AgentMarkets & Economy

Zillow: millennials are still living with mom and dad

Recent report finds rising rents and plateauing incomes are keeping more millennials at home
  • Since 2005, when 13 percent of millennials lived with parents, the rate at which they are staying home increased to 21 percent.
  • El Paso, Texas, has the most millennials living at home at nearly 34 percent.
  • All the cities with the fastest rising rents -- more than 4 percent -- are west of the Mississippi.

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Downtown Riverside, Calif./Flickr user Ken Lund First-time homebuyers are entering the housing market at a slow clip. Many are renting an apartment, but others are sticking with the roommate they know and love: Mom. According to a recent analysis released by Zillow, millennials aged 24 to 34 are living with their mothers today more than any time in the last decade. Since 2005, the number of millennials living with their parents has been on the rise -- 8 percent to be exact. Today, 21 percent of the 24-to-34 age bracket lives with Mom. "With today's high rents and lagging income growth, many young people are having trouble setting aside enough money to buy their own home, delaying home ownership," said Zillow Chief Economist Dr. Svenja Gudell. "Living with their parents may allow young people to continue to do things like continue their education, save enough money for first and last month's rent, or save for a down payment." The city with the largest percentage of millenn...