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Considering the fact that I eat Chobani for approximately 23 meals of my week, I do wonder what it would be like to not have to pay rent at all. I could afford a personal trainer, winter gloves and even vacations every once in a while. But I'd have to live at home. And I'd likely have to be confronted with daily reminders of childhood trauma even more than I already am.
As it turns out, a lot of New Yorkers are living that life.
According to a study by real estate data group Zillow, a large share of millennials are fulfilling their mothers' dreams and staying at home. The estimated 22.5 percent—or 12 million—American adults between the ages of 24 and 36 who currently live at home across is a sharp rise from 2005's 13 percent. In the New York metropolitan area alone, there's been a full 10 percent jump in young adults staying at home over the past decade, from 20.4 percent in 2005 to 30.3 percent in 2016. But then again, the Pussycat Dolls were still together in 2005. A lot has changed.
According to the study, 12 percent of those millennials are unemployed, and a net 28 percent of recent college grads live at home, which is fine. If you have ever payed a single security deposit in the five boroughs, it won't surprise you that higher and higher rents are behind the perceived failure to launch for the younger generation. Naturally, more millennials (roughly 30 percent) are shacking up with their relatives in metropolitan areas with higher rent—namely NYC, Miami and L.A. But you may have an easier time in cities like Austin, Seattle, Denver and Oklahoma City, where only 13 to 15 percent live at home. We have a feeling that, unfortunately, Austin and Seattle won't fare so well on the 2028 study.
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