30 Percent of NYC Millennials Live at Home with Their Parents: Zillow Study - NBC New York

30 Percent of NYC Millennials Live at Home with Their Parents: Zillow Study

    processing...

    NEWSLETTERS

    30 Percent of NYC Millennials Live at Home with Their Parents: Zillow Study
    Frazer Harrison/Getty Images
    (Photo by Frazer Harrison/Getty Images for Coachella)

    While some are all too familiar with Mom's joking threat that "you're never leaving," for some, this is more of a reality.

    According to a report by Zillow, 22.5 percent -- roughly 12 million young Americans -- are still living at home with their parents as of 2016. This is a large spike from 2005, where only 13 percent of Americans ages 24 to 36were still living at home.

    New York City is up 10 percent from 2005, with more than 30 percent of millennials living at home in 2016, the most recent data available. In a city where the median rent is about $2,400 -- and people are spending nearly 40 percent of their income on rent -- it's perhaps not surprising that young adults would choose to room with their parents. 

    But only about 11 percent of millennials living with Mom in New York City are unemployed, according to Zillow. 

    "[E]ven as the labor market has improved,  the family safety net has yet to unwind," said Zillow senior economist Aaron Terrazas. "Living with parents may allow young adults to pursue work or a passion that may not be especially lucrative, or save enough money for first and last month's rent or a down payment on a home of their own." 

    "In booming Western markets, relatively few young adults live with parents, not because rents are cheap but because family is far away," he adds. "There is also a small slice of this young adult population that has mom living with them instead. Perhaps mom needs extra care as she ages, or has moved in with an adult child to help raise her grandchildren."

    Austin, Texas, has the smallest share of millennials living at home with their mom, at 14 percent, according to Zillow. Other markets with a small percentage of millennials living with Mom include Seattle, Denver and Oklahoma City.

    Read more here. 

    Get the latest from NBC 4 New York anywhere, anytime

    • Download the App

      Available for IOS and Android