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Nov 24, 2009 8:17 pm US/Central
Economy Has Many Kids Moving Back With "The Folks"
NORTH TEXAS (CBS 11 / TXA 21) ―
Unemployment is up and so is the percentage of adult children returning to their parent's homes, that's according to a recent survey released by the Pew Research Center.
More North Texans are also finding themselves with little money and facing limited job options. While many are hitting the road to see their parents this Thanksgiving, some don't have to go far or go anywhere at all, to check in with 'the folks'.
North Texas native and recent University of Tennessee graduate Jessica Leroy has a degree in communications. Despite the accomplishment, she's working as a part-time, temporary administrative assistant and has just moved back in with her parents, in Plano.
Jessica says living with her parents is going well.
Jessica isn't alone, according to the Pew survey, the number of young adults who live alone has dropped since 2007 and less than half of adults under the age of 25 are currently employed.
We found Bill Nicklas picking up his son, who just came home for the holidays. "Matter of fact I have one daughter living with me right now and she's got a baby, and she's going to college and he's [son] over there wasting all my money going to Texas Tech," Bill said laughing.
Bill's son, Will, is just visiting home from college. But the teenager says he knows that times are hard, with the recession and tight finances.
While Will is just 19-yars-old he's already taking notes from his older siblings and friends. "It's pretty difficult right now, especially for lower middle class families," he said.
Considering the housing crisis, lending crunches and a shrinking job market, Jessica says being at her folks home is the right move for her. "I recently graduated from college, so my money is tight, and I think in this economy everyone is a little tighter than they used to be."
Taylor Harmon is a college student at Texas Tech. "I do know a lot of people that (sic) have moved back and are like taking basics at community colleges."
While many young people have credit card debt and student loans, housing is even more difficult to come by and maintain, with less pay and opportunity rolling it.
Roughly two-thirds of all 'boomerang kids' say at some point they were living well independently and many are still toughing it out on their own.
Nathan Smith is a young working adult who frequents his parent's house, though he has an apartment. "My parents still help me. They give a little bit of money every month to help pay bills and rent," he said.
Bill Nicklas contends that as parents, "We have to do what we have to do, pitch in."
The Pew survey also found that many young adults, 14-percent between the ages of 18-34, say the economy has also caused them to delay starting a family.
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