WELCOME TO THE “NEW NORMAL”
|| By FITSNEWS || The number of Americans who live at home with their parents is surging, new numbers from the New York Federal Reserve reveal.
For twenty-five and thirty-year-olds, “parental co-residence increased steadily … from at least 2003 through 2012,” according to an analysis of the data posted to Liberty Street Economics (a publication of the New York Fed).
“While thirty-year-olds were twice as likely to own a home as they were to live with their parents in 2003, we find that they were equally likely to own a home or live with their parents in 2013,” the analysis concluded.
Wow … that’s the most damning indictment of the American economy we’ve seen in some time. Or at least in the last few weeks.
“Why might young people increasingly reside with their parents?” the analysis mused. “They may be unable to find employment, they may be saving their income to pay down increasing levels of student debt, or they may be unable to afford the rent for an apartment in the face of lower income or higher housing prices.”
Viva la recovery, right?
Take a look …
Yeah … like a virus of anti-competitiveness spreading.
Oh, and here’s what the trend line looks like compared with declining homeownership (a.k.a. the “American Dream”).
(Click to enlarge)