Now we understand why so many young Angelenos can afford iPhones, glasses without lenses and pool parties at the Standard hotel rooftop.
Turns out nearly a third of you are living at home with mommy and daddy.
A new study about young adults (those 20-34) living with their parents during the Great Recession ranks L.A. as a top city:
… More young adults in large high-cost metropolitan areas such as New York and Los Angeles live with parents because doubling up saves money. As the recession hit in 2007-2009, 30 percent of young adults aged 25 to 29 in the New York region lived with their parents; in Los Angeles, the figure was 28 percent.
In fact, the just released study by Zhenchao Qian of Ohio State University (and published by Brown University) ranked the greater L.A. area 7th in terms of young adults living “at home.”
The Ventura County area (6th) and Inland Empire (10th) also made the top 10, making SoCal a capital of adult kids in the nest.
According to the paper:
Metropolitan areas hit the hardest by the recent economic downturn also had proportionately more young adults living with parents.
Nationwide nearly one in four young adults lives at home, up from 17 percent (less than 1 in 5) in 1980, another tough economic time (the dawn of the “government cheese” era).
Many young adults find it comforting to return home, to double up with their parents when times are tough.
It also allows for more beer money.