SEATTLE, May 10, 2018
/PRNewswire/ -- More millennials age 24-36 live with their moms
than at any time in the past decade, according to the latest
Zillow® analysis[i]. Nearly a quarter of U.S. millennials are
living at home with their mom, which translates to about 12 million
young adults nationwide.
Despite a strong economic recovery, the share of millennials
living with their moms has been increasing since 2005, when just
13.5 percent lived with their moms. The combination of rapidly
rising rents and slow income growth over the past half-decade drove
many young adults to either move back in or never move out of their
parents' home, but the trend has been persistent even as the U.S.
labor market has improved.
Among the millennials living with their moms, almost 12 percent
are unemployed[ii] and, according to a new Zillow analysis released
earlier this week, 28 percent of recent college grads live with
their parents, up from 19 percent in 2005.
"As rents outpaced incomes over the past decade, young people
turned to their families in large numbers to ease the housing cost
crunch," said Zillow senior economist Aaron
Terrazas. "But even as the labor market has improved, the
family safety net has yet to unwind. Living with parents may allow
young adults to pursue work or a passion that may not be especially
lucrative, or save enough money for first and last month's rent or
a down payment on a home of their own. In booming Western markets,
relatively few young adults live with parents, not because rents
are cheap but because family is far away. There is also a small
slice of this young adult population that has mom living with them
instead. Perhaps mom needs extra care as she ages, or has moved in
with an adult child to help raise her grandchildren."
More millennials live with their moms in areas where housing
costs consume a larger share of income. For example, in
Miami, New York, Riverside,
Calif. and Los Angeles,
more than 30 percent of millennials live at home with their mom.
These are also among the country's pricier rental markets where
rents typically consume upwards of 35 percent of the median
income.
Austin, Texas has the smallest
share of millennials living at home with their mom, at 14 percent.
Renters in Austin can expect to
put less than 30 percent of their income toward a rental payment.
Other markets with a small percentage of millennials living with
Mom include Seattle, Denver and Oklahoma
City.
The median rent in the U.S. is $1,447 per month, up almost 3 percent over the
past year. Zillow forecasts rents to increase about 2 percent over
the next 12 months to a Zillow Rent
Index[iii] of $1,475.
Metropolitan
Area
|
Share of
Millennials
Living w/
Mom in
2005
|
Share of
Millennials
Living w/
Mom in
2016
|
Zillow Rent
Index (ZRI)
|
Share of
Income Spent
on Monthly
Rent Payment
|
Unemployment
Rate Among
Millennials
Living with
Mom
|
United
States
|
13.5%
|
22.5%
|
$
1,447
|
28.9%
|
11.6%
|
New York,
NY
|
20.4%
|
30.3%
|
$
2,400
|
38.8%
|
11.4%
|
Los Angeles-Long
Beach-Anaheim, CA
|
18.4%
|
30.2%
|
$
2,753
|
47.3%
|
8.5%
|
Chicago,
IL
|
15.8%
|
26.1%
|
$
1,654
|
29.0%
|
11.5%
|
Dallas-Fort Worth,
TX
|
9.8%
|
19.7%
|
$
1,606
|
29.0%
|
9.1%
|
Philadelphia,
PA
|
18.4%
|
28.5%
|
$
1,581
|
27.7%
|
11.0%
|
Houston,
TX
|
12.9%
|
22.3%
|
$
1,558
|
29.4%
|
12.2%
|
Washington,
DC
|
13.0%
|
21.8%
|
$
2,148
|
25.9%
|
10.2%
|
Miami-Fort
Lauderdale, FL
|
15.6%
|
33.4%
|
$
1,865
|
42.1%
|
10.3%
|
Atlanta,
GA
|
10.7%
|
23.3%
|
$
1,397
|
25.9%
|
13.0%
|
Boston, MA
|
14.7%
|
23.2%
|
$
2,379
|
33.4%
|
9.2%
|
San Francisco,
CA
|
14.1%
|
21.1%
|
$
3,420
|
39.9%
|
10.0%
|
Detroit,
MI
|
15.4%
|
24.2%
|
$
1,208
|
24.6%
|
14.7%
|
Riverside,
CA
|
17.6%
|
33.0%
|
$
1,885
|
36.7%
|
12.7%
|
Phoenix,
AZ
|
9.7%
|
21.0%
|
$
1,364
|
26.9%
|
12.1%
|
Seattle,
WA
|
9.2%
|
14.4%
|
$
2,208
|
30.9%
|
8.7%
|
Minneapolis-St Paul,
MN
|
8.5%
|
16.5%
|
$
1,643
|
26.1%
|
8.2%
|
San Diego,
CA
|
11.8%
|
23.3%
|
$
2,550
|
41.2%
|
11.8%
|
St. Louis,
MO
|
12.6%
|
19.5%
|
$
1,150
|
22.2%
|
12.1%
|
Tampa, FL
|
10.8%
|
22.0%
|
$
1,377
|
30.8%
|
11.6%
|
Baltimore,
MD
|
15.2%
|
24.2%
|
$
1,745
|
26.0%
|
11.4%
|
Denver, CO
|
8.9%
|
15.0%
|
$
2,054
|
32.4%
|
8.4%
|
Pittsburgh,
PA
|
15.9%
|
23.0%
|
$
1,075
|
21.6%
|
14.4%
|
Portland,
OR
|
8.0%
|
17.0%
|
$
1,860
|
31.3%
|
9.3%
|
Charlotte,
NC
|
10.4%
|
19.5%
|
$
1,299
|
24.8%
|
12.7%
|
Sacramento,
CA
|
12.3%
|
22.4%
|
$
1,852
|
33.0%
|
8.8%
|
San Antonio,
TX
|
14.3%
|
29.2%
|
$
1,345
|
27.7%
|
7.7%
|
Orlando,
FL
|
10.1%
|
24.0%
|
$
1,442
|
31.1%
|
11.0%
|
Cincinnati,
OH
|
10.9%
|
18.8%
|
$
1,282
|
24.6%
|
11.2%
|
Cleveland,
OH
|
14.7%
|
21.3%
|
$
1,149
|
25.5%
|
14.7%
|
Kansas City,
MO
|
9.0%
|
15.4%
|
$
1,282
|
24.1%
|
13.0%
|
Las Vegas,
NV
|
11.2%
|
24.1%
|
$
1,302
|
27.4%
|
12.5%
|
Columbus,
OH
|
8.8%
|
16.8%
|
$
1,324
|
25.5%
|
11.0%
|
Indianapolis,
IN
|
7.9%
|
16.8%
|
$
1,207
|
24.7%
|
12.0%
|
San Jose,
CA
|
14.3%
|
21.3%
|
$
3,523
|
36.3%
|
9.8%
|
Austin, TX
|
8.0%
|
13.9%
|
$
1,686
|
27.3%
|
8.1%
|
Virginia Beach,
VA
|
11.6%
|
23.3%
|
$
1,408
|
26.4%
|
11.1%
|
Nashville,
TN
|
9.2%
|
16.6%
|
$
1,499
|
28.7%
|
11.3%
|
Providence,
RI
|
17.5%
|
26.2%
|
$
1,664
|
30.5%
|
8.6%
|
Milwaukee,
WI
|
11.9%
|
17.5%
|
$
1,367
|
27.1%
|
11.4%
|
Jacksonville,
FL
|
11.1%
|
19.6%
|
n/a
|
26.3%
|
8.4%
|
Memphis,
TN
|
13.4%
|
23.7%
|
$
1,088
|
25.0%
|
14.8%
|
Oklahoma City,
OK
|
9.6%
|
15.2%
|
$
1,100
|
22.9%
|
10.5%
|
Louisville-Jefferson
County, KY
|
12.6%
|
18.8%
|
$
1,194
|
25.2%
|
18.0%
|
Hartford,
CT
|
17.8%
|
24.2%
|
$
1,604
|
25.7%
|
14.5%
|
Richmond,
VA
|
11.9%
|
22.6%
|
$
1,396
|
25.6%
|
12.9%
|
New Orleans,
LA
|
19.3%
|
26.8%
|
$
1,385
|
33.3%
|
14.1%
|
Buffalo,
NY
|
16.2%
|
22.2%
|
$
1,216
|
25.9%
|
9.1%
|
Raleigh,
NC
|
6.5%
|
17.2%
|
$
1,439
|
22.9%
|
14.2%
|
Birmingham,
AL
|
13.6%
|
22.5%
|
$
1,054
|
23.5%
|
16.4%
|
Salt Lake City,
UT
|
10.6%
|
19.0%
|
$
1,591
|
26.8%
|
9.0%
|
About Zillow
Zillow is the leading real estate and
rental marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with great real estate professionals. In addition,
Zillow operates an industry-leading economics and analytics bureau
led by Zillow Group's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of
economists and data analysts produce extensive housing data and
research covering more than 450 markets at Zillow Real Estate
Research. Zillow also sponsors the quarterly Zillow Home Price
Expectations Survey, which asks more than 100 leading economists,
real estate experts and investment and market strategists to
predict the path of the Zillow Home Value Index over the next five
years. Zillow also sponsors the bi-annual Zillow Housing Confidence
Index (ZHCI) which measures consumer confidence in local housing
markets, both currently and over time. Launched in 2006, Zillow is
owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
[i] Zillow analysis of the U.S. Census Bureau data from the
American Community Survey from 2005-2016. A mom must be living in
the household in order to be included in this analysis. The 50
largest U.S. metros were used in this analysis.
[ii] Based on 2016 data, the most recent available.
[iii] The Zillow Rent Index (ZRI) is the median Rent Zestimate®
(estimated monthly rental price) for a given geographic area on a
given day, and includes the value of all single-family residences,
condominiums, cooperatives and apartments in Zillow's database,
regardless of whether they are currently listed for rent. It is
expressed in dollars.
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SOURCE Zillow