Moms Welcome Millennial Move-Ins

Posted by Steph Kaye on Thursday, May 12th, 2016 at 9:05am.

The number of millennial children, ages 24-34, who are residing with their mothers is at an all-time high.  In fact, more millennial kiddos are living with Mom than at any other time in the last decade.  Twenty-one percent of 24-34 year olds in the United States are living with Mama.  This number has been steadily increasing since 2005, when a mere 13 percent lived with their mothers. 

Almost 34% of millennial kids are "livin' la vida loca" with Mom in El Paso, Texas, which is reflective of a twelve percent increase from 2005.  Even larger percentages of millennials crashing with Mom exist in Miami, Los Angeles, Philadelphia ("where I was born and raised"), and Ventura, California.  

Incomes have been unable to keep up with rising U.S. rent and young adults have faced a rather slow job market over the past ten years.  In addition, rent has increased by almost three percent over the past ten years and incomes have only grown by 1.8 percent.  It is difficult to determine whether affordability or culture are the driving factors returning grown children to their mothers.  Hispanic families generally hold multigenerational households.   Many places which contain large communities of young adults living with Mom are Hispanic.  

Many young people are having difficulty saving for a home due to high rents and sluggish income growth.  Living with parents allows millennials to continue education and save money for rent or a down payment.  

The U.S. holds a median rent level of $1,389 monthly and will likely increase by three percent over the next year to a total of $1,426.

If you'd like to learn more, please don't hesitate to message Lang Premier Properties online or call us at 1-855-526-4466.

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