Feb 6, 2024 - News

Why some Cleveland millennials are moving back home

Share of millennials living with their parents, 2022
Data: U.S. Census via IPUMS; Chart: Erin Davis/Axios Visuals

If you're a millennial, look around — nearly one in every six of you is still living with parents.

Driving the news: 15.6% of Cleveland millennials lived with their parents in 2022, according to the latest census figures.

  • That's on par with the national average share of 15.8%.

Why it matters: Younger people are increasingly struggling to swing high housing costs and returning to their childhood bedrooms.

  • The number of Americans ages 25-34 living at home has jumped more than 87% in the past two decades, according to census data.

What's happening: Younger generations may be staying home to save on expenses like rent or to muster a down payment, says Adina Dragos, research analyst at RentCafe, an apartment search website.

  • More young adults could also be choosing to care for family members, Dragos tells Axios.

Zoom in: It could be a lot worse. Cleveland's cost of living is well below the national average, which helps younger adults.

  • In Columbus, just 11.7% of millennials live with their parents.

Meanwhile, more than 20% of millennials still live with their parents in more expensive cities in states like California, Texas and Florida.

Reality check: Plunging affordability hasn't stopped some millennials from buying homes, often with family help.

  • Nearly 55% of millennials (those ages 27-42) owned a home in 2023, up from 52% in 2022, according to a new Redfin report.

Yes, but: The percentage of millennial homeowners in Cleveland is nearly 20% lower than the national average.

What we're watching: Those who move out might find rent is a lot more expensive than it was a few years ago, even though price increases slowed last year.

  • It's one reason why renters are feeling badly about their finances, according to the Axios Vibes survey by The Harris Poll.

Go deeper: Cleveland millennials opt for renting over buying

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