Millennials are “doubling up” on living arrangements, according to a new Pew Research Center analysis of U.S. Census Bureau data, and this is despite what some are calling an “improved” job market for young adults.
“Five years into the economic recovery, things are looking up for young adults in the U.S. labor market,” writes Richard Fry over the social trends information at PEW. “Unemployment is down, full-time work is up and wages have modestly rebounded. But … these improvements in the labor market have not led to more Millennials living apart from their families. In fact, the nation’s 18- to 34-year-olds are less likely to be living independently of their families and establishing their own households today than they were in the depths of the Great Recession.”
‘Doubling up’ increasing
A larger percentage of young adults seem to be choosing to live in “doubled-up” households, in fact, according to Fry’s review. Two types of “doubled up” living arrangements exist according to Fry.
“A doubled-up household is one in which there is an extra adult who is not the spouse or unmarried partner of the household head,” according to the PEW write up. “Young adults living in doubled-up arrangements are of two types. Young adults not living independently are doubled-up because the young adult constitutes the extra adult. In addition, young adults living independently may also be doubled-up if they live with a roommate(s).”
In 2010, 47% of 18- to 34-year-olds were living in this type of household, apparently. This is up in the first four months of 2015 as “… 48% of Millennials were doubled-up.”
Of the 48% of Millennials who were doubled-up in early 2015, 33% were living “in a household headed by a parent or other adult relative and 16% who were living in households headed by a non-relative or heading their own households with an extra adult (which may or may not include a family member).”
Peter Morici, an economist and professor at the University of Maryland, notes in a WashingtonTimes column that most workers will be facing tough competition for good paying jobs, in his examination of July economic numbers.
“Most workers will continue to face tough competition for good paying jobs,” Morici wrote recently on the matter. “Wages, after adjusting for inflation, remain stagnant, because good paying job openings go vacant for lack of qualified applicants while an army of lower skilled workers in the fast growing service sector pulls down the average wages.”
Morici sums up what he sees, then. “Expect jobs growth to remain at about 215,000 per month and wages to barely keep up with inflation.”
And the trend towards “doubling up” may continue as people try to cope with the situation.