Cities Where Most Millennials Still Live With Their Parents
The cost of living and the lack of high paying jobs have Millennials in a choke hold, crashing out in their parents’ homes.
Don’t be fooled, Millennials aren’t all privileged trust funders pretending to put in a hard day’s graft in a co-working space in between jetting off around the world on their parents’ dime. In fact, more young adults live with their parents than any other generation in the last 130 years, according to recent U.S. census data.
As real estate prices venture further out in unchartered waters, many twenty and thirty somethings have been left stranded on the shore, forced into staying with their folks in an effort to survive. Census data shows that, 34.1 percent of Millennials between the ages of 18 and 34 are back in their childhood bedrooms, taking out the trash and trying not to be back home too late. That percentage rises by 10 percent in some cities.
Bisnow first commented on a report by Abodo which showed cities which have the greatest numbers of millennials camping out at the family homestead. Unsurprisingly, it’s in areas where the income and rent has the greatest disparity. The U.S. government defines cost-burdened renters as people who spend more than 30 percent of their income on rent. Shockingly, in some American cities the cheapest median rent consumes 68 percent of the median income of young people still living at home and often much more than that, making striking out on their own impossible.
Among the most expensive cities where Millennials can be caught helping out with their parents’ house chores are Miami, Riverside/San Bernadino, CA, New York, LA, Philadelphia and Detroit, which isn’t expensive it’s just that jobs are scarce in the Motor City.
With the problem of rent taken out of the equation and traditional jobs hard to find, young employment seekers have been innovative and resourceful in finding ways to bring in an income. The internet, with its endless possibilities, is often at the center of their thinking. But a steady career trajectory, even with a college degree is far from guaranteed which is why in recent years “The Side Hustle” or The Gig Economy have appeared into the lexicon of work related lifestyles. Multiple freelance jobs have been born out of necessity.
But young adults needn’t think they have to be tied to their parents houses forever. Although only 8.9 percent of U.S. Millennials live alone, according to data from Zillow, if they are prepared to travel, there are some US cities where they cannot only survive but thrive. They may not be the glamor spots but, if it’s independence, the freedom to walk around in their underwear and bring home romantic interests, then places such as Oklahoma City, Kansas City and Pittsburgh could be calling their name.
AGORAFYStefano Boeri, the architect mastermind behind the famous plant-covered skyscrapers, is now designing Forest Cities in Liuzhou, China. #ForestCity #China https://goo.gl/PsTUwv
AGORAFYAuction is the second scheduled in a month for a One57 unit and it could set a NYC foreclosure record. #BillionairesRow #Foreclosures https://goo.gl/NZ3zqD
AGORAFYOnce a couch-surfing website, Airbnb moves on to luxury properties, further disrupting hospitality industry. #Airbnb #Luxury https://goo.gl/7TpLk6