A surprising number of Austin 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, including a surprising number of Austinites.
Zillow looked at the numbers and found that 14 percent of Austin adults aged 24-34 are homebound, due mainly to out-of-control rents, a weak economy, and salaries that haven't kept pace. A decade ago, only 6 percent of millennials here lived at home.
Zillow says all of the nation's 35 largest metros have seen an increase in millennials living at home.
"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."
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.
Austin is the most self-sufficient city in Texas, even though the median rent is a whopping $1,693, according to Zillow. Just barely escaping the top of the list are San Antonio (24.6 percent) and Houston (21 percent). Dallas is slightly better, at 19 percent.