This article is dumb. It seems to ignore the most obvious explanations for these trends, and lumps together young adults in all socioeconomic classes and geographic locations like they're the same (they're not).
Outside of urban areas, cars are pretty much a necessity. I highly doubt that young adults in these areas aren't using cars at all, but it makes a lot of sense that they would buy used or borrow friends or parents cars over owning a new car, because low wages and unemployment tend to result in not having wads of cash on hand to throw at owning a new vehicle.
For young adults in urban areas, cars have pretty much always been a nice-to-have, but if you don't have the money for them (especially the extra for parking in urban areas), public transportation will work, even though it might not always be sexy.
Same with home ownership. Homes are the most expensive possessions out there. If you don't have the money, credit, cushy job, you can't afford one. So living at home, or with friends, or renting are the doable options, even though home ownership is still highly desired.
The experience of middle and lower class young adults is much different than their upper class peers. I imagine buying behavior really hasn't changed much for the upper classes. But the large majority in the lower classes have the greatest sway on the trends.
I find it fascinating that anyone would be baffled why these trends exist. When youth and lack of experience mean shitty jobs and unemployment, its no wonder the younger demographic aren't big spenders. If you don't have the money, you don't have the money.
Outside of urban areas, cars are pretty much a necessity. I highly doubt that young adults in these areas aren't using cars at all, but it makes a lot of sense that they would buy used or borrow friends or parents cars over owning a new car, because low wages and unemployment tend to result in not having wads of cash on hand to throw at owning a new vehicle.
For young adults in urban areas, cars have pretty much always been a nice-to-have, but if you don't have the money for them (especially the extra for parking in urban areas), public transportation will work, even though it might not always be sexy.
Same with home ownership. Homes are the most expensive possessions out there. If you don't have the money, credit, cushy job, you can't afford one. So living at home, or with friends, or renting are the doable options, even though home ownership is still highly desired.
The experience of middle and lower class young adults is much different than their upper class peers. I imagine buying behavior really hasn't changed much for the upper classes. But the large majority in the lower classes have the greatest sway on the trends.
I find it fascinating that anyone would be baffled why these trends exist. When youth and lack of experience mean shitty jobs and unemployment, its no wonder the younger demographic aren't big spenders. If you don't have the money, you don't have the money.