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Introduction and thesis statement
The economy is a set of interconnected and interrelated processes that being in different spheres can influence each other in different ways. The article “Failure to Launch: Young Adults Increasingly Moving In With Mom and Dad” by Andrew Soergel (2016) presents recent events in the area of householding. According to the author, “more than 1 in 5 young adults still live with their parents, according to a new study” (Soergel 2016, para. 1).
The author explores the influence of the economic situation in the country on the current choices of the Millennials in terms of their housing problems caused by the variety of seemingly non-related economic factors. Soergel (2016) states that more and more young people between 24 and 34 years of age still live with their parents, or they have decided to move in back to their parents’ homes.
The economic setting is as follows. The economy grows as does the number of workplaces. There is no correlation between employed and unemployed Millennials and their decision to move back into the parents’ houses (Soergel 2016, para. 16). There is a connection between college students and young people who live with their parents. Additionally, the homeownership rate in the USA has dropped substantially in the first quarter of the current year, up to almost 64% (Soergel 2016, para. 18).
The wages of the American young people who can be called adults have either stagnated or decreased for the past five years, disregarding the growth of the economic indicators (Doerer 2015, para. 8). Finally, the debts of the students only increased as education became more expensive, as of today.
The situation appears to be paradoxical, considering the rising economy. However, some factors make the current trend rather understandable. The first factor is the increased marriage age. More young people in their twenties decide to marry later, closer to 30 or even later (Soergel 2016 para. 10). It is related to the choice of receiving higher education rather than finding a full-time job after high school. It should be noted that more and more young women tend to live at home and go to college these days if to compare the numbers with the 1940s (Alter 2015, para. 4).
Using the fact that the salaries for young adults do not grow, one can conclude that the generation of Millennials started to think like economists. They started to make the choices based on a cost-benefit analysis. They marry later to avoid a huge increase in their debts because the students’ loans are usually unpaid in full when they leave college. Rent for an apartment or house for a family is very expensive, as well.
Young women have decided to receive higher education first and only then get married to have the opportunity of career growth and self-realization (Alter 2015, para. 3). Young adults of America consider the benefits and drawbacks of the situation, in which they appear after graduation and decide to live with parents because it is less expensive. The choice is optimal in terms of the money they save to repay the loans, educate for further to apply for higher paid jobs, and marry later to avoid debt increase. It can be concluded that the generation of Millennials has been raised as pragmatic economists who can manage their lives, using the principles of microeconomics in the daily setting.
Alter, C 2015, ‘Millennials are setting new records—for living with their parents’, Time. Web.
Doerer, K 2015, ‘One key economic factor is forcing millennials to move back home’, PBS Newshour. Web.
Soergel, A 2016, ‘Failure to launch: young adults increasingly moving in with mom and dad’, US News & World Report. Web.