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Living With the 'Rents
For the first time in more than 130 years, more young adults are living with their parents than are living alone, with a spouse or with roommates. And it’s happening all over the country, according to a recent analysis of U.S. Census data by the online apartment locator service ABODO, though there are some cities where it’s significantly more prevalent.
The findings show that the majority of these millennials, ages 18 to 34, are men (54%) even though men represent just 50% of this age group population; most are on the younger end of the age spectrum, with 41% of 18- to 21-year-olds still living with the ‘rents. Surprisingly, though, nearly 30% of all millennials living with their parents are age 26 or older, and a full third of that group are between 31 and 34, the analysis found. (On the flip side, there are cities where millennials are buying homes at a pretty good clip.)
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Saddled With Debt
“The problem isn’t just high rent, or just lack of education, or just unemployment, or just low pay,” ABODO notes. “Often, it’s a combination. Millennials are not only earning the same or less than their parents did as young adults, but the majority of those who pursue post-secondary education also graduate saddled with an average student loan debt of more than $30,000.”
Top that off with the fact that a lot of millennials have poor credit scores, and it’s no wonder they’re refusing to leave the nest. (By the way, you can check your credit scores for free, updated every 14 days, using Credit.com’s Credit Report Summary.)
Click ahead to see the 30 U.S. cities where young adults are living with their parents the most (all cities include surrounding metro area).
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30. Charlotte, North Carolina
Percent Living With Parents: 30.5%
Median Monthly Income for Millennials: $2,132
Median Rent: $915
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SchulteProductions
29. Cincinnati
Percent Living With Parents: 31.1%
Median Monthly Income for Millennials: $1,975
Median Rent: $775
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28. San Francisco
Percent Living With Parents: 31.5%
Median Monthly Income for Millennials: $2,813
Median Rent: $1,623
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Ron_Thomas
27. Indianapolis
Percent Living With Parents: 31.9%
Median Monthly Income for Millennials: $2,052
Median Rent: $825
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26. Phoenix
Percent Living With Parents: 31.9%
Median Monthly Income for Millennials: $2,045
Median Rent: $986
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25. Dallas-Fort Worth
Percent Living With Parents: 32.0%
Median Monthly Income for Millennials: $2,202
Median Rent: $992
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24. Pittsburgh
Percent Living With Parents: 32.8%
Median Monthly Income for Millennials: $2,206
Median Rent: $756
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23. San Diego, California
Percent Living With Parents: 32.9%
Median Monthly Income for Millennials: $2,053
Median Rent: $1,427
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22. Las Vegas
Percent Living With Parents: 33.1%
Median Monthly Income for Millennials: $2,050
Median Rent: $1,007
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21. San Jose, California
Percent Living With Parents: 33.3%
Median Monthly Income for Millennials: $2,980
Median Rent: $1,894
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20. Jacksonville, Florida
Percent Living With Parents: 33.3%
Median Monthly Income for Millennials: $2,046
Median Rent: $994
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19. St. Louis
Percent Living With Parents: 33.7%
Median Monthly Income for Millennials: $1,994
Median Rent: $839
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18. Orlando, Florida
Percent Living With Parents: 33.8%
Median Monthly Income for Millennials: $1,926
Median Rent: $1,070
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17. Sacramento, California
Percent Living With Parents: 33.9%
Median Monthly Income for Millennials: $1,922
Median Rent: $1,109
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16. Washington, D.C.
Percent Living With Parents: 34.2%
Median Monthly Income for Millennials: $2,686
Median Rent: $1,553
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15. Tampa, Florida
Percent Living With Parents: 34.3%
Median Monthly Income for Millennials: $2,059
Median Rent: $976
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14. Atlanta
Percent Living With Parents: 34.6%
Median Monthly Income for Millennials: $2,031
Median Rent: $1,015
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13. Houston
Percent Living With Parents: 35.0%
Median Monthly Income for Millennials: $2,208
Median Rent: $978
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12. Boston
Percent Living With Parents: 35.0%
Median Monthly Income for Millennials: $2,608
Median Rent: $1,316
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11. San Antonio
Percent Living With Parents: 36.2%
Median Monthly Income for Millennials: $1,970
Median Rent: $926
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10. Cleveland
Percent Living With Parents: 36.4%
Median Monthly Income for Millennials: $1,932
Median Rent: $746
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9. Baltimore
Percent Living With Parents: 36.9%
Median Monthly Income for Millennials: $2,397
Median Rent: $1,184
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8. Providence, Rhode Island
Percent Living With Parents: 38.7%
Median Monthly Income for Millennials: $1,993
Median Rent: $910
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7. Chicago
Percent Living With Parents: 39.1%
Median Monthly Income for Millennials: $2,229
Median Rent: $1,012
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6. Detroit
Percent Living With Parents: 40.0%
Median Monthly Income for Millennials: $1,952
Median Rent: $871
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5. Philadelphia
Percent Living With Parents: 41.0%
Median Monthly Income for Millennials: $2,275
Median Rent: $1,062
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4. Los Angeles
Percent Living With Parents: 41.5%
Median Monthly Income for Millennials: $1,975
Median Rent: $1,348
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3. New York
Percent Living With Parents: 43.8%
Median Monthly Income for Millennials: $2,440
Median Rent: $1,308
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2. Riverside, California
Percent Living With Parents: 44.5%
Median Monthly Income for Millennials: $1,784
Median Rent: $1,166
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1. Miami
Percent Living With Parents: 44.8%
Median Monthly Income for Millennials: $1,875
Median Rent: $1,208
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