Share of Young US Adults Who Move Hits 50-Year Low

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Share of Young US Adults Who Move Hits 50-Year Low

WASHINGTON — U.S. mobility for young adults has fallen to the lowest level in more than 50 years as cash-strapped 20-somethings shun home-buying and refrain from major moves in a weak job market.

The new 2013 figures from the Census Bureau, which reversed earlier signs of recovery, underscore the impact of the sluggish economy on young people, many of them college graduates, whom demographers sometimes refer to as “Generation Wait.”

Burdened with college debt or toiling in low-wage jobs, they are delaying careers, marriage and having children. Waiting anxiously for their lucky break, they are staying put and doubling up with roommates or living with Mom and dad, unable to make long-term plans or commit to buying a home — let alone pay a mortgage.

Many understood after the 2007-2009 recession that times would be tough. But few say they expected to be in economic limbo more than four years later.

“I’m constantly looking for other jobs,” says Jeremy Bills, 27, of Nashville, Tenn., who graduated from Vanderbilt University in May 2011 with a master’s degree in human and organizational development. Originally from Tampa, Fla., Bills has stayed put in his college town in hopes of finding a job in management consulting or human resources. Instead, he has mostly found odd jobs like pulling weeds and dog-sitting.

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Comments
One Response to “Share of Young US Adults Who Move Hits 50-Year Low”
  1. dfsammarone says:

    I remember being 20 years old making $25,000 (which was a lot in 1984). That worked out to $1667 per month after state & Fed tax. I had the following monthly payments;

    $300-Car
    $100-Credit Card
    $200-Gas&car ins
    $100-Dry cleaner
    $500-going out and dates
    $400-Mom/Rent
    $67 – per month left over for emergency or savings.

    There is no way I could have covered a Mortgage Payment, Student Loan or Mandated Obammy-Care. Thats why young people are not buying homes. Incomes aren’t much different and expenses are just about double.

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