Entitled? 10 Things to Know About Millennials Who Are Living at Home
You know the stereotypical millennials. They live with their parents. They might not have a job, but they probably went to college and racked up huge debts in the process. They might have expressed the belief that this debt will somehow be forgiven and that a dream career opportunity will land in their laps. These people do exist, and they do so in sharp contrast to previous generations (in some people’s opinion).
Fair assessment or not, this is a view many hold regarding the millennials. The struggles plaguing Generation Y are all due to laziness and entitlement, they’ll say. But this overlooks some of the huge issues the generation has had to overcome: the Great Recession, insane costs of housing and education, and a rapidly changing labor market.
In other words, it’s not as easy as saying everyone’s lazy and entitled.
Even so, many millennials are stuck living with their parents. A survey by Trade-schools.net attempted to see who these people are and why they’re in a situation in which they’re living at home. “Moving back in with your parents after graduation isn’t glamorous, but it’s a reality for many college graduates today. Who are these young men and women, and what reasons do they have for returning to the nest? We surveyed 800 college graduates who moved back home to find out,” the report from Trade-schools.net said.
Here are 10 interesting insights from that survey regarding millennials who are living at home. Do any of them describe a millennial you know?
1. Half who move back home are there 6 months to 2 years
For about half of millennials who head back to mom and dad’s after college or a stint out on their own, the return is short-term. According to Trade-schools.net’s survey data, 48% of those who return home are there for a period of six months to two years. Evidently, this is enough time for a good portion of them to get back on their feet, establish some goals, and get back out there.
2. 16% end up living at home longer than 2 years
The survey data also shows us this: 16% of those who return home are there longer than two years. On the other end of the spectrum, 14% lived there for less than six months. There are numerous factors — economic, geographic, etc. — that play a role in determining the length of the stay. But it’s evident that for some people who return home, it’s a long-term deal.
3. Men are 18% more likely to move back home
Sorry, guys. But according to this survey, there’s a significant chance you’re going to be moving back home — at least when compared to the opposite sex. The survey showed men were 18% more likely to return home than women, though there’s no clear answer as to why. But there is other data that shows the same trend. A 2016 report from Pew Research Center, for example, backs it up.
4. White? You’re also 18% more likely to be living at home
It’s not just your gender. There were also some racial breakdowns that the data found. Caucasians were 18% more likely to return home after college for two or more years. And again, there’s no clear answer as to why. It could be simple demographic numbers. It could have to do with economic conditions in white communities. Either way, a trend exists.
5. Political views play a role
Those who are self-identified Republicans are 19% more likely to be living at home post-graduation — and to stay there for more than two years. Again, there’s no easy explanation for this one. It’s also not clear whether these respondents are members of the Republican Party or simply subscribe to a conservative ideology. Also, it could be due to demographics.
6. Your career field might send you back to mom and dad
Yes, the decisions you make in school are going to impact your career prospects — most notably, what you choose to study. The survey found a handful of industries or majors that are associated with moving back home. Specifically, those who major in the arts, theater, and history are up to 26% more likely than others to return home. If you work in telecommunications or transportation, you face similar probabilities.
7. Job searches and money are the main reasons
It’s not much of a surprise, but the main reason so many millennials are returning home concerns money and job prospects. The post-recession world is tough, and even though jobs are out there, finding a decent gig is hard. About 49% of respondents said saving money was their primary reason for moving back home. And 29% said it was to help facilitate their job search, while another 8% said it was to help “catch up on student loans.”
8. Sometimes, living at home pays off
It might be a drag having to head back to your old bedroom, but there are some benefits. More than half of the 800 respondents said their living situation wasn’t ever a “point of contention” with their parents. And 30% reported that moving back helped their career, while 26% said it helped improve their relationship with their parents.
9. Saving and spending
We know money and career prospects are the biggest factor in whether millennials return home. And digging a little deeper, we can see those who live there longer tend to earn less money and have deeper debts. According to the survey, the average salary for millennials living at home for less than two years is $42,993, but it’s $36,470 for those who are there longer.
10. For millennials, the overall experience is mixed
It might not be fun for everyone, but many people who return home post-graduation say it’s a positive experience. “Many participants told us they felt happy being home. They also expressed relief, comfort, and safety,” the report said. And 63% of respondents used positive words to describe the experience, while 37% used negative words. So it’s a bit of a mix, as far as feelings go.