An alarming number of Houston millennials are still living at home
It's easy to joke about adults living at home in their mom's basement, but it turns out that's shockingly the case for a lot of millennials, especially in Houston.
Zillow looked at the numbers and found that more than 21 percent of Houston adults aged 24-34 are homebound, due mainly to out-of-control rents, a sluggish job market, and salaries that haven't kept pace.
A little more than a decade ago, only 13.2 percent of millennials here lived at home. By 2009, during the recession, that number jumped to 17.6 percent.
Apartment List says the median rent in Houston is $1,500, which is significantly higher than the U.S. median of $1,389.
"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," says Zillow chief economist Dr. Svenja Gudell in a release. "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."
You can see the full report here.
The city with the most live-at-home millennials is El Paso, which the study also acknowledges has a high Hispanic population. Hispanic families tend to live in multi-generational households, so culture might also influence these high numbers.
Other cities that have a high percentage of kids crashing with their parents include Miami; Los Angeles; Philadelphia; and Ventura, California. The lowest numbers are in Omaha, Nebraska.
Just barely escaping the top of the list are San Antonio (24.6 percent) and Dallas (19 percent). Austin is the most self-sufficient city in Texas with only 14.3 percent of millennials living at home, even though the median rent there is a whopping $1,693.