Just in time for Mother' Day, a new study by Zillow found that the amount of millennials—those between the ages of 23-37—still living with their mother has reached its highest level this century.
The reported figure of 21.9% is nine points higher than those of the same age in 2005, and more than doubling the 11.7% rate back in 2001.
While the amount of millennials living at homes continue to rise, the unemployment rate for those living at home has fallen to 10.3% from 19.5% in 2010.
“While it might be tempting to stereotype these young adults as lazy millennials bumming off of mom, the data paints a different picture," said Sarah Mikhitarian, Zillow Senior Economist. "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. 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.
Also, as rent rates rise, affordability challenges in the short term and long term are impacted. Zillow states renters in today’s market need an extra year and a half to save for a down payment than their parents’ generation 30 years earlier.
Zillow states that rent has increased 2.4% year-over-year to $1,472 in February, and forecasts an additional 1.8% increase in the coming year.
The markets with the most millenials living at home are Riverside, California, Los Angeles, California, and New York, New York—at least 31%. These markets are also among the least affordable rental markets in the nation.
Just 13.7% of millennials still live at home in Seattle, Washington, which is the lowest in the nation.