If you’re a Millennial in Metro Detroit, there’s a 1 in 4 chance you shouted “Happy Mother’s Day!” from the living room. Over a quarter of millennials in Detroit – 26.1 percent – live with their moms, and living with mom is something that’s happening across the country, according to Zillow.
In the U.S., Zillow estimates that 21 percent of 24-34 year olds live with their moms, and that number has increased since 2005, when just 13 percent of young people lived at home.
Why? The reason is more complicated than the stereotype of playing Dungeons and Dragons in the basement all day.
The largest issue nationally is rent. U.S. rents are on the rise, and incomes haven’t kept up, especially for millennials. In the past year, rents have jumped almost three percent. By contrast, incomes have risen only 1.8 percent.
“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 median rent in the U.S. is $1,389 per month. Zillow forecasts rents to increase another 3 percent over the next 12 months to a Zillow Rent Index of $1,426 per month.
However, financial reasons aren’t the only factor involved. Sometimes, cultural factors come into play.
Hispanic families are more likely to live in multigenerational households, so in areas where there’s a large Hispanic population, there are higher numbers of millennials living at home.
The top 10 cities with the highest percentage of millennials living with Mom are:
El Paso, TX – 34 percent
Miami-For Lauderdale, FL – 33.4 percent
Riverside, CA – 32.7 percent
Los Angeles-Long Beach-Anaheim, CA – 31.2 percent
New York / Northern New Jersey – 30 percent
Philadelphia, PA – 27.1 percent
Detroit, MI – 26.1 percent
San Antonio, TX – 24.6 percent
Chicago, IL – 24.4 percent
Orlando, FL – 24.3 percent