Here’s why so many millennials live with mom.
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.”
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.