Older parents are paying.
Californians anticipating an empty nest in their golden years are now faced with a rocky reality: The Great Recession and its jobless recovery have forced many adult children home, increasing household expenses by 50 percent or more for many families, according to a new study by the UCLA Center for Health Policy Research and the Insight Center for Community Economic Development.
The study includes a county-by-county breakdown of the costs of supporting an extended family in California.
For a variety of reasons — lack of a job, job loss, divorce, home foreclosure — more than 2.3 million adult children in California were living with their parents in 2011, 63 percent more than in pre-recession 2006. There were 433,000 older adults, age 65 and over, who housed approximately 589,000 of those adult children.
“A college degree is no guarantee of a job today, and an unprecedented number of families have been forced to return to a multigenerational household,” said Steven P. Wallace, associate director at the UCLA Center for Health Policy Research and a co-author of the study. “Until the economy provides the kinds of jobs that allow all adults to be self-sufficient, families will need help.”