Monday, May 9, 2016

Almost 1 in 5 Millennials in Orlando still live with mom, study says

Posted By on Mon, May 9, 2016 at 8:33 AM

click image PHOTO BY JANEB13 VIA PIXABAY
Orlando may rank as one of the American metropolitan areas with the most mansions, but curiously enough, it's also one of top metros in the country where Millennials still live with their dear old moms. In fact, 24.3 percent of Orlandoans ages 24-34 were staying home with their mothers in 2014, according to a study from Zillow

"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 Svenja Gudell, Zillow's chief economist, in statement. "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 number of Millennials in Orlando living at home in 2005 was 9.7 percent, but more than doubled during the recession to 20.1 percent in 2009. The jump came with rent increases, and Zillow projects rents in Orlando will rise by almost 3 percent next year. 

Orlando was in the top 10 metro areas with Millennials staying put in the nest, but was beat out by other metros like El Paso, Texas, at 34 percent; Miami-Fort Lauderdale at 33.4 percent; and Riverside, California, at 32.7 percent. 

The study points out that aside from the affordability aspect, the high number of Millennials living with their parents could also be a cultural thing.

"In general, Hispanic families are more likely to live in multigenerational households, and many of the places with a large share of young adults living with Mom also have large Hispanic communities," the study says. 

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