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Business Insider
10 hours ago
- Business
- Business Insider
Meet America's typical live-at-home 20-somethings
In 2023, around 40% of younger Americans lived with their parents. Living with mom and dad is a popular safety net for Gen Zers who face steep housing costs, expensive higher education, and a shaky job market. "If you have the luxury of being able to move back home and pay less for rent, groceries, and other basic bills and put some money away in an emergency fund or towards other big financial goals, it can be a really big deal," Matt Schulz, chief consumer finance analyst at LendingTree, told Business Insider. BI examined the demographics of America's live-at-home young adults — the 42% of 18- to 30-year-olds who lived with at least one parent — using the 2023 American Community Survey, available from the University of Minnesota's Integrated Public Use Microdata Series. So, who made up that 42%? The charts below show the young adults who were more likely to be living at home. A majority of young adults living with at least one parent were men Over half of young adults living with at least one parent were men, while just under half of young adults not living with a parent were men. There's also a cultural element to multigenerational living. Pew Research Center found Black, Hispanic, and Asian young adults in the US were more likely than white young adults to live with their parents. Young adults living with at least one parent were more likely not to be in school The share of young adults living with at least one parent in the household who were in school was about double that of those living on their own — 39% compared to 20%. They're less likely to have a college degree Fourteen percent of young adults with at least one parent in the household had a bachelor's degree as their highest educational attainment, compared to 27% of those without a parent. Single young adults were more likely to live with at least one parent More young adults without a parent in the household were married than those living with at least one parent. Nearly all young adults living with at least one parent were never married or single, at 96%. They're not stay-at-home kids; they're more likely to be working than not Almost two-thirds of young adults with at least one parent in the household were employed, compared to 82% of young adults without a parent in the household. The share of young adults living at home who were out of the labor force — that is, neither employed nor looking for work — was nearly double that of those living on their own. While many were employed, they weren't earning as much as those not living with a parent On average, employed young adults with at least one parent in the household weren't working as many hours or making as much money as their peers who didn't have a parent in the household. According to Pew Research Center researcher Richard Fry, who authored a recent report on where in the country younger Americans live with their parents, young people are more likely to live with their parents when jobs are hard to come by and wages are stagnant. Pew previously found the share of people living in multigenerational households surged during the Great Recession and continued rising afterward. Living at home can also mean being disconnected from work and school There are those who choose to live at home for family connection and financial convenience, and there are others who don't have a choice. So-called disconnected youth who aren't employed or in school made up about 11% of the 16 to 24 age group in 2022, per a 2024 report from the research firm Measure of America. This cohort was more likely than their peers to live in poverty, lack health insurance, and receive government aid. Minorities and young people of color have higher rates of disconnection. "These are creative young people who, for a whole host of reasons, haven't had the opportunities or the support they've needed to explore what they want to do and figure out how to transition to adulthood in a way that's exciting for them," said Megan Millenky, a senior research associate at MRDC who studies youth development.
Business Insider
11 hours ago
- Business
- Business Insider
Meet America's typical live-at-home 20-somethings
Your parents' basement might be looking pretty good these days. In 2023, around 40% of younger Americans lived with their parents. Living with mom and dad is a popular safety net for Gen Zers who face steep housing costs, expensive higher education, and a shaky job market. "If you have the luxury of being able to move back home and pay less for rent, groceries, and other basic bills and put some money away in an emergency fund or towards other big financial goals, it can be a really big deal," Matt Schulz, chief consumer finance analyst at LendingTree, told Business Insider. BI examined the demographics of America's live-at-home young adults — the 42% of 18- to 30-year-olds who lived with at least one parent — using the 2023 American Community Survey, available from the University of Minnesota's Integrated Public Use Microdata Series. So, who made up that 42%? The charts below show the young adults who were more likely to be living at home. A majority of young adults living with at least one parent were men Over half of young adults living with at least one parent were men, while just under half of young adults not living with a parent were men. There's also a cultural element to multigenerational living. Pew Research Center found Black, Hispanic, and Asian young adults in the US were more likely than white young adults to live with their parents. Young adults living with at least one parent were more likely not to be in school The share of young adults living with at least one parent in the household who were in school was about double that of those living on their own — 39% compared to 20%. They're less likely to have a college degree Fourteen percent of young adults with at least one parent in the household had a bachelor's degree as their highest educational attainment, compared to 27% of those without a parent. Single young adults were more likely to live with at least one parent More young adults without a parent in the household were married than those living with at least one parent. Nearly all young adults living with at least one parent were never married or single, at 96%. They're not stay-at-home kids; they're more likely to be working than not Almost two-thirds of young adults with at least one parent in the household were employed, compared to 82% of young adults without a parent in the household. The share of young adults living at home who were out of the labor force — that is, neither employed nor looking for work — was nearly double that of those living on their own. While many were employed, they weren't earning as much as those not living with a parent On average, employed young adults with at least one parent in the household weren't working as many hours or making as much money as their peers who didn't have a parent in the household. According to Pew Research Center researcher Richard Fry, who authored a recent report on where in the country younger Americans live with their parents, young people are more likely to live with their parents when jobs are hard to come by and wages are stagnant. Pew previously found the share of people living in multigenerational households surged during the Great Recession and continued rising afterward. Living at home can also mean being disconnected from work and school There are those who choose to live at home for family connection and financial convenience, and there are others who don't have a choice. So-called disconnected youth who aren't employed or in school made up about 11% of the 16 to 24 age group in 2022, per a 2024 report from the research firm Measure of America. This cohort was more likely than their peers to live in poverty, lack health insurance, and receive government aid. Minorities and young people of color have higher rates of disconnection. "These are creative young people who, for a whole host of reasons, haven't had the opportunities or the support they've needed to explore what they want to do and figure out how to transition to adulthood in a way that's exciting for them," said Megan Millenky, a senior research associate at MRDC who studies youth development. In an unsteady economy, it's unlikely that Gen Z and younger millennials' interest in living at home will fade anytime soon. And, as Millenky said, the group reflects "quite a spectrum" of America's socioeconomic ladder.
Newsweek
2 days ago
- Business
- Newsweek
Nearly All Employees Are Searching for a New Job—While At Work
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new report found a whopping 92 percent of employees are looking for a new job — during their current job's work hours. That was based on more than 1,000 responses in Resume Now's new report, which found 58 percent of employees also pretend they're working on a regular basis. Why It Matters The surge in popularity of remote work after the coronavirus pandemic has caused standards around job flexibility and work life balance to adapt. Many Americans may view their job shift times as not consistent working hours but instead a general framework of when they may perform job tasks. However, this runs the risk of reduced efficiency and productivity for companies, many of which are actively employing return-to-office mandates. In this photo illustration, the LinkedIn logo is displayed on the screen of a laptop computer on January 27, 2011 in San Anselmo, California. In this photo illustration, the LinkedIn logo is displayed on the screen of a laptop computer on January 27, 2011 in San Anselmo, To Know The new survey from Resume Now shows a substantial number of U.S. employees are faking working, either by having fake meetings or nonsense typing. However, 92 percent even take it a step further and use time on the job to actively look for other career opportunities. "If you're frustrated where you are, it's fairly easy to understand why some employees are searching around for new positions while at work," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "However, when one sees a number like 92 percent, it does make one realize how many others are doing it and perhaps triggers individuals to put more effort into their own resumes and applications." The difference between remote and in-office workers wasn't as substantial as some may believe, though, with workers at home wasting time at 43 percent compared to office workers at 37 percent. The ways employees are faking work vary. While 15 percent have held a phone to their ear with no real call, another 12 percent have scheduled fake meetings to avoid real work. Only 12 percent of all respondents said they never fake productivity. And roughly 24 percent of workers admitted they edited their resumes on the clock, while 23 percent said they applied for jobs using work computers. What People Are Saying Matt Schulz, LendingTree's chief consumer finance analyst, told Newsweek: "Your boss may not like that you're looking for a job during work hours, but the truth is that they've probably done it, too. That doesn't mean that you should brazenly be scrolling through job websites at your cubicle, but it also means that you shouldn't feel like you're the only one who has ever snuck out of work for a job interview or to make a call about a new gig. Most companies tend to have more or less the same business hours, so it only makes sense that a lot of job-hunting work gets done during that time." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "It's the old maxim—there's no better time to look for a job than when you already have one. Being employed gives you leverage and options, rather than forcing you to accept a role you don't really want." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "In the years during and following the pandemic, more Americans are keeping track of their employment options. Some of this desire for new opportunities comes from increased responsibilities at their current employer and dissatisfaction over that employer's policies, be it a return to the office or a rotating door of leadership and/or co-workers." What Happens Next On a larger scale, the high rates of workers looking for new jobs indicate dissatisfaction in their current roles, and employers may need to adjust, Thompson said. "Broadly speaking, this signals widespread dissatisfaction," Thompson said. "People are either searching for more meaningful, challenging work or simply chasing higher pay. Employers will need to step up either by increasing compensation to retain top talent or finding ways to automate more roles."
Yahoo
4 days ago
- Business
- Yahoo
Boomerang Kids: Warm Weather Cities Are Seeing Grown-Up Kids Move Back In With Their Parents As Multigenerational Living Soars
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Free rent and mom's home-cooked meals. What's not to love? Many young adults have overcome the stigma of living with their parents to save on housing costs, according to data from the U.S. Census Bureau analyzed by online loan marketplace LendingTree. Across the 50 largest metro areas in the U.S., nearly 12% of employed adults live with their parents, LendingTree found. Not surprisingly, multigenerational housing is most prevalent in expensive sun-soaked U.S. cities, such as Los Angeles and Miami. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can 'In previous generations, moving back in with mom and dad might have been a sign of defeat or failure, but it's not really seen that way now,' Matt Schulz, LendingTree's chief consumer finance analyst, told the New York Post. 'People are much more practical, and people see the value in spending a little time with their parents.' Using data from the 2018 and 2023 U.S. Census Bureau American Community Surveys, LendingTree found that economic factors were the main reason adults aged 25-40 decided to move back home. Whether it's the high cost of housing in California or the limited job opportunities in places such as Detroit, more than ever, young adults are seeking refuge with their parents. 'If they're living with Mom or Dad, they're able to pay less for rent, groceries and other basic bills, allowing them to stash money away in an emergency fund, save for a car or mortgage down payment, or even get a head start on retirement savings,' Shultz said. 'It may not be the sexiest, but it can make an awful lot of sense.' Trending: Invest Where It Hurts — And Help Millions Heal: The LendingTree report showed that Riverside, California, had the most adults in the country (22%) living with their parents, with Los Angeles (20%) and Miami (18%) close behind. The report also showed that adults who live at home generally make 43.5% less on average than adults of the same age who live independently — earning around $41,000 per year compared to $70,000 for those who don't. Although multigenerational housing has increased in certain sections of the country, such as Las Vegas (22%), Cleveland (16.7%), and Sacramento, California (8.1%), in many less expensive areas, including Oklahoma City, Nashville, and Minneapolis, it has dropped video-game-playing, basement-dwelling cliché of deadbeat kids living with their parents long into adulthood doesn't hold for LendingTree's research. Nearly 12% of adult children living at home hold a bachelor's degree or higher. It is sheer economic savings that motivate them to seek parental refuge. The study shows that, on average, if they chose to live on their own, they would need to allocate more than 40% of their monthly income to rent a one-bedroom apartment, which in many areas is not feasible. The National Association of Realtors' 2025 Home Buyers and Sellers Generational Trends Report found that 21% of Gen X buyers have purchased multigenerational homes, followed by younger baby boomers aged 60 to 69. 'The rise in multigenerational home buying underscores a broader trend driven by economic necessity and evolving family dynamics, as it offers a practical and supportive living arrangement that resonates with many families, particularly in times of economic uncertainty and changing social dynamics,' Amethyst Marroquin, a research assistant for NAR, explained. Read Next: With Point, you can If there was a new fund backed by Jeff Bezos offering a ? Image: Shutterstock This article Boomerang Kids: Warm Weather Cities Are Seeing Grown-Up Kids Move Back In With Their Parents As Multigenerational Living Soars originally appeared on
Newsweek
10-06-2025
- Business
- Newsweek
Millions of Americans See Credit Scores Plunge
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The credit scores of millions of Americans have plummeted in the first quarter of the year as a result of rising student loan delinquency rates, following the end of a years-long pause on federal payments. According to a recent report by the Federal Reserve Bank of New York, nearly six million student loan borrowers—nearly 14 percent—were 90 or more days delinquent or in default between January and March 2025. This increase in delinquency rates across the country, accompanied by a drop in credit scores, represents not only a significant challenge for millions of Americans but also has the potential to have dramatic ripple effects on the U.S. economy. Why It Matters Being delinquent on one's student loan payments can have a damaging impact on borrowers' credit scores, which in turn can make it much harder to make some big purchases, such as buying a home or a car. The new data in the New York Fed's report suggest that millions of Americans will have a harder time getting auto and mortgage loans at a time when many are already struggling with historically high monthly payments and rising costs across the board, or could face higher interest rates. What To Know The student loan payment freeze, introduced at the beginning of the pandemic, was in place for an unprecedented 43 months. Payments officially resumed in October 2023, but the U.S. Department of Education granted borrowers an additional 12-month "on-ramp" period, during which they were shielded from most of the consequences of falling behind on payments, including reporting missed payments to credit bureaus. New data show that student loan borrowers have been struggling to keep up with payments after the "on-ramp" period ended in late 2024. According to the New York Fed, the delinquency rate for student loans surged from below 1 percent to nearly 8 percent over the first quarter of 2025. Photo-illustration by Newsweek/Getty Between January and March, 13.7 percent of student loan borrowers were 90 or more days delinquent on their payments, while 23.7 percent were behind on payments but less than 90 days delinquent. Delinquency on payments has enormous consequences for these borrowers. More than 2.2 million newly delinquent borrowers have seen their credit plunge by over 100 points, the New York Fed reported, while more than 1 million have experienced drops of at least 150 points. "There is very little in life that is more expensive than having bad credit," LendingTree Chief Consumer Finance Analyst Matt Schulz told Newsweek. "It can literally cost you tens of thousands of dollars or more over the course of your life in the form of higher interest rates, fees and other costs on mortgages, auto loans, credit cards and other loans," Schulz said. "It can also lead to higher insurance premiums, keep you from getting that apartment you're looking at, and even make it harder to get a cell phone. It's a big, big deal." An estimated 2.4 million delinquent borrowers previously had credit scores above 620, the New York Fed found, meaning they were eligible for credit cards, auto loans, or mortgage loans before the recent drops. Now, they may no longer be. "Your credit score is one of the most important numbers in your financial life because it goes a long way toward determining whether or not you're approved for financial products, along with the interest rates you'll pay," Bankrate Senior Industry Analyst Ted Rossman told Newsweek. "The New York Fed says the average credit score drop for newly delinquent student loan borrowers is 177 points if they started with a credit score above 720, 140 points if they were between 620 and 719 and 74 points if they were below 620. Those are massive drops," he said. "And the bigger they are, the harder they fall—otherwise excellent credit could be ruined by just one misstep," Rossman added. "These declines make it much harder to get approved for credit cards, auto loans, mortgages and other loans. And even if applicants are approved, they'll likely face much higher interest rates. Negative marks stay on your credit reports for up to seven years, although the impact is usually most pronounced in the first year or two." An Even Harder Path to Homeownership for Millennials Millennials, who have faced multiple economic crises during their lifetimes, have had a hard time stepping onto the property ladder since they became of homebuying age. This, in turn, has delayed their plans to form their own families, with widespread consequences for American society. With the ongoing housing affordability crisis in the U.S. and growing economic uncertainty surrounding the impact of the Trump administration's tariff policies, millennials have yet to catch a break. And there is more bad news: according to the New York Fed, older millennials are also more likely to be delinquent on their student loans. The report found that the borrower delinquency rate is lowest for those under 30, and the average age of a delinquent borrower has increased from 38.6 to 40.4. A lower credit score can "absolutely, positively" make it harder to buy a home, Schulz said. "Home prices and interest rates are already sky-high. Having less-than-perfect credit means that you may get stuck with an interest rate that's even higher than the average," he added. "That's troubling because even a fraction of a point extra on an interest rate can mean tens of thousands of additional interest paid over a 30-year loan. And of course, a low enough credit score may mean that you don't even get the mortgage at all," he said. The minimum credit score for a conventional mortgage is 620, according to Rossman. "Many of these newly delinquent student loan borrowers could fall below that threshold," he said. "And at the minimum 620, the average 30-year fixed mortgage rate is 7.89 percent, according to Experian. That compares with 7.07 percent for someone with a 780 credit score. If you're borrowing $300,000, the 620 borrower will end up paying $60,000 more in interest than the 780 borrower over the life of the loan." Can a Low Credit Score Be Recovered? Schulz said that a bad credit score can absolutely be fixed, "but anyone promising a rapid, total recovery is likely trying to pull one over on you." Credit building is a marathon, Schulz said, rather than a sprint. "It is about doing the right things over and over, and unfortunately, a single major mistake can undo years of consistent work," he added. The impact of a drop will fade over time, Rossman said, but it is important to fill your credit reports with as much good information as possible. "Getting current on your student loans is a good first step, although it won't erase the prior delinquency. Aim to pay all of your other credit obligations on time, of course," he said. "Consider getting on a parent or spouse's credit card account as an authorized user. If they use the account responsibly, that good behavior will help your credit score." Delinquent student loan borrowers could also try to apply for new credit, "especially safe products such as secured credit cards (which involve putting down a deposit) and credit-builder loans (basically a form of forced savings which can report to credit bureaus), Schulz said.
