ó The last thing Caitlin Hipp would have expected as
she prepares to turn 28 years old next month was to be
living at home with her parents.
she has ever wanted to do is be an elementary school
teacher. Instead, she has been working through the red
tape required to receive her teaching certifications
four years after obtaining a degree in special education
from Bowling Green State University in Ohio.
has $100,000 in student loan debt and is unable to earn
enough as a part-time skating instructor and a
restaurant server to live anywhere other than home.
there was something I could tell my younger self at this
point is to basically not have any expectations because
they are going to change," Hipp said. "My
dream after college was to come back, get a job, save
enough money to buy myself my own car and have my own
apartment, and be full-time working and be established
and actually be an adult."
it stands, she and her two younger siblings drive her
parentsí cars. There are five members of the family
sharing three cars. Their mom, Kris Hipp, has posted a
calendar on the wall where everyone writes in their work
schedules so the family can determine who can take a car
and who needs to be dropped off and picked up.
some degree, multigenerational households have always
been a part of American life. But the number of adult
children who have been moving back in with their parents
ó or never leaving home in the first place ó has
been growing steadily.
Pew Research Center in Washington, D.C., recently
reported that the year 2014 was a high-water mark in the
unfolding living arrangements of young adults in
America. For the first time since 1880, adults age 18 to
34 became more likely to be living with a parent than to
be living on their own or with a romantic partner in
their own household.
2014, about 32.1 percent of 18- to 34-year-olds lived in
their parentsí home, with 31.6 percent married or
cohabiting and living in their own separate dwelling.
Prior to 2014, the most common living arrangement for
young adults was to be in a romantic coupling (either
married or cohabiting) living in their own household.
researchers said 14 percent of young adults in 2014 were
either living alone, were single parents or were living
with roommates. The other 22 percent were living with
aunts, uncles, grandparents, in correctional facilities,
college dormitories or with other young adults ó but
their names were not on the mortgage or lease where they
the Great Recession, the job market for young adults got
a lot of attention. Young adults took it on the
chin," said Richard Fry, a senior economist at the
Pew Research Center and chief author of the study.
"But then the job market recovered. It raises a
question of why hasnít their recovery in the labor
market improved their living arrangement?"
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Financial Services, a Swiss global financial services
company, released a report that suggests one reason for
the growing number of adult children living with parents
may be that nobody wants them to leave.
report found boomers and millennials have redefined the
ties that bind parents and children.
viewed their parents as authority figures," the
report says. "In contrast, millennials see their
parents as peers, friends and mentors. Nearly three
quarters talked with their parents more than once a week
during college. In return, boomers happily provide
financial support well into adulthood, helping fund
everything from millennialsí Netflix subscriptions to
their health insurance."
UBS report said 74 percent of millennials get some kind
of financial help from their parents after college.
go may not be what either generation wants."
Baum, managing director of wealth management at the
downtown Pittsburgh office of UBS Financial Services,
said he is not sure itís true that millennials are
faced with more challenges to make ends meet. He said
people were saying the same thing about his generation
when he was starting out.
parents werenít as interested in being peers, mentors
and friends. They wanted us to get out into the world
and get going," he said. "Because the
relationship has been redefined between boomers and our
children, it sets the stage for us to provide additional
financial support longer than we would have expected or
received from our parents.
some cases, kids have good jobs, but live at home and
save money and we want to help them out," Baum
Hoffman, chief economist for PNC Financial Group, said
the number of young adults striking out on their own
fell during the Great Recession. Although job growth for
millennials since 2014 has improved, that doesnít mean
millennials have moved out, he said. "They may like
living at home and being able to save money.
no doubt it has held back household formation and
purchases on things people spend money on related to
household formation and perhaps related to
child-rearing," Hoffman said. "But they are
probably traveling more and eating out more if they donít
have a house expense or marriage.
donít know if it represents a change in moral values.
But itís much more common for adult children to live
in their parentís homes because itís becoming part
of the culture. The question is has that wave peaked or
said it took her five years to earn her degree at
Bowling Green because she switched her major to special
education, figuring it was a more marketable degree.
finished her bachelorís degree requirements in 2012,
came back to Pittsburgh to study for her licensing exam
only to discover Pennsylvania had changed the teacher
certification rules. The state had begun requiring duel
certification for all special education majors.
enrolled at Pitt for their Primary Plus program to get a
certificate as an elementary school teacher certified
K-12," she said.
month ago, Hipp achieved her dual certification allowing
her to teach. However, she recently enrolled in a masterís
degree program at Pitt to become a licensed reading
specialist. As long as she is in school, her federal and
private student loans are deferred.
has yet to make a full student loan payment. However,
the interest is accruing and when the payments actually
begin, they are bound to be a challenge.
this point, I want to be out of the house and
established by age 30," she said. "That is the
ultimate end all, be all goal. Itís incredibly
frustrating. I do love living at home because I get to
save money. But I feel like a kid. I donít feel like
an adult. Thatís whatís frustrating to me.
not even about homeownership. It doesnít matter to me
if I live in an apartment with three, four or five other
girls. I just want to be able to feel like Iím
progressing in life. I canít wait to buy my own
groceries. I want to be able to say I own this car. This
is my car. I worked my butt off. I saved my money. I
personally own this car."