“The rise in the boomerang phenomenon illustrates the effect the recession and the weak economy are having on young adults,” says Kim Parker, a senior researcher at Pew and the author of the study. “Young adults were hit particularly hard in the job market and are having to delay reaching some basic financial milestones of adulthood because of this.”
In 1980, some 11 percent of young adults lived in multigenerational households, suggesting that a strong economy helped youngsters gain independence more quickly. Today, some 29 percent of 25- to 34-year olds either never moved out of their parents’ home or say they returned home in recent years because of the economy, according to the Pew report. Among 18- to 24-year olds, that figure is even higher – 53 percent of young adults in that age group live at home.
“These statistics show that the recession has exacerbated a trend that was already under way since the 1980s … living at home longer and boomeranging back more frequently,” says Barbara Ray, coauthor of “Not Quite Adults: Why 20-Somethings Are Choosing a Slower Path to Adulthood and Why It's Good for Everyone.” The recession has hit this age group particularly hard, says Ms. Ray, and high unemployment among young adults, combined with growing college debt, means more youngsters are returning home.
Surprisingly, most “boomerang kids” don’t mind living with mom and dad. If ever there were a stigma about living with parents through one's late twenties and thirties, the recession and, along with it, a practical dollars-and-cents outlook on life have all but erased that perception.
Of those living at home, some 78 percent say they’re upbeat about their living arrangements, according to the Pew study, and 24 percent say it’s been good for their relationships with their parents (48 percent say it hasn’t changed their relationship).
Owens says she’s happy to have an opportunity to look after her mother, who isn’t in good health.