About 15 percent of people ages 25 to 35 were living with their parents in 2016, according to Pew Research data. Many millennials came of age during the last recession, “so it’s taking them longer to financially recover,” says Jason Dorsey, president of the Center for Generational Kinetics, a research firm in Austin, Texas. “They had a tough job market from the start, and there’s been quite a lot of wage stagnation. … It’s more socially acceptable now to delay marriage, kids, and a home.”
The median age of a first-time home owner is now 32, according to the National Association of REALTORS®. Realtor.com®’s research team identified the following cities as having the highest percentage of millennials who live with their parents.
1. McAllen, Texas
- Percentage of millennials living with parents: 51.8 percent
- Median rent for a one-bedroom apartment: $620
- Median home price: $189,300
2. Oxnard, Calif.
- Percentage of millennials living with parents: 45.8 percent
- Median rent for a one-bedroom apartment: $1,210
- Median home price: $699,000
3. El Paso, Texas
- Percentage of millennials living with parents: 45.6 percent
- Median rent for a one-bedroom apartment: $681
- Median home price: $166,700
4. Bridgeport, Conn.
- Percentage of millennials living with parents: 45.2 percent
- Median rent for a one-bedroom apartment: $1,134
- Median home price: $725,000
5. Miami
- Percentage of millennials living with parents: 44.8 percent
- Median rent for a one-bedroom apartment: $1,062
- Median home price: $379,500
On the flip side, the city where the highest percentage of millennials who are living alone (without roommates) is Austin, Texas, at 11.2 percent, according to realtor.com®.
Source: “Where Millennials Live Alone – and Where They’re Still Crashing With Mom and Dad,” realtor.com® (Aug. 21, 2017)
