MILLENNIALS MOVE HOME
Recent labor market conditions have reminded many job seekers of the 2007-2008 recession.
At the start of 2020, college graduates and many Americans in the beginning of their careers had entered adulthood and were excited to embark on a new journey throughout their life.
However, thanks to COVID-19, those in their 20’s have been hit harder than others and according to the World Economic Forum,
“The share of employed 20 to 29-year-olds shrank by about 11% from February to June, compared to about 6% for the population 30 and older.”
For many graduates, this means moving in with their parents and preparing to face long term impacts. For instance, as of April there were 32 million adults living with their parents or grandparents, which according to Zillow, notes the highest number on record.
With the job market changing in what seems to be week to week, many American are considering reskilling and a change of career.
Long Term Impacts
20 year olds moving back home will contribute to about $726 million per month leaving the rental market (Zillow)
Covid impacts industries differently, and many 20 year olds will find themselves in new career paths than they originally intended.