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Employment Trend for 2014: Miserable Millennials

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This story appears in the December 2013 issue of Entrepreneur. Subscribe »

Work Force

They're young, hip, smart … and crying in their parents' basements. Thirty-six percent of Millennials--otherwise known as Generation Y, which includes those born in the early 1980s to the early 2000s--were living with mom and dad last year, according to a report by Pew Research Center. Those 21.6 million people represent the highest share of young adults living at home in at least 40 years.

"[From] a long-run perspective, this is a relatively new phenomenon. If you look from the early 1980s to 2007, the share of young adults living with their parents wasn't up that much; it was fairly stable up to 2007," says Richard Fry, author of the study. "There's a basic association between employment and whether you live with mom and/or dad. ... Having a job is a springboard to being able to have independent living arrangements."

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