10’000 Hours/Getty Images
- Many millennials are still living at home with their parents, according to Country Financial Security Index.
- MagnifyMoney recently took a look at the places where those aged 25 to 40 are still living at home.
- More than one in four millennials still live with their parents in Miami, Los Angeles, and New York.
Student loan debt and high housing costs have created an expensive climate that’s difficult to save in; living at home gives millennials more time to tuck some money away and focus on long-term goals, Doyle Williams, executive vice president at Country Financial, said in a press release.
MagnifyMoney recently took a look at the places across the US where the most adults still live at home. To determine its rankings, they looked at the 50 largest metros in America and used 2017 American Community Census data to calculate percentages for those aged 25 to 40 who live in a household with at least one parent. This age group falls into the millennial generation, as defined by The Center for Generational Kinetics (CGK). Jason Dorsey, president of CGK, told Business Insider they consider millennials to be those aged 23 to 40.
MagnifyMoney excluded students living at home in its calculations. The unemployment rate refers to the percentage of millennials living at home unable to find work; the percentage of those unemployed and not seeking work refers to millennials living at home who don’t participate in the labor force.
In Miami, Los Angeles, and New York, more than one in four residents aged 25 to 40 live with their parents. In all of the top 25 cities where millennials live at home, men in this age group are more likely to live with their parents.
Keep reading to see a ranked list of the cities in which the most millennials live at home.
Are you a millennial who lives at home and has a story to share? Email the reporter at email@example.com.
25 (TIE). San Jose, California
Percentage of millennials living with their parents: 17.6%
Percentage unemployed: 5%
Percentage unemployed and not seeking work: 14%
25 (TIE). Buffalo, New York
Percentage of millennials who live with their parents: 17.6%
Percentage unemployed: 6.1%
Percentage unemployed and not seeking work: 19.3%
23. Houston, Texas
Percentage of millennials who live with their parents: 17.7%
Percentage unemployed: 8.8%
Percentage unemployed and not seeking work: 20.8%
- These are the 10 hottest destinations billionaires are flying to via private jet this summer
- Millennials would rather spend money on experiences than on things. There are 4 reasons why that’s a smart money move, according to a financial expert
- Meet Tadashi Yanai, the richest person in Japan and the founder of Uniqlo, who’s worth nearly $25 billion and owns 2 golf courses in Hawaii