What Do You Do When You’re 27?
Older millennials were blindsided by the recession, and one of the first generations to take out massive debt for school. They are also one of the tech-savviest generations, and attended post-secondary institutions more than any other generation. Lets take a look at how they’re doing — at 27.
If you were to pick a 27 y.o. out at random…
More than likely they would:
Have an office and administrative support occupation
Make $10-$14.99/hour
Have a Bachelor’s degree
Have $30,000+ in debt
Be somewhat stressed about finances
Be Single with 0 kids
Rent with a partner
Live within 9 miles of where they went to 10th grade
From the largest longitudinal study of this generation.
Tens of thousands of students were monitored from the 10th grade to 27. (See Infographic)
Source: BestMastersDegrees.com
The tale of 27-year-olds is one of education, it’s skyrocketing price, and a recession job market.
Education:
Bachelors or higher: 33%
Associate’s Degree: 9%
Undergraduate Certificate: 10%
Postsecondary attendance, no credential: 32%
High school diploma or equivalent: 13%
Less than high school completion: 3%
Living Arrangements:
Traditionally, most people are married and settled into their own homes by 27.
Many more 27 year old’s area living at home than past generations.
19% living alone
42% living with a spouse or partner
10% living with roommate(s)
23% living with parents
6% other
Where are you at in your life?
19% working and taking postsecondary courses
63% working for pay only
5% taking postsecondary courses only
13% not working for pay or taking postsecondary courses
Student Loans:
40%–no loans
16%– $0-$10,000
20%–$10,000-$25,000
13%–$25,000-$50,000
11%–$50,000+
Income
The largest minority of those who dropped out of high school made less than $2000 last year
While the largest minority of those with bachelor’s degree or higher made $40,000+
That’s a 20x increase.
Higher education leads to greater job stability.
And greater options of where to work, thus less financial stress.
More educated 27-year-olds are single with no kids, pushing the average age of marriage to historically high levels.
About 1/4 of 27-year-olds move a great distance away from their high school.
1/4th stay within 100 miles
and 1/2 stay within 10 miles
Welcome to the life of a 27 year old in America
