Nearly Half Of Early-20s Millennials Still Get A Monthly Housing Allowance From Mom And Dad
In an age when our pampered, snowflake millennials can’t manage to engage in a simple conversation with someone holding a dissenting opinion, at least not without being “triggered” repeatedly by a barrage of “micro-aggressions”, let along determine their own gender absent a pamphlet from their enabling college of choice, it should come as no surprise that nearly half of young adults between the ages of 22-24 receive monthly housing allowances from their parents.
According to a study by Patrick Wightman of the University of Michigan, roughly 40% of millennials between the ages of 22-24 receive an average of $3,000 from their parents every year. Per the New York Times:
According to surveys that track young people through their first decade of adulthood, about 40 percent of 22-, 23- and 24-year-olds receive some financial assistance from their parents for living expenses. Among those who get help, the average amount is about $3,000 a year.
It’s a stark reminder that social and economic mobility continues past grade school, high school and even college. Economic advantages continue well into the opening chapters of adulthood, a time when young people are making big personal investments that typically lead to higher incomes but can be hard to pay for.
Unsurprisingly, the frequency and amount of financial assistance varies greatly depending on each young millennial’s chosen field of study. To our complete shock, “Art and Design” students are the most likely to require help from mommy and daddy and get $3,600, on average, each year.
The amount of help that parents provide varies by career and geography. Among young people who aspire to have a career in art and design, 53 percent get rent money from their parents. Young people who live in urban centers are more likely to have their parents help pay the rent.
The choice of career path matters. Those in the art and design fields get the most help, an average of $3,600 a year. People who work in farming, construction, retail and personal services get the least.
Some jobs in science, technology, engineering, management and law have clearer and more substantial payoffs after years of internships and postgraduate training. But pay in art, design and education is low in the early years, and for some people, it remains low.
Someone who wants to go into graphic design or marketing requires a fair amount of time to get up to the point where you’re independent,” Mr. Wightman said. “Someone contemplating that kind of career isn’t going to take that first step unless they know they’re going to have that support to take an unpaid internship. If you don’t have other sources of support, that’s not even an option.”
Of course, the amount of annual parental support required by millennials is also highly dependent upon where they’re living. We can’t honestly expect young Johnny or Susie to become wildly successful actors without living in Manhattan or Hollywood, now can we?
But don’t worry, young millennials, we’re sure everything will work out in due course…