in these times of ongoing economic weakness (and the same is certainly true recession-wracked Europe).
Maybe it is a good thing....
In that it contradicts the leftist goal of destroying the family by forcing the family unit back together agasin due to leftist policies...
Much how in Soviet Russia people had to band together to survive the destruction caued by communism...
“HOPE!” “CHANGE!” “Mommy’s Basement!”
“Maybe it is a good thing....”
Shortly before and after the economic meltdown, we saw a % of widowed sisters or divorced sisters moving in together to share expenses and often to take care of each other. Full time jobs weren’t and still aren’t really available for those of us over 60.
That way they have one household re rent or mortgage, utilities and other monthly expenses. Sharing the cleaning and minimal upkeep is easier with two people versus one.
Some have downsized from a bigger home and moved into two bedroom condos. Some talented home flippers convert a three bedroom house into two master suites with baths and one shared office. There is often a waiting list of buyers when the house is a one floor model for the senior citizens.
Destroying job opportunities leads to this. At one time, it was easy to get a job. No more. And under 0bama, it’s getting worse.
Funemployment and mom’s basement. Thanks Obamanomics.
Mom and Dad have always said that I'm welcome.
Of course, that's with the implicit understanding that if I'm asking for help, then I'm about 2 steps from a cardboard box.
1. Too many idiots have “gone back to school” in order to chase a fantasy of better employment. “Going back to school” is basically just a way of saying “Going further into debt”. IF they graduate, they still have the same problems they did before they went to school.
2. Too many idiots with negative net worth that make foolish decisions like spending the 401k or not paying taxes or dumping the house because it is “worth less than I owe” or thinking you can live on unemployment because “There are no jobs”.
“...and you can stay on your grandparent’s insurance until you’re dead.”
“Yay!!!!”
I have some friends who have sold their home after the husbands salary was cut in half from the company he was working for. Now they live in one of the units at the same residence as her parents. The parents own them. Kind of a blessing in disguise, because the mother of the wife is dying from cancer.
There is also another issue here. Moving in with older family members keeps the inheritance intact instead of giving it to assisted living corporations and nursing home corporations.
Result of democrat voting Californians they fail to understand you get what you vote for enjoy.
Yeh its the ‘evil rich’ who are at fault and the majority there will still vote for their demonRats. Stupidity has its consequences and lessons go unlearned. In some ways Kookifornicata is a mini, much less severe version of Venezuela as some comparisons match in certain aspects.
This is a result of technology eliminating jobs, either by enabling offshoring or directly by technology doing the work instead of people.
I am starting to believe that those in power realize the only way they might be able to put more people to work, is to create one economic bubble after another, so that people can have unproductive jobs selling houses or stocks to each other until the bubble bursts, then wait around for the next bubble.
Reminds me of a theory a fella (Mendelsohn?) had about how the pyramids came to be built: they were “make work” projects to keep the people busy and dependent on the government between growing seasons.
“Middle-aged adults in California are increasingly moving back in with their parents”
There is a victory for a once great and proud nation of independent minded indomitable spirits.
Thank you president mom jeans...the wussification of America is almost complete.
Interesting post...........
California proves that maters of brain washing and mind control is easy and Obama&Co is proof of it spreading like wild fire.
“There is also another issue here. Moving in with older family members keeps the inheritance intact instead of giving it to assisted living corporations and nursing home corporations.”
The cost of the places to store us older citizens gets more expensive each day.
We have had a few good older role models in our cul de sac. They opted to be carried out feet first from their homes versus the options you mentioned.
Like them, we have a reliable yard person, a great once a month cleaning lady and a reliable get your home in shape contractor.
Last summer we had the every two decade refinishing the outside and new paint. The interior is in great shape. The kitchen was redone with hi end appliances 1-2 years ago.
We live in a basic one level with a few steps to my office. Recently, I had foot surgery, and we had our contractor put in hand rails from the main floor to and from my office and a ramp to get in and out from the car port. Then, he ripped out the shower/bath combo and put in a great walk in shower with a very low step to get in.
My wife belongs to a bridge group, and last month was her time to host the other 7 ladies. It was amazing to watch and listen to them rethink their options re a senior citizen residence versus fixing their current home like our home for the final stages. One lady in her bridge group lives in a 3 story condo and said she couldn’t do this with her condo, and she was very tired of the stairs. We discussed some options, and she is now looking for a one floor two bedroom condo or one of the flipped houses. She has a daughter in her late 40’s, who is divorced and they get along great. So now both of them are looking for a one floor house with two master bedrooms/baths and an office to share.
I am doing the few things needed to live on one floor if necessary down the road. My father and grandmother had one of those elevator chairs. Worked to the end for dad but not for grandma.
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