More People in Their 40s and Beyond are Moving in with Their Aging Parents Because of a Financial or Health Setback – WSJ, November 2016 Article

I was just saying in a previous post there has been a trend in the United States the last several years, due mostly to the economy, of people ages 20 something and older, of either moving back in with their parents, or unable to move out in the first place, if they are unable to find a job.

And yet, it’s still considered an insult to say to someone online or television, “I bet you live in your mother’s basement.”

More people in their 40s and beyond are moving in with their aging parents because of a financial or health setback by Sue Shellenbarger, November 2016

Excerpts:

Moving back in with your parents in your 20s is one thing. But what about when you’re over 40?

More people in their 40s and beyond are moving in with their aging parents because of a financial or health setback. “This is kind of a hidden group,” says Steven Wallace, associate director of the Center for Health Policy Research at the University of California, Los Angeles.

They expect to be well-established in a career by midlife and thinking ahead toward retirement; then lightning strikes, in the form of a job loss, injury or illness.

Living with Mom and Dad at midlife comes with a heavy stigma and may force painful adjustments in family roles. Deborah Graves moved in with her 87-year-old mother, Jacqueline Graves, in Flossmoor, Ill., last year after a layoff from her 20-year job as a clinical laboratory technician and an unsuccessful job search.

Now, she is juggling new demands on her time, including college courses in medical coding, a 20-hour workweek in a department store and driving her mother to medical appointments. She cooks one or two meals a day for her mother—a task “I wish I didn’t have to do,” says Ms. Graves, 58 years old.

…In California, adults ages 50 to 65 living with parents rose 68% from 2006 to 2012, an even greater rise than the 56% increase in people ages 18 to 29 living at home, Dr. Wallace says. National data show a similar trend, and the numbers are continuing to increase, based on 2014 census data.

Some of the increase comes from adult children caring for aging parents, but financial hardship is driving the trend, too, Dr. Wallace says. The number of people who are 45 and older and unemployed for a year or more remains 2.3 times higher than in 2007, before the recession, according to Bureau of Labor Statistics data.

Kristie Harris, an employment specialist with Jewish Vocational Service, a San Francisco nonprofit job-training agency, says having to move in with parents deepens the emotional damage that joblessness causes, and turns family roles upside down. “Self-care falls by the wayside,” she says; many people stop socializing with friends.

…Sometimes such living arrangements lay the groundwork for stronger family ties. At first, Oilda Jimenez, 62, didn’t want her 34-year-old son, Ronald Curiel, to move back in with her.

Mr. Curiel had been living independently for nearly a decade, sharing an apartment in New York City and starting a family with his fiancée, when he injured his back in 2013 lifting boxes at his job as a retail-store manager. Disabled by chronic back and leg pain, he lost his job and his fiancée, and drained his savings trying to pay the bills while building a business as a marketing consultant.

From December 2016:

Blame government, not millennials, for record number of young Americans living with their parents

A higher percentage of young Americans live with their parents, siblings or other family members now than at any time in the last 75 years. Data from Trulia show that 40 percent of young people aged 18-34 are living with their parents, the highest percentage since 1940.

Some experts are blaming high rents and “tough” mortgage standards, but that misses the actual root causes for millennials’ reluctance to buy homes.

Trulia’s survey shows the top reason millennials say they can’t purchase a house is that they’re “saving for a down payment.” Some may want to use this data to troll millennials as being lazy or bad with money. That’s not it. “Poor credit history,” “qualifying for a mortgage” and “rising home prices” are also among the top reasons, but all tied to the same two major problems: inflated home prices and ballooning student loan debt. Both factors are being driven by bad government policies.


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