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