More Than 1 in 5 Millennials Still Live with Mom According to New Study
Even more reason to knock your Mother's Day present out of the park this year!
On the bright side, rising housing costs mean that less children will be traveling to visit mama for Mother's Day this year.
According to a recent Zillow analysis, more people age 23-37 are living with their moms than at any time this century. Currently, more than 14 million American millennials (nearly 22%) live with their mom or both parents.
And the rates are only rising. The share of young adults living with mom has increased steadily since 2001—more than doubling from 6.8 million (11.7%) to 14.3 million (21.9%) today.
The reason? More young people are simply struggling to afford independent housing even while holding a job.
"While it might be tempting to stereotype these young adults as lazy millennials bumming off of mom, the data paints a different picture," Zillow senior economist Sarah Mikhitarian said in a news release. "When the housing market went bust and the economy unraveled into a recession, young adults increasingly returned to their childhood home. And, despite a strong labor market and fairly robust economic recovery, this trend has continued in the face of rising housing costs and deteriorating affordability."
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Among large housing markets, Riverside in Miami, Los Angeles, and New York have the highest share of millennials living with their moms: at least 31%. You'll find the smallest share of young adults who live with mom in Seattle, Austin, Portland, Kansas City, and Denver, where rates are below 15% in each case.
But living at home isn't all bad news for millennials.
"Living with mom as an adult can certainly bring its share of headaches, but the benefits go beyond the occasional home-cooked meal—living under mom's roof can allow young adults to save enough money for a down payment, security deposit or some other big expense," Mikhitarian noted. "Not to mention you won't have to travel far to take your mom out to dinner this Mother's Day."