Cities where many millennials still live with their parents
The U.S. median home price crossed $300,000 for the first time in March, presenting fresh challenges for many first-time buyers looking for a chance to enter the market.
Affordability challenges, combined with various other economic factors, are making it harder for young Americans, in particular, to move out on their own.
According to data from online real estate site Zillow, nearly one in four millennials still live with their parents.
But affordability and other factors vary across regions, leading to higher obstacles for millennials in some markets when compared with others.
MagnifyMoney surveyed the country’s 50 largest metro areas to figure out where the largest number of young adults, between the ages of 25 and 40, were still living at home.
Here’s a look at the results:
1. Riverside, California
More than 28 percent of people between the ages of 25 and 40 live with their parents in Riverside, the most out of the major metro areas surveyed.
A contributing factor to the local trend is high unemployment rates.
More than 53 percent of the total young adults living at home were men.
2. Miami
In Miami, about 27.7 percent of young adults have not left their parents' houses.
Of those living at home, about 18 percent don’t participate in the labor force, while 8.4 percent were unemployed, according to the study.
About 44.6 percent were women, while 55.4 percent were men.
3. Los Angeles
Perhaps it is no surprise that young adults are living with their parents in Los Angeles, which is known for pricey real estate. About 26.6 percent of millennials in this California city are still living at home.
Of that number, about 6.9 percent are unemployed, while more than 16 percent don’t participate in the labor force.
4. New York
Another notoriously expensive city, in New York just under 25 percent of adults between the ages of 25 and 40 live with mom and dad.
Seven percent of those young adults are unemployed.
5. San Antonio, Texas
In San Antonio, Texas, 23.2 percent of young adults still live in their parents’ houses. More than 15 percent of those individuals did not participate in the labor force.
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Rounding out the top 10 were:
6. New Orleans
7. Philadelphia
8. Providence, Rhode Island
9. Baltimore
10. Orlando