The percentage of young adult Americans, millennials, stuck living with their mothers was 50 percent higher in 2014 than in 2005, according to real estate database company Zillow.
“With today’s high rents and lagging income growth, many young people are having trouble setting aside enough money to buy their own home, delaying home ownership,” said Zillow chief economist Dr. Svenja Gudell.
Zillow’s report, “More Millennials Living with Mom,” was published Thursday.
The company says the number of millennials living with their mom has increased every year over the past decade. Just 13 percent of people aged 24 to 34 were living at their parents’ home in 2005, compared to 17.8 percent in 2009 and 21.4 percent in 2014.
“Living with their parents may allow young people to continue to do things like further their education, save enough money for first and last month’s rent, or save for a down payment,” said Gudell.
Zillow’s report combines estimates of the median rent in major American cities with the latest available statistics from the Census Bureau. Zillow also notes that the cost of renting has also increased 2.7 percent over the last year, while incomes have increased by only 1.8 percent.
In San Francisco, home of some of the world’s most expensive real estate, about 21 percent of millennials are too poor to move away from home. El Paso, Texas, is at the top of the list, with 34 percent stuck, while New York had 30 percent stuck in 2014–an increase from 21 percent in 2005.
Follow Jerome Hudson on Twitter: @jeromeehudson.
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