Courtesy of Mish.
When you do not have job (or have a low paying job), and are stuck with education costs that you cannot possibly pay back, what do you do?
Eight Unfortunate Choices
- You stay in school accumulating debt
- You go back to school accumulating debt
- You move back home
- You share an apartment with others
- You delay marriage
- You delay having kids
- You delay buying a house
- You wish and hope and pray for better times
Those choices are not mutually exclusive. In general you wait, hoping for something good to happen.
Generation Wait
Please consider ‘Generation Wait’: Share of young adults who move hits 50-year low
U.S. mobility for young adults has fallen to the lowest level in more than 50 years as cash-strapped 20-somethings shun home-buying and refrain from major moves in a weak job market.
Among adults ages 25-29, just 4.9 million, or 23.3 percent, moved in the 12 months ending March 2013. That’s down from 24.6 percent in the same period the year before. It was the lowest level since at least 1963. The peak of 36.7 percent came in 1965, during the nation’s youth counterculture movement.
Demographers say the delays in traditional markers of adulthood — full-time careers and homeownership — may prove to be longer-lasting. Roughly 1 in 5 young adults ages 25 to 34 is now disconnected from work and school.
The overall decline in migration among young adults is being driven largely by a drop in local moves within a county, which fell to the lowest level on record.
While homeownership across all age groups fell by 3 percentage points to 65 percent from 2007 to 2012, the drop-off among adults 25-29 was much larger — more than 6 percentage points, from 40.6 percent to 34.3 percent.
More Young Adults Stay Put
Yahoo!Finance has an interesting chart that shows More Young Adults Stay Put.
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