South Florida’s millennials just can’t seem to leave the nest.
According to analysis by online real estate company Zillow, the Miami-Fort Lauderdale metro area ranks No. 2 in cities with the highest numbers of people ages 24 to 34 living with Mom, with 33.4 of the city’s millennial population still at home.
That number has more than doubled since 2005, when 15.8 percent of South Florida millennials lived at home. It’s grown in tandem with rents, which are projected to steadily increase by 3.5 over the upcoming year, Zillow’s data show.
“With today’s high rents and lagging income growth, many young people are having trouble setting aside enough money to buy their own home. 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,” said Zillow chief economist Dr. Svenja Gudell in a statement.
The analysis points out that cities with a large share of young adults living at home, such as El Paso, Texas (34 percent) Los Angeles (31.2 percent), have large Hispanic populations.
“In general, Hispanic families are more likely to live in multi-generational households,” the release stated.
The cities with smallest shares of young adults still living with Mom include Omaha, Nebraska (11 percent) and Denver, Colorado (14.1 percent).
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