A record number of young adults in the United States (US) have had to move back in with their parents because of the COVID-19 pandemic, a recent analysis by the Pew Research Center has shown.
About 52% of 18-to-29-year-olds are now living with one or both parents. This is recorded for the first time that more than half of that age group has lived with their parents, the research center said.
The highest historical value was previously recorded in the 1940 census towards the end of the Great Depression when 48 percent of young adults lived with a parent.
The Great Depression was a severe worldwide economic downfall that took place mostly during the 1930s. Though the timing of the Great Depression differed across the world, it began from the United States in 1929 and continued until the late 1930s in most countries. It was the longest, deepest, and most widespread depression of the 20th century.
The graph shows that the share reached its lowest point in 1960 at 29 percent. It has increased gradually ever since, hitting 49 percent by February 2020. The Pew Research Center states that the number of 18-29-year-olds living with a parent increased by 2.6 million since February and the total number stood at 26.6 million in July.
According to Pew polling conducted in June, among all of the grown-ups who moved as a result of the pandemic, 28% said that they wanted to avoid the spread of the virus, 23% moved because their college campus shut down and 20% wanted to spend time with their family.
Money seems to have played a big part in young people’s decisions, as young Americans have faced some of the worst financial impacts of the COVID-19 pandemic. In April and May, 40% of workers ages 18 to 29 reported that they’d lost their job or taken a pay cut.
According to the June poll, about 18% of all adults who moved because of COVID-19 said that the biggest reason was related to money or losing their job.