Monday, July 4, 2022
HomeBusinessReal EstateOne in Five Millennials in DC Area Lives with Mother

One in Five Millennials in DC Area Lives with Mother

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One in every five individuals aged between 23 and 37 in the D.C. area lives with their mothers, according to a report released by the online real estate database company Zillow.

The research published on Monday indicated that the rate of millennials living with their parents in the region has seen a rise over the past 15 years.

While 21.6 percent of D.C. area millennials live with their mothers today, which is more than one in five, the figure was only 12.5 percent in 2005.

On the other hand, the D.C. area is considered to be in a better position compared to other high-priced rental markets such as Miami, Los Angeles and New York City, where around 31 percent of millennials still live at home.

The results of the study are attributed to housing affordability and the median rental in the D.C. area that requires only 25 percent of a renter’s income, which is below the general affordability threshold of 30-35 percent.

As for the rest of the country, 21.9 percent of millennials (14.3 million) reportedly live with their moms nationwide. The percentage has doubled since 2001, when it was 11.7 percent (6.8 million).

“Despite a fairly robust economic recovery, young adults are increasingly living with mom instead of breaking out on their own,” the report said. “For many, this could be a pragmatic choice in the face of rising housing costs and deteriorating affordability over the past 15 years. Some may simply be unable to afford local housing costs; others maybe could afford those costs, but choose to live with mom instead to more easily save for a down payment, security deposit or other big expense.”

Another finding of the report is that some 23-37 year-olds may be hosting their parents at their homes to take care of their them as they age or to have help raising children of their own.

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