Report: Millennials living with mom on the rise - CBS46 News

Report: Millennials living with mom on the rise

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Source: WGCL Source: WGCL
ATLANTA (CBS46) -

Mother's Day is just around the corner and a new Zillow report has found the number of millennials living with their mother or both parents has increased since 2005.

According to the analysis, 22.5 percent of millennials aged 24-36 are living home with their mom. That's roughly 12 million young adults nationwide.

“As rents outpaced incomes over the past decade, young people turned to their families in large numbers to ease the housing cost crunch,” said Zillow senior economist Aaron Terrazas. “But even as the labor market has improved, the family safety net has yet to unwind. Living with parents may allow young adults to pursue work or a passion that may not be especially lucrative, or save enough money for first and last month’s rent or a down payment on a home of their own. 

The combination of rising rents and slow income growth over the past half-decade drove many young adults to either move back in or never move out of their parents’ home, but the trend has been a persistent event as the U.S. labor market has improved. 

The median rent in the U.S. is $1,447 per month, up almost 3 percent over the past year. Zillow forecasts rents to increase about 2 percent over the next 12 months to a Zillow Rent Index[iii] of $1,475.

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