SEATTLE, WA - More millennials age 24-34 live with their moms than at any time in the last decade, according to Zillow's latest analysis. 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 Index 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.
Source: Zillow / #Housing #Economy