Looks like many Millennials won’t have to go out of their way to see mom for Mother’s Day.
That’s because nearly 23 percent of Millennials already live with their mother, according to a new report from Zillow, an online real estate database company. In 2005, about 14 percent did so.
To crunch the numbers, Zillow analyzed U.S. Census Bureau data from 2005 through 2016, focusing on households in the 50 largest metros that included a mom, and a younger resident age 24 to 36.
“You would expect young adults living at home to return to historic norms,” said Aaron Terrazas, senior economist at Zillow, speaking about how we’ve recovered from the housing bubble. “But the trend hasn’t decreased — if anything, it’s increased.”
Fewer Millennials are moving into their own place becausehousing pricesare outpacing wages, Terrazas said.
Student loan debt has also becomea major barrierto home ownership in America. More than 80 percent of people age 22 to 35 with student debt and who haven’t bought a house yet, blame their educational loans, according to the National Association of Realtors.
Here are the cities in which the most Millennials reside with mom.
|New York City||30.3%|
|Los Angeles-Long Beach-Anaheim||30.2%|
RELATED: Goodbye, empty nest: Millennials staying longer with parents