SEATTLE, Dec. 14, 2017 /PRNewswire/ -- Nationally, nearly
one in three adults live with a roommate or parent, the greatest
share ever reportedi, according to a new Zillow®
analysisii. As rental affordability deteriorates, more
U.S. adults may be choosing double up in order to cut costs.
A doubled-up household is where two or more
working-agediii adults live together but aren't married
or in a relationship — this could mean two millennial roommates or
an adult living with parents. The share of doubled-up households
has been steadily rising since the late 1990s, when just 23 percent
of adults lived together.
The rise in doubled-up households coincides with increasingly
unaffordable rental prices nationwide. Americans making the
national median income should expect to put about 30 percent of
their monthly income toward a rental payment, but in some markets
the share is even greater. In Los
Angeles, renters spend almost half of their monthly income
on rent. In San Francisco, renters
spend 42 percent of their income on rent each month.
"As rents have outpaced incomes, living alone is no longer an
option for many working-aged adults," said Zillow senior economist
Aaron Terrazas. "By sharing a home
with roommates -- or in some cases, with adult parents -- working
adults are able to afford to live in more desirable neighborhoods
without shouldering the full cost alone. But this phenomenon is not
limited to expensive cities. The share of adults living with
roommates has been on the rise in historically more affordable
rental markets as well. Unless current dynamics shift and income
growth exceeds rent growth for a sustained period of time, this
trend is unlikely to change."
Metros with the greatest share of adults doubling up also have
some of the most expensive rents. In Los
Angeles, almost 50 percent of adults live with a roommate or
adult parent, the highest share of all markets analyzed.
Los Angeles is the third most
expensive rental market in the nationiv, with the median
rent at $2,720 per
monthv.
Riverside, Calif. and
Miami metros also have a high
percentage of doubled-up households. In Riverside, almost 45 percent of adults are
doubled up, along with 41 percent in Miami. Both metros are among the seven most
expensive rental markets when ranked by the share of income going
toward the typical rent payment.
When renters decide to move to a new place, a recent rent
increase was likely the catalyst, according to the 2017 Zillow
Group Consumer Housing Trends Reportvi. Almost 80
percent of renters who moved from a previous rental experienced a
rent increase before moving. And when renters start searching for a
new place to live, 77 percent indicate that the rental being within
their price range is a top requirement.
Metropolitan
Area
|
2016 - Percent of
Adults Living in Doubled-Up Households
|
2000 - Percent of
Adults Living in Doubled-Up Households
|
2017 Q3 Rental
Affordability
|
Zillow Rent
Indexvii
(ZRI)
|
United
States
|
30.2%
|
22.1%
|
29.1%
|
$
1,432
|
New York,
NY
|
40.0%
|
32.7%
|
39.3%
|
$
2,393
|
Los Angeles-Long
Beach-Anaheim, CA
|
45.5%
|
37.4%
|
48.4%
|
$
2,720
|
Chicago,
IL
|
32.4%
|
27.4%
|
29.7%
|
$
1,651
|
Dallas-Fort Worth,
TX
|
30.0%
|
22.6%
|
30.2%
|
$
1,596
|
Philadelphia,
PA
|
33.0%
|
23.9%
|
27.7%
|
$
1,578
|
Houston,
TX
|
32.8%
|
24.3%
|
28.8%
|
$
1,532
|
Washington,
DC
|
34.6%
|
27.1%
|
26.1%
|
$
2,133
|
Miami-Fort
Lauderdale, FL
|
41.0%
|
30.1%
|
41.0%
|
$
1,848
|
Atlanta,
GA
|
31.7%
|
25.5%
|
26.0%
|
$
1,379
|
Boston, MA
|
32.3%
|
25.3%
|
33.8%
|
$
2,365
|
San Francisco,
CA
|
38.5%
|
32.3%
|
42.4%
|
$
3,379
|
Detroit,
MI
|
29.5%
|
23.3%
|
24.9%
|
$
1,181
|
Riverside,
CA
|
43.7%
|
28.2%
|
36.7%
|
$
1,840
|
Phoenix,
AZ
|
32.2%
|
23.6%
|
27.3%
|
$
1,344
|
Seattle,
WA
|
28.3%
|
20.0%
|
30.2%
|
$
2,198
|
Minneapolis-St Paul,
MN
|
23.5%
|
17.5%
|
26.6%
|
$
1,623
|
San Diego,
CA
|
37.9%
|
28.6%
|
42.0%
|
$
2,535
|
Saint Louis,
MO
|
25.2%
|
18.7%
|
23.1%
|
$
1,139
|
Tampa, FL
|
29.0%
|
19.1%
|
32.1%
|
$
1,364
|
Baltimore,
MD
|
33.4%
|
23.4%
|
27.4%
|
$
1,730
|
Denver, CO
|
27.1%
|
20.7%
|
32.4%
|
$
2,035
|
Pittsburgh,
PA
|
24.5%
|
18.5%
|
22.5%
|
$
1,067
|
Portland,
OR
|
28.5%
|
20.2%
|
32.5%
|
$
1,872
|
Charlotte,
NC
|
26.4%
|
19.9%
|
26.9%
|
$
1,284
|
Sacramento,
CA
|
33.1%
|
21.7%
|
31.8%
|
$
1,813
|
San Antonio,
TX
|
37.2%
|
23.6%
|
28.0%
|
$
1,335
|
Orlando,
FL
|
35.0%
|
22.8%
|
32.0%
|
$ 1,430viii
|
Cincinnati,
OH
|
24.0%
|
16.3%
|
25.6%
|
$
1,273
|
Cleveland,
OH
|
23.7%
|
20.3%
|
25.5%
|
$
1,139
|
Kansas City,
MO
|
23.1%
|
17.2%
|
23.8%
|
$
1,268
|
Las Vegas,
NV
|
36.4%
|
27.7%
|
28.0%
|
$
1,284
|
Columbus,
OH
|
24.2%
|
16.6%
|
25.9%
|
$
1,324
|
Indianapolis,
IN
|
25.0%
|
16.1%
|
25.3%
|
$
1,206
|
San Jose,
CA
|
38.6%
|
36.3%
|
38.5%
|
$
3,488
|
Austin, TX
|
30.4%
|
23.0%
|
29.0%
|
$
1,690
|
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. 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 Ever reported by Zillow, which looked at data going
back to 1990.
ii Zillow's analysis looked at the share of working-aged
adults living in doubled-up households using individual census
survey responses available in the Integrated Public Use Microdata
Series for 2016. Zillow analyzed the 35 largest U.S. metros.
iii Age 23-65.
iv Among the 35 largest U.S. metros.
v Data from October
2017.
vi The 2017 Zillow Group Report is the
2nd annual largest-ever survey of U.S. home buyers,
sellers, owners and renters, and asked more than 13,000 U.S.
residents aged 18 to 75 about their homes – how they search for
them, pay for them, maintain and improve them, and what
frustrations and aspirations color their decisions. The full report
is available for free to the public
at www.zillow.com/report.
vii 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. Data from October 2017.
viii As of September
2017.
View original
content:http://www.prnewswire.com/news-releases/share-of-adults-living-with-roommates-higher-than-ever-before-300571225.html
SOURCE Zillow