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Staying Close to Home - 2/9/16

Americans love many things, apple pie, lemonade, and giant water parks.  But above all, Americans seem to love mom.  According to an Upshot analysis of data supplied through a comprehensive survey of older Americans, they typical adult in the U.S. lives only eighteen miles from his or her mother.  Over the last several decades, Americans have become less mobile, and most adults, particularly those with less education or lower incomes, often do not venture far from their hometowns. 

As reported in the New York Times, the data reveal a nation of close knit families with members of multiple generations leaning on one another for financial and practical support.  Social scientists believe that this trend will continue as baby boomers need more care in their later years and a growing number of two income families seek help with child care. 

As it is, only twenty percent of adults live more than a couple hours’ drive from their parents.  If people live far from their parents, it is likely that they have a professional degree that requires them to be in a large city to take full advantage of their training.  Wealthier people can also more easily afford to pay for services like child or elder care all things being equal. 

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.