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America On The Move Becomes Stay-At-Home Nation For Millennials

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http://www.bloomberg.com/news/2014-05-12/america-on-the-move-becomes-stay-at-home-nation-for-millennials.html

Ryan Yang could have taken a job in a New Jersey DNA sequencing laboratory after graduating from college last year. Instead, the 23-year-old lives with his family in Queens, New York, still unemployed and searching.

With the expense of commuting or relocating, “I thought about it and it just didn’t seem right,” said Yang, a biology major who rejected the job 50 miles away in Piscataway to look for opportunities closer to home. “If I was previously living in New Jersey, I think I would have taken that job in a heartbeat.”

Yang belongs to the age group, adults under 35, that’s traditionally the most mobile part of an American work force constantly on the move since the 19th century. Now, that’s changing as members of the millennial generation, the estimated 85 million born from 1981 through 2000, prove less restless than their forebears. The standstill may be holding back recovery in the labor and housing markets.

“They remain stuck in place,” said William Frey, a senior fellow at the Brookings Institution in Washington who specializes in migration issues. “The recent slowdown is really an interaction of demographics and a continued housing- and labor-market freeze. Millennials are mired down, very cautious about buying a home or moving to new areas.”

The cost of living now too high to move far from home?

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or people just cant be arsed to commute 50 miles to work in a call centre selling whatever the firm produces.

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The cost of living now too high to move far from home?

As much as we bitch in EU about meddling and laws - when you look at US situation it starts to make more sense.

He could wake up tomorrow with no job and little social security to help. Everything is a cost - even an ambulance.

We've got a generation or two with no aspiration and years of debt ahead with no assets to show for it (unless you consider education an asset).

The old industries have gone with nothing to replace them. The only sectors growing seem to be based on selling services to boomers.

It's entirely possible we're going to have generation that just rejects it all - stops using internet, currency etc. and goes back to 1965. It might be happening right now - would we even notice it?

Edit: I can't help but think of the Lorde Royals video when I think about this -

Edited by slacker

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It's entirely possible we're going to have generation that just rejects it all - stops using internet, currency etc. and goes back to 1965. It might be happening right now - would we even notice it?

I can’t see generation Y disowning the internet and other mod cons, I think it’s far more likely we’ll simply see ever increasing numbers of young people living with their parents well into their 30’s.

“The recent slowdown is really an interaction of demographics” this hits the nail on the head. Whether it’s the bank of mum and dad helping out with the mortgage deposit or young people living at home well into their 30’s and beyond, it all amounts to the same thing i.e. boomers being forced to subsidise the younger generation. Until wages increase and/or housing costs are reduced the situation will only get worse. Given the huge intergenerational shift of wealth we've seen over the last 20 years it’s a rational choice for generration Y, and I don't blame them, they're simply making the best of a bad situation.

Edited by Priced_Out_GenXer

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Can't go for one example. There's always been people who have not moved. Even in the US.

However, I guess the US urge to move and eranr money no longer works now as the wages are too low compared to living costs.

Outside of Manhattan + San Francisco, its always been relatively easy to rent cheaply in the states.

Saying that, NJ is not a very expensive place to live. Not sure I'd like to live in some bits.

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If the Us had put its money into public transport infrastructure rather than netting of electronic credit then they would be having a boom now.

I think the US is ready for public transport now. The cities with the (relative) good public transport are growing - Bay rea, Portland etc.

American teens have lost interest in the car and would trade it for a bus or train with wifi access.

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US will have to find someone to fill their excess homes. They now have a slower growing population than the UK, a massive reversal of the last 300 years. Even their fertility rate is lower. I guess a 'shortage' in Islamic immigrants, unlike most western countries could be to blame.

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