The share of young people still living with mom is at the highest this century
Ahead of Mother’s Day this weekend, a new study has found that around 14 million millennials (21.9%) live with their moms or both parents.
That’s 9 points higher than those of the same age in 2005 and with a higher share also having jobs, it highlights the issue of affordability of homes for young Americans.
The analysis by Zillow also reveals that the percentage of millennials living with their moms has steadily increased since 2001 when the share was 11.7%.
And the increase is despite improvement for the economy and unemployment falling, with 10.3% of those living with mom without a job compared to 19.5% just 9 years ago.
"While it might be tempting to stereotype these young adults as lazy millennials bumming off of mom, the data paints a different picture," said Zillow Senior Economist Sarah Mikhitarian. "When the housing market went bust and the economy unraveled into a recession, young adults increasingly returned to their childhood home.”
She added that the benefits of living under mom's roof include being able to save enough money for a down payment, security deposit or some other big expense.
Among large housing markets, Riverside, Miami, Los Angeles and New York have the highest share of millennials living with their moms – at least 31% - and are all among the seven least affordable rental markets in the country.
