On Sunday most of us will be celebrating Mother’s Day, and it seems a lot of Millennials won’t have to travel far to spend the day with mom, because they’re still living with her.
A report by Zillow finds that nearly 22.5% of U.S. Millennials, ages 24 to 36, are living with mom, which is about 12 million young adults. That constitutes the largest amount in the past decade, with the number steadily rising since 2005, when only 13.5% lived with mom.
And there’s certainly good reason these Millennials haven’t moved out on their own. According to the report 12% of them are currently unemployed, while 28% consist of recent college grads.
- Not surprisingly, there are some cities where more Millennials are living at home with mom, and high housing costs are to blame. In cities like Miami, New York, Riverside, California and Los Angeles, which have some of the most expensive rental markets in the country, more than 30% of Millennials live at home with mom. Meanwhile, Austin, Texas, which has a less expensive rental market, has only 14% of Millennials living at home. Other cities with less Millennials at home include Seattle, Denver and Oklahoma City.
Source: Business Journals