New study: More adults living with their parents now more than ever
The Pew Research Center is reporting more adults are living with their parents because of the COVID-19 pandemic
LANSING, Mich. (WILX) - The Pew Research Center published a recent study that claims more adults in the United States are living with their parents as a result of the COVID-19 pandemic.
In July, 52 percent of American adults between the ages 18 and 29-years-old moved back in with their parents compared to last year’s record of 47 percent.
According to the Pew Research Center 2.6 million people moved back in with their parents since the start of the COVID-19 pandemic in the United States. The study suggests the sharpest increase was for Americans ages 18 to 24-years-old.
News 10 spoke with an economist at Michigan State University to find out why the drastic increase.
MSU economics professor Charles Ballard said, “Many of them are college students, their colleges are closed so they’re not living on campus. Job opportunities are restricted so they’re not able to get out on their own.”
Michigan State senior Lauren Jernstadt moved back in with her parents, but said some other students are struggling to get out of their leases.
“I have noticed a large uptick in students trying to sublease their apartments online," said Jernstadt. “Students having trouble getting out of their lease. They’ve been told by their leasing companies that a pandemic is not a dire enough circumstance to get out of their lease.”
The real estate industry and local businesses are also getting hit as more people move back home.
Ballard said, “COVID has meant that a lot of people who never really did much online are forced to shop online because there is no other alternative. I think that’s not going to mean brick and mortar will disappear, but I think that has accelerated this long-term trend.”
The study suggests the record high of adults living with their parents prior to the pandemic was at 48 percent. That was back during the Great Depression.
The Pew Research Center said that number could have been higher in the worst of the Great Depression, but there is no recorded data for that time.
If you’re a Michigan State student facing financial issues because of the pandemic, information on how to access resources can be viewed HERE.
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