Millennial renters are just fine with sharing a home, according to Zillow. The number of millennials living alone has been declining since 2005, largely because of the rising cost of home prices and rent rates. According to a new report released by Zillow, about 9 percent of millennials are living with another individual. The highest recorded percentage of millennials living alone is in Richmond, Virginia, where 15 percent of millennials have a place to themselves. Those millennials not living by themselves are likely to still be living at home or finding roommates to keep the rent affordable, Zillow reports. There is also a sector of the millennial population living with a signficant other or small family in a rental. According to another Zillow report, the percentage of 23- to 34-year-olds living with family members was dramatically on the rise by 46 percent from 2000 to 2013. In an attempt to save some money, 21 percent of millennials were still living at home with pare...
- Richmond had the highest percentage of millennials living alone, at 15 percent.
- Cities with the highest shares of millennial renters on their own were small- to mid-sized cities.
- Chicago, Houston, New York City and Washington D.C. had a higher independent millennial renter population than the national average.
The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect