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The Boomerang Generation
The coronavirus pandemic has triggered huge economic fallout. Unemployment among younger Americans has soared, prompting many of them to move in with their parents or grandparents.
NEW YORK - For those who are just beginning their professional lives, the coronavirus pandemic has forced them to move back home with Mom and Dad, officially making them the Boomerang Generation.
"I think there is something real is going on here. One thing we know for sure this economic crisis has hit young people harder than any other age group," J.W. Mason, an economics professor, told FOX 5 NY. "If you look at people in their 20s, the unemployment rate is roughly 11%."
As of June, almost 3 million young adults moved in with a parent or grandparent, according to Zillow. It is believed that 80% were born after 1996. Statistics like these haven't been recorded since World War II.
If history is any indication, this can have a lasting impact on their future earnings. Take the recession of 2008 as an example.
"Someone who lost their job in 2008, you could see if you followed them, their earnings are still significantly lower if they didn't suffer that kind of dislocation," Mason said.
Jared Alexander, 25, was on tour with the show "Spamilton" when the pandemic hit. He gave up his New York city digs and went home to Connecticut.
"It is definitely a weird thing. It's not like coming home for the holidays," Alexander said.
He and his mom are finding their groove, and new hobbies, too. As he wrote in Rewire, he has taken up her favorite pastime of gardening. And in turn, it has given him a much-needed pause. And yet, for all he's done on his own, his time at home has reminded him that we all have a place and a role to play in our respective families.