A new report from rental site Abodo finds that a whopping 41.5 percent of Los Angeles metro area millennials—defined as people 18 to 34 years old—still live with their parents.
That places LA fourth on a list of metro areas with the most millennials living at home.
The neighboring Inland Empire ranked second, with 44.5 percent of millennials living at home. That was more than the New York metro area, which ranked third with 43.8 percent, and just shy of first-place Miami, where 44.8 percent of young folk have yet to find their own place.
What’s keeping millennials at home for so long?
The report suggests a number of factors, including unemployment and high housing costs.
The good news is that LA millennials aren’t having too much trouble finding jobs. The unemployment rate for millennials living at home (not those living by themselves or with a partner) is 8.7 percent in the LA Metro area, according to US Census data cited by Abodo. That’s actually a good deal lower than the 10.1 percent national average.
The bad news is that those jobs don’t seem to pay very much. Median monthly income for LA millennials living at home is $1,384. Meanwhile, the median price of rent in the metro area is $1,348. You may notice that those numbers are very similar.
Millennials who have ventured out of the family home aren’t exactly raking in the big bucks either. In the LA area, they earn a median income of $1,975 per month. That’s far below what millennials make in other California cities such as San Francisco or San Jose, where high wages help offset significantly higher rents.
The struggles of LA’s young generation are well-documented. A separate report last year found that the city’s millennials had one of the lowest rates of homeownership in the nation.
Meanwhile, census data also show that many millennials are simply leaving town altogether, bound for more affordable cities such as Austin, Texas, and Houston.
Loading comments...