In 2008 and 2012, young voters helped propel Obama to the White House. They made up a significant portion of his base. For their loyalty, they’ve been rewarded with terrible job prospects. As a result, many of them are still living with their parents.
The Wall Street Journal reports:
Percentage of Young Americans Living With Parents Rises to 75-Year High
Almost 40% of young Americans were living with their parents, siblings or other relatives in 2015, the largest percentage since 1940, according to an analysis of census data by real estate tracker Trulia.
Despite a rebounding economy and recent job growth, the share of those between the ages of 18 and 34 doubling up with parents or other family members has been rising since 2005. Back then, before the start of the last recession, roughly one out of three were living with family.
The trend runs counter to that of previous economic cycles, when after a recession-related spike, the number of younger Americans living with relatives declined as the economy improved.
The result is that there is far less demand for housing than would be expected for the millennial generation, now the largest in U.S. history. The number of adults under age 30 has increased by 5 million over the last decade, but the number of households for that age group grew by just 200,000 over the same period, according to the Harvard Joint Center for Housing Studies.
You would think more of these young people would be excited about the prospect of Trump’s presidency.
More jobs will mean more people will finally be able to live on their own.