May 6, 2016
By: Daniella Soloway
With Mother’s Day right around the corner, more millennials will be right at home to show their appreciation for mom. According to Zillow’s latest research, there are more people aged 24-34 living at home than ever before over the past decade.
In 2005, this number was at 13%, but now, it has reached 21%. So, where is this happening the most? El Paso, TX is at 34%, and is joined by cities like Miami, Philadelphia, Ventura, CA, and Los Angeles on the top of the list.
The cause for this rise is clear – as rents have risen by an average of 3% over the past year, wages have only risen by 1.8%. Zillow Chief Economist Dr. Svenja Gudell said, “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 on a home.”