(New York, NY) — For millennials, living at home in your 20’s and 30’s isn’t so bad. In fact, 12 million American adults between the ages of 24 and 36 live at home.
Statistics show around 30 percent of millennials lived at home in 2016, a 10 percent jump from 2005. With such a staggering increase, there has to be one major factor that’s preventing these birds from leaving their nests, and that is high rent!
Are you ready for this? In NYC, on average, people spend nearly 44 percent of their income on rent. And, with the average rent $2,400, we don’t blame millennials for staying at home.
Now, does the employment rate match the living situation? No, in fact, according to Zillow, only around 11 percent of millennials are unemployed. However, with many millennials living in metropolitan areas, it seems the choice to live at home is an easy one.
Compared to metropolitan areas with high rents, in cities with lower rents like Austin, Seattle, Denver and Oklahoma City, only around 15 percent of millennials live at home.
What are the pros of living at home?
Well, for starters, no rent. But aside from saving money, living at home gives people an opportunity to pursue a career that is more about passion than about salary. Not only does it take rent out of the question, but with such high rates, the chance of moving out and living alone doesn’t seem to be on the table for millennials. Living at home also means avoiding terrible roommates!