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Basement Blues: More Millennials Living With Mom

 

More millennials age 24-34 live with their moms than at any time in the last decade. 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, Texas 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, it doesn't come as a surprise that many young people are having trouble setting aside enough money to buy their own home. Living with their parents allows young people more time to continue to do things like continue their education or save for a down payment.

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