Millennials Head One-Third Of All Poverty-Stricken U.S. Households
Millennials just can’t catch a break. Despite being the most educated generation ever to walk the face of the planet, at least according to their tuition bills paid by mom and dad, a staggering number of them now head households living below the poverty line…and that excludes the ones forced to live at home with mom and dad.
According to a recent note published by the Pew Research Center, Millennials now head more households living below the poverty line than any other generation and, in aggregate, represent nearly one-third of all impoverished households in the United States.
More Millennial households are in poverty than households headed by any other generation. In 2016, an estimated 5.3 million of the nearly 17 million U.S. households living in poverty were headed by a Millennial, compared with 4.2 million headed by a Gen Xer and 5.0 million headed by a Baby Boomer. The relatively high number of Millennial households in poverty partly reflects the fact that the poverty rate among households headed by a young adult has been rising over the past half century while dramatically declining among households headed by those 65 and older.
Of course, that’s all despite the fact that they only head just over 20% of all households…
Millennials are the largest living generation by population size (79.8 million in 2016), but they trail Baby Boomers and Generation Xers when it comes to the number of households they head. Many Millennials still live under their parents’ roof or are in a college dorm or some other shared living situation. As of 2016, Millennials (ages 18 to 35 in 2016) headed only 28 million households, many fewer than were headed by Generation X (ages 36 to 51 in 2016) or Baby Boomers (ages 52 to 70).
Of course, those aren’t the only stats that prove just how much those anthropology degrees are paying off…Millennials are also winning at the ‘cohabiting-couple’ game…presumably because it takes a village of millennials to cover one monthly rent bill.
Meanwhile, for the first time in history, more young adults today are living at home with mom and dad than with a spouse.
This article appeared at ZeroHedge.com at: http://www.zerohedge.com/news/2017-09-07/millennials-head-one-third-all-poverty-stricken-us-households-rest-live-mom