18-to-34s in Den­ver earn more than peers na­tion­ally, and they don’t live with par­ents

The Denver Post - - BUSINESS - By Aldo Svaldi

Lower un­em­ploy­ment and higher wages are al­low­ing Den­ver mil­len­ni­als to move out of their par­ents’ homes at some of the high­est rates in the coun­try, ac­cord­ing to an analysis re­leased Tues­day by Abodo.

Na­tion­ally, just over a third of mil­len­ni­als — 34.1 per­cent — were liv­ing at home with their par­ents or other fam­ily in 2015, ac­cord­ing to num­bers from the Amer­i­can Com­mu­nity Sur­vey that Adobo com­piled. That rate rep­re­sents a his­tor­i­cal high.

But in metro Den­ver, only 25.5 per­cent of mil­len­ni­als, de­fined as those 18 to 34, were still liv­ing at home. That is the fourth low­est stay-at-home rate af­ter Austin, Texas; Seat­tle; and Colum­bus, Ohio.

Those three cities, along with Den­ver, have been mag­nets for mil­len­nial mi­gra­tion. When you have left town, liv­ing with your par­ents ceases to be an op­tion. But eco­nomics ap­pear to of­fer the great­est ex­pla­na­tion.

Na­tion­ally, mil­len­ni­als who live at home have a me­dian monthly in­come of $1,211, which con­trasts with a me­dian monthly rent of $959 a month. In metro Den­ver, mil­len­ni­als liv­ing at home earn a me­dian monthly wage of $1,334, which isn’t enough to pay for a monthly rent of $1,184.

What sets Den­ver apart, how­ever, is that mil­len­ni­als here are not only more likely to have a job, but to earn a higher wage when they do find work com­pared to other met­ros. At $2,482, the me­dian monthly in­come of all metro Den­ver mil­len­ni­als ranked high­est out­side of Seat­tle and San Fran­cisco.

And Den­ver’s mil­len­nial un­em­ploy­ment rate of 7.2 per­cent is the low­est in the coun­try af­ter Kansas City and ahead of the 10.1 per­cent mil­len­nial un­em­ploy­ment rate na­tion­ally.

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