SEATTLE, May 5, 2016 /PRNewswire/ -- More
millennials age 24-34 live with their momsi than at any
time in the last decade, according to Zillow's latest
analysisii. In the U.S., 21 percent of 24-34 year olds
live with their moms, a number that's been steadily increasing
since 2005, when just 13 percent lived with their moms.
El Paso, TX has the biggest
percentage of millennials living with Mom, almost 34 percent -- a
12 percentage point increase since 2005. Other places with a large
percentage of millennials crashing with their moms are Miami, Los
Angeles, Philadelphia, and
Ventura, Calif.
U.S. rents are on the rise and incomes have not kept up,
especially for young adults, who have faced a sluggish job market
over the last decade. Over the past year, rents have increased
almost 3 percent, while incomes have increased just 1.8 percent.
The decision to stay with Mom could be driven by affordability or
culture. In general, Hispanic families are more likely to live in
multigenerational households, and many of the places with a large
share of young adults living with Mom also have large Hispanic
communities.
"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. "Living with their
parents may allow young people to continue to do things like
continue their education, save enough money for first and last
month's rent, or save for a down payment."
The median rent in the U.S. is $1,389 per month. Zillow forecasts rents to
increase about 3 percent over the next 12 months to a Zillow Rent
Indexiii of $1,426.
Omaha, which made Zillow's
recent list of hot housing markets to watch in 2016, has the
smallest percentage of millennials living with Mom, -- 11 percent.
Other markets with a small percentage of millennials living with
Mom include Seattle, Denver, and Portland.
Metropolitan
Area
|
First Quarter 2016
Zillow Rent Index (ZRI)
|
ZRI Forecast
Year-Over-Year Change
|
Percent of
Millennials Living at Home in 2005
|
Percent of
Millennials Living at Home in 2009
|
Percent of
Millennials Living at Home in 2014
|
United
States
|
$
1,389
|
2.7%
|
13.1%
|
17.8%
|
21.4%
|
New York/Northern New
Jersey
|
$
2,410
|
1.7%
|
20.9%
|
27.0%
|
30.0%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$
2,525
|
3.5%
|
19.2%
|
25.2%
|
31.2%
|
Chicago,
IL
|
$
1,636
|
-0.3%
|
15.7%
|
22.3%
|
24.4%
|
Dallas-Fort Worth,
TX
|
$
1,510
|
2.6%
|
9.6%
|
16.1%
|
19.1%
|
Philadelphia,
PA
|
$
1,556
|
1.9%
|
17.5%
|
21.7%
|
27.1%
|
Houston,
TX
|
$
1,577
|
1.6%
|
13.2%
|
17.6%
|
21.2%
|
Washington,
DC
|
$
2,116
|
1.4%
|
12.9%
|
16.6%
|
20.4%
|
Miami-Fort
Lauderdale, FL
|
$
1,847
|
3.5%
|
15.8%
|
26.8%
|
33.4%
|
Atlanta,
GA
|
$
1,287
|
3.5%
|
10.3%
|
17.8%
|
19.7%
|
Boston, MA
|
$
2,262
|
3.4%
|
14.1%
|
19.0%
|
21.5%
|
San Francisco,
CA
|
$
3,357
|
4.5%
|
14.9%
|
21.4%
|
21.1%
|
Detroit,
MI
|
$
1,151
|
0.6%
|
14.7%
|
24.6%
|
26.1%
|
Riverside,
CA
|
$
1,702
|
2.4%
|
17.6%
|
23.8%
|
32.7%
|
Phoenix,
AZ
|
$
1,264
|
2.7%
|
9.0%
|
16.4%
|
18.3%
|
Seattle,
WA
|
$
1,959
|
5.4%
|
8.1%
|
10.7%
|
14.8%
|
Minneapolis-St Paul,
MN
|
$
1,509
|
1.8%
|
7.9%
|
12.5%
|
14.6%
|
San Diego,
CA
|
$
2,356
|
4.8%
|
11.6%
|
17.9%
|
22.1%
|
St. Louis,
MO
|
$
1,126
|
-0.9%
|
12.3%
|
16.1%
|
20.3%
|
Tampa, FL
|
$
1,305
|
1.4%
|
9.3%
|
16.6%
|
20.8%
|
Baltimore,
MD
|
$
1,717
|
0.2%
|
14.9%
|
19.3%
|
23.3%
|
Denver, CO
|
$
1,968
|
5.0%
|
7.9%
|
12.5%
|
14.1%
|
Pittsburgh,
PA
|
$
1,110
|
0.7%
|
15.9%
|
16.6%
|
19.6%
|
Portland,
OR
|
$
1,711
|
4.4%
|
7.5%
|
13.1%
|
15.3%
|
Charlotte,
NC
|
$
1,223
|
2.6%
|
10.5%
|
12.8%
|
18.6%
|
Sacramento,
CA
|
$
1,620
|
3.0%
|
13.1%
|
18.0%
|
22.4%
|
San Antonio,
TX
|
$
1,300
|
0.0%
|
13.3%
|
21.8%
|
24.6%
|
Orlando,
FL
|
$
1,349
|
2.9%
|
9.7%
|
20.1%
|
24.3%
|
Cincinnati,
OH
|
$
1,222
|
2.6%
|
10.4%
|
16.2%
|
17.5%
|
Cleveland,
OH
|
$
1,115
|
-1.4%
|
14.2%
|
19.0%
|
22.0%
|
Las Vegas,
NV
|
$
1,212
|
2.1%
|
11.3%
|
13.4%
|
19.4%
|
Columbus,
OH
|
$
1,273
|
1.6%
|
8.1%
|
12.0%
|
13.5%
|
Indianapolis,
IN
|
$
1,185
|
-0.2%
|
7.0%
|
12.5%
|
16.9%
|
San Jose,
CA
|
$
3,472
|
8.8%
|
16.1%
|
21.4%
|
23.9%
|
Austin, TX
|
$
1,693
|
3.3%
|
6.4%
|
10.6%
|
14.3%
|
Virginia Beach,
VA
|
$
1,408
|
0.1%
|
11.4%
|
15.1%
|
17.0%
|
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 the best local professionals who can help. In
addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow'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 (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
|
|
|
i Mom
must be in the household in order to be included in this
analysis.
ii Zillow analysis of U.S. Census Bureau data from
the American Community Survey from 2005-2014. Made available by the
University of Minnesota, IPUMS-USA.
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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/more-millennials-living-with-mom-300263350.html
SOURCE Zillow