Millennials & mom
Rising rents are causing more and more Millennials to move in with mom. According to new data, the number of young adults living with their mom has nearly doubled since 2000.
Moving in with mom
According to research from Zillow, 21.9 percent of Millennials — Americans aged 23 to 37 — currently live in their mother’s home. That’s up from 12.7 percent in 2000 and equals more than 14 million Millennials nationwide.
For comparison’s sake, 18 million children under 5 currently live with their mothers — marking only a 4-million difference in the two cohorts.
Sarah Mikhitarian, a senior economist for Zillow, said the housing crash has a lot to do with the uptick in young adults living at home.
“When the housing market went bust and the economy began to unravel into a recession, the share of young adults — at this point, the Millennial generation — living in their childhood homes understandably increased as they graduated into a weak economy where jobs were difficult to obtain,” she said.
Rising housing costs also play a role, as many young adults move home to save up from their down payment or pay off debts.
Living with mom by metro
The trend isn’t rising in every metro. In fact, in places like Atlanta, Seattle and Boston, the number of young adults living with their moms is actually decreasing (though not dramatically).
Millennials tend to live at home more often in cities with higher-priced rents. Top places for Millennials living with mom include Riverside, Stockton and Los Angeles, California; Honolulu; El Paso and McAllen, Texas; Scranton, Pennsylvania; New Haven, Connecticut; Springfield, Massachusetts; and Lakeland, Florida.
Cities with more affordable rents, like Wichita, Kansas and Des Moines, Iowa, have lower rates of Millennials living with their mothers.
Get today’s mortgage rates
Are you tired of living with mom? Considering buying a home? Then shop around and see what mortgage rates you qualify for today.
Verify your new rate (May 17th, 2019) Original Article Posted at : https://themortgagereports.com/50486/data-shows-a-fifth-of-all-millennials-are-living-with-mom