SEATTLE, May 7, 2019 /PRNewswire/ -- More people age 23-37
are living with their moms than at any time this century, according
to a Zillow® analysisi. Nearly 22% of American
millennials – more than 14 million in total – live with their mom
or both parents, the highest share for this age group since at
least 2000.
The share of young adults living with mom has increased steadily
since 2001 – more than doubling from 6.8 million (11.7%) to 14.3
million (21.9%).
While the economy has recovered since the housing bust and
recession of the mid-2000s, young people living with their moms has
continued to rise. The share of those living at home that are
unemployed has fallen to 10.3% from 19.5% in 2010, indicating that
more young people are struggling to afford independent housing even
while holding a job.
"While it might be tempting to stereotype these young adults as
lazy millennials bumming off of mom, the data paints a different
picture," said Zillow Senior Economist Sarah Mikhitarian. "When the housing market went
bust and the economy unraveled into a recession, young adults
increasingly returned to their childhood home. And, despite a
strong labor market and fairly robust economic recovery, this trend
has continued in the face of rising housing costs and deteriorating
affordability. Living with mom as an adult can certainly bring its
share of headaches, but the benefits go beyond the occasional
home-cooked meal – living under mom's roof can allow young adults
to save enough money for a down payment, security deposit or some
other big expense. Not to mention you won't have to travel far to
take your mom out to dinner this Mother's Day."
Rents are on the rise, bringing present-day affordability
challenges for those looking to rent and long-term difficulties in
saving for a down payment on a first home. Recent Zillow research
found today's renters need an extra year and a half to save for a
down payment than their parents' generation 30 years earlier.
Those that choose to live with their moms and build up their
savings may have a leg up. An analysis from HotPads®, a Zillow
Group-owned apartment- and home-search platform, showed that living
rent-free with parents can allow you to afford a down payment on a
home nearly three years sooner. And a small share of this young
adult population is actually hosting mom in their own home –
perhaps to take care of her as she ages or to have help raising
children of their own.
Among large housing markets, Riverside, Miami, Los
Angeles and New York have
the highest share of millennials living with their moms – at least
31%. These four metros are all among the seven least affordable
rental markets in the country.
Millennials in Seattle,
Austin, Portland, Kansas
City and Denver will likely
need to travel to visit their moms on Mother's Day. The smallest
share of young adults live with mom in these markets, below 15% in
each case. In these booming, expensive markets, it's likely that
fewer young adults live with mom because family is far away rather
than because rents are more affordable.
The median monthly rent price in the U.S. is $1,474, up 2.5% from a year earlier, according to
the Zillow Rent Indexii. Zillow predicts rents will rise
an additional 1.8% in the coming year and reach the $1,500 threshold.
Metropolitan
Area
|
Share of Young
Adults (23-37)
Living with
Mom in 2005
|
Share of Young
Adults (23-37)
Living with
Mom in 2017
|
Zillow Rent
Index (ZRI)
|
Rent Affordability
(Share
of Median Income Spent
on Median Monthly Rent
Payment)
|
United
States
|
13.0%
|
21.9%
|
$1,474
|
27.7%
|
New York,
NY
|
20.4%
|
31.0%
|
$2,419
|
36.4%
|
Los Angeles-Long
Beach-Anaheim, CA
|
18.6%
|
32.0%
|
$2,836
|
45.7%
|
Chicago,
IL
|
15.5%
|
25.3%
|
$1,691
|
28.1%
|
Dallas-Fort Worth,
TX
|
9.8%
|
19.5%
|
$1,643
|
27.7%
|
Philadelphia,
PA
|
17.3%
|
27.1%
|
$1,608
|
26.7%
|
Houston,
TX
|
12.9%
|
22.8%
|
$1,584
|
28.6%
|
Washington,
DC
|
12.5%
|
21.6%
|
$2,173
|
25.0%
|
Miami-Fort
Lauderdale, FL
|
15.7%
|
34.8%
|
$1,923
|
40.2%
|
Atlanta,
GA
|
10.3%
|
21.3%
|
$1,447
|
25.2%
|
Boston, MA
|
14.0%
|
21.4%
|
$2,395
|
31.8%
|
San Francisco,
CA
|
14.4%
|
22.5%
|
$3,450
|
38.3%
|
Detroit,
MI
|
15.5%
|
24.3%
|
$1,226
|
24.0%
|
Riverside,
CA
|
18.0%
|
35.4%
|
$1,988
|
35.8%
|
Phoenix,
AZ
|
9.2%
|
21.4%
|
$1,446
|
26.2%
|
Seattle,
WA
|
8.2%
|
13.7%
|
$2,233
|
30.9%
|
Minneapolis-St Paul,
MN
|
7.8%
|
15.4%
|
$1,700
|
25.2%
|
San Diego,
CA
|
11.8%
|
23.8%
|
$2,647
|
38.8%
|
St. Louis,
MO
|
12.1%
|
18.8%
|
$1,158
|
21.5%
|
Tampa, FL
|
10.2%
|
22.7%
|
$1,442
|
31.4%
|
Baltimore,
MD
|
14.0%
|
25.4%
|
$1,753
|
26.3%
|
Denver, CO
|
8.0%
|
14.9%
|
$2,108
|
31.1%
|
Pittsburgh,
PA
|
15.5%
|
18.9%
|
$1,102
|
21.4%
|
Portland,
OR
|
7.7%
|
14.4%
|
$1,870
|
29.4%
|
Charlotte,
NC
|
10.3%
|
19.3%
|
$1,342
|
24.9%
|
Sacramento,
CA
|
12.7%
|
22.7%
|
$1,915
|
31.9%
|
San Antonio,
TX
|
13.8%
|
25.8%
|
$1,368
|
27.7%
|
Orlando,
FL
|
10.2%
|
26.0%
|
$1,531
|
31.4%
|
Cincinnati,
OH
|
10.5%
|
16.5%
|
$1,305
|
24.2%
|
Cleveland,
OH
|
14.3%
|
20.1%
|
$1,165
|
25.5%
|
Kansas City,
MO
|
8.6%
|
14.8%
|
$1,295
|
23.4%
|
Las Vegas,
NV
|
11.6%
|
22.7%
|
$1,396
|
27.1%
|
Columbus,
OH
|
8.0%
|
15.2%
|
$1,363
|
24.3%
|
Indianapolis,
IN
|
7.7%
|
16.2%
|
$1,235
|
23.7%
|
San Jose,
CA
|
14.9%
|
23.2%
|
$3,553
|
34.1%
|
Austin, TX
|
6.9%
|
13.8%
|
$1,704
|
26.5%
|
Virginia Beach,
VA
|
11.3%
|
18.9%
|
$1,447
|
25.8%
|
Nashville,
TN
|
8.3%
|
16.0%
|
$1,518
|
27.1%
|
Providence,
RI
|
16.1%
|
26.2%
|
$1,695
|
29.4%
|
Milwaukee,
WI
|
10.2%
|
16.8%
|
$1,337
|
26.0%
|
Jacksonville,
FL
|
10.3%
|
21.0%
|
$1,395
|
27.1%
|
Memphis,
TN
|
12.5%
|
24.7%
|
$1,122
|
25.3%
|
Oklahoma City,
OK
|
8.1%
|
16.0%
|
$1,102
|
22.4%
|
Louisville-Jefferson
County, KY
|
11.9%
|
19.9%
|
$1,196
|
24.0%
|
Hartford,
CT
|
16.5%
|
23.6%
|
$1,604
|
26.0%
|
Richmond,
VA
|
10.7%
|
23.6%
|
$1,428
|
24.0%
|
New Orleans,
LA
|
19.3%
|
25.8%
|
$1,420
|
32.2%
|
Buffalo,
NY
|
16.0%
|
21.1%
|
$1,225
|
25.1%
|
Raleigh,
NC
|
6.1%
|
16.4%
|
$1,460
|
23.0%
|
Birmingham,
AL
|
13.4%
|
20.6%
|
$1,105
|
23.7%
|
Salt Lake City,
UT
|
10.6%
|
16.5%
|
$1,616
|
25.7%
|
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, data
analysts, applied scientists and engineers 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. 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 2005-2017. 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 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