MORE MILLENIALS LIVING WITH PARENTS

More people age 23-37 are living with their moms than at any time this century, according to a new Zillow® analysis. Nearly 22% of American millennials – more than 14 million in total – live with their mom or both parents, the highest share for this age group since at least 2000.
Recent reports offer a positive outlook on the housing market for 2018, but first-time Millennial buyers will continue to struggle with affordability.
Courtesy Adobe Stock
The share of young adults living with mom has increased steadily since 2001 – more than doubling from 6.8 million (11.7%) to 14.3 million (21.9%).
While the economy has recovered since the housing bust and recession of the mid-2000s, young people living with their moms has continued to rise. The share of those living at home that are unemployed has fallen to 10.3% from 19.5% in 2010, indicating that more young people are struggling to afford independent housing even while holding a job.
Rents are on the rise, bringing present-day affordability challenges for those looking to rent and long-term difficulties in saving for a down payment on a first home. Recent Zillow research found today's renters need an extra year and a half to save for a down payment than their parents' generation 30 years earlier.
Those that choose to live with their moms and build up their savings may have a leg up. An analysis from HotPads®, a Zillow Group-owned apartment- and home-search platform, showed that living rent-free with parents can allow savers to afford a down payment on a home nearly three years sooner. And a small share of this young adult population is actually hosting mom in their own home – perhaps to take care of her as she ages or to have help raising children of their own.
Among large housing markets, Riverside, Miami, Los Angeles and New York have the highest share of millennials living with their moms – at least 31%. These four metros are all among the seven least affordable rental markets in the country.
Millennials in Seattle, Austin, Portland, Kansas City and Denver will likely need to travel to visit their moms on Mother's Day. The smallest share of young adults live with mom in these markets, below 15% in each case. In these booming, expensive markets, it's likely that fewer young adults live with mom because family is far away rather than because rents are more affordable.
The median monthly rent price in the U.S. is $1,474, up 2.5% from a year earlier, according to the Zillow Rent Index. Zillow predicts rents will rise an additional 1.8% in the coming year and reach the $1,500 threshold.

Comments

Post a Comment

Popular posts from this blog

Crucial Coronavirus Cleaning Tips: How To Keep Your Home Germ-Free During the Pandemic

Image
How long the virus survives—and where it thrives The novel coronavirus can survive on surfaces anywhere from hours to days. The latest information is that it can last 24 hours on cardboard, 48 to 72 hours on plastic, and 48 to 72 hours on stainless steel, says  Dr. Reuben Elovitz , internist and CEO at  Private Health Dallas , who cited a recent study from the  New England Journal of Medicine . The duration also depends on a few other factors, like temperature and whether a surface is prone to holding moisture. “Wooden handles, for example, are more likely to be damp than metal under normal conditions—and damp conditions can enable many infectious agents to thrive,” explains molecular biologist  Dr. Tracey Evans . “ Furthermore, a warm room is more favorable for many pathogens than a cold one.” Regardless of what kinds of temperatures and surfaces you have in your home, there are things you can do to keep these dangerous pathogens at bay. Ditch germs at ...
Read more

7 Ways to Create a Neighborly Front Yard

Image
1. Shade the Sidewalk Consider placing a tree where it will shade the sidewalk to help create a pleasant environment and encourage walking and visiting among neighbors. Trees provide rain and sun protection, and temperature differentials of 5 to 15 degrees are felt when walking on tree-canopied streets. In urban areas trees help mitigate the  heat-island effect  and provide a connection to nature. Most cities require permits for adding trees to a parkway (or hell strip), but permits are not usually required for planting on private property. Sean Papich Landscape Architecture 2. Set the Fence Back Placing a low fence or wall back a few feet from the edge of the sidewalk allows room for planting, and plants provide visual interest for pedestrians. In addition to cheerful  daisies  like these, velvety plants such as  lamb’s ears  ( Stachys byzantina ;   USDA zones 4 to 9;  find your zone ) would work well. June Scott Design ...
Read more

What’s New in Outdoor Lighting Design

Image
Linear Lighting There’s a trend toward the more extensive integration of lighting with modern hardscape elements. Sleek, minimalist linear step lighting illuminates a path while keeping light fixtures hidden from view. It also enables you to more easily highlight an architectural feature, such as stairs or a freestanding wall.  ZEN Associates, Inc. Laurie Ghielmetti Floating Structures Another trend is placing lights beneath landscape structures, creating the illusion that they are floating-- light is hidden to visually float steps, benches, bridges and other outdoor landscape elements. dSPACE Studio Ltd, AIA BEGA North America Sleek, Modern Fixtures A big trend is to use path lights that look more architectural, rather than the traditional flower or mushroom shapes. Pistils Landscape Design + Build Nightfall Landscape Lighting Low-Voltage Lighting While low-voltage lighting is not necessarily a new concept,...
Read more