Miami Continues to Lead Nation in Percentage of Millennials Who Live With Parents
Miami gives endless opportunities for Millennials to live a life that seems perfect on Instagram. You've seen all those selfies taken in front of Wynwood murals, group shots taken at exclusive-seeming parties, pics of craft cocktails and tapas, and carefully posed thirst traps taken at the beach or a pool.
But maybe you've seen
According to a new analysis from Zillow, Miami leads the nation's major metro areas in Millennials who still live with mom and dad.
The site found that 33.4 percent of people between the ages of 24 and 34 live at home in the Miami-Ft. Lauderdale metro area.
Only South California comes close to competing with South Florida. In Riverside, CA, 32.7 percent live at home. In Los Angeles, the percentage is 31.7 percent. New York-New Jersey is the only other major metro that comes in at 30 percent or more. In fact, the rate there is exactly 30 percent.
When medium-sized metros are taken into account, El Paso, Texas does slightly edge out Miami. Just under 34 percent of Millennials live with their mamas in that town.
Some may be quick to point out that in Latino culture, children typically live with their parents until marriage. Even Zillow mentions the cultural tradition, but there's clearly something else going on here.
In 2009, just 26.8 percent of 24-to-34-year-olds lived at home in South Florida. In 2005, it was just 15.8 percent. For comparison, back in that year, a higher percentage of 17.5 percent of young people in Philadelphia lived at home.
The real culprit? Rising rents, most likely.
"With today's high rents and lagging income growth, many young people are having trouble setting aside enough money to buy their own home, delaying home ownership," said Zillow Chief Economist Dr. Svenja Gudell. "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."
The finding certainly tracks with others.
Back in January 2015, another study also found Miami lead the leading metro areas in the measure. Though, that analysis looked at people between the age of 18 and 35. Another Zillow study from 2015 found that Miami was the most expensive place for Millennials to rent in the entire nation.