Austin, Texas has the smallest share of millennials living at home with their mom, at 14 percent. Renters in Austin can expect to put less than 30 percent of their income toward a rental payment. Other markets with a small percentage of millennials living with Mom include Seattle, Denver and Oklahoma City.
More millennials age 24-36 live with their moms than at any time in the past decade. Nearly a quarter of U.S. millennials are living at home with their mom, which translates to about 12 million young adults nationwide.
The combination of rapidly 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.
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.
Another reason might be that millennials are wanting to enjoy life more and spend their money on travels and entertainment. They see how hard their parents worked and want to make sure they get the most out of life while they are young and can enjoy it.
The median rent in the U.S. is $1,447 per month, up almost 3 percent over the past year.
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