Here’s why so many mil­len­ni­als live with mom.

Metro USA (New York) - - Front Page - KRISTIN TOUS­SAINT

Mother’s Day is around the corner — do you have plans to take your mom out to brunch? Or maybe you can wake her up with break­fast right in bed if you’re one of the mil­lions of young adults still liv­ing at home.

More mil­len­ni­als ages 24 to 36 are liv­ing at home with their moms now than any other time in the past decade, ac­cord­ing to a re­port by real es­tate site Zil­low.

Na­tion­ally, 22.5 per­cent of mil­len­ni­als — or about 12 mil­lion young adults — are still liv­ing with their mom or both par­ents, the anal­y­sis found. In New York City, the share is even greater.

In New York City, as well as with Mi­ami, Los An­ge­les and River­side, Cal­i­for­nia, more than 30 per­cent of mil­len­ni­als live at home.

That per­cent­age has grown a lot in the last year, too — In 2016, 30.3 per­cent of mil­len­nial New York­ers still lived at home with mom while in 2015, 20.4 per­cent did so.

Moms surely make pretty great room­mates, but that’s not the only rea­son kids are stick­ing around. Rents have been in­creas­ing faster than in­comes, push­ing kids back into the nest ac­cord­ing to Zil­low. And New York is a city known for its ridicu­lously high rents.

In New York City, the me­dian rent is $2,400 per month, ac­cord­ing to Zil­low, and that means New York­ers who are not liv­ing at home are spend­ing 38.8 per­cent of their in­come on rent.

Just be­cause you live with Mom doesn’t mean you’re to­tally re­liant on your par­ents, though — only 11.4 per­cent of New York mil­len­ni­als liv­ing at home are un­em­ployed, Zil­low found.

“Liv­ing with par­ents may al­low young adults to pur­sue work or a pas­sion that may not be es­pe­cially lu­cra­tive, or save enough money for first and last month’s rent or a down pay­ment on a home of their own,” said Zil­low se­nior econ­o­mist Aaron Ter­razas in a state­ment.

The pat­terns also aren’t the same across the coun­try, Ter­razas ex­plained.

“In boom­ing West­ern mar­kets, rel­a­tively few young adults live with par­ents, not be­cause rents are cheap but be­cause fam­ily is far away,” he said. “There is also a small slice of this young adult pop­u­la­tion that has Mom liv­ing with them in­stead. Per­haps Mom needs ex­tra care as she ages, or has moved in with an adult child to help raise her grand­chil­dren.”

ISTOCK

Still liv­ing with mom? You’re not the only one, es­pe­cially in New York City, where res­i­dents spend close to 40 per­cent of their in­come on rent.

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