Saturday, 12 July 2014

Living longer with mum and dad

The only evidence I have is anecdotal but these US figures seem to ring true about Australia in my experience:
12-07-2014 livingathome
This is how a slump becomes self-perpetuating. Young people moved back home when the economy cratered, and stayed there when it didn’t bounce back. There just weren’t enough jobs, let alone well-paying ones, for them to afford to move out—especially if they had student loans to pay back. But all of these micro decisions to set up camp in their parents’ basements had a macro effect: there wasn’t as much demand for new housing. And that’s been a big part of why the recovery has been so underwhelming.
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