After graduation, it’s assumed you go off, find a job, get an apartment and officially become an “adult”. Graduating and moving back in with your parents, however, might be the opposite. It’s almost like taboo, yet more and more people’s parents are becoming their roommates. What gives? ABODO released a report on the statistics of Millennials living at home and why that number is continuing to grow.
The Millennial generation (ages 18 – 34) is the largest generation in the U.S., comprising about one-third of the population. One of the most diverse generations and the most educated (more than 60 percent have attended college), yet 34.1 percent of Millennials are also living with their parents. A combination of education, high rent, low monthly income and cost of living contributes to this rising statistic. Millennials are earning less than their parents did at the same age and as we have seen, the cost of rent is going down.
So how did Denver stack up against the rest of the country? Denver ranks as number 37, with 25.5 percent of all Millennials living at home (the national average is 34.1 percent). The median monthly income for Millennials in Denver is $2,482 with 7.2 percent of all Millennials in Denver are unemployed.
How does the age group breakdown? Ages 22 – 25 comprise 29.8 percent of Millennials living with parents and nearly 30 percent are 26 and older. A third of that age group is between 31 – 24 year-olds. Of all Millennials living at home, 54% are male even though men represent just 50% of the Millennial population.
The full report with numerical value on the findings for education, finances, and gender is here.