Study: Number of Phoenix millennials living with parents less than U.S. average
Mar 25, 2017, 1:23 PM | Updated: 1:34 pm
(Kevin Dooley/Flickr Photo)
A newly-published set of data shows that while many millennials are living with their parents, the Phoenix-area has a smaller-than-average percentage of young adults staying at home.
An apartment website called Abodo recently released a blog called “Not So Empty Nests,” which includes a myriad of data about young adults of age 18 to 34. It reveals, among other things, that for the first time in 130 years, the most common living situation among that age group is to live with parents.
If you’re the mother or father of a young adult in the Phoenix area, you might be in luck.
Among the 40 most populous metropolitan areas in the U.S., the average city has 34.1 percent of millennials living with their folks. But in the Phoenix-Mesa-Scottsdale area, that number sits at 31.9 percent.
Number one on the list is Miami, at 44.8 percent of 18- to 34-year-olds living with their parents.
The data breaks down factors like average monthly rent, average millennial income and unemployment percentage. Perhaps it helped that Phoenix’s median rent is $986, while many of the 40 metro areas came in well above $1,000 per month.
Furthermore, the national average unemployment rate among millennials is 10.1 percent, but in Phoenix, it’s just 9.4 percent.
The report points out that, even though millennials are living with their parents in historic high percentages, they’re the largest and most educated generation in history. So why are they living at home? Abodo’s conclusion is that it’s a combination of factors — not the least of which are student debt and stagnant wages.