Jan 27, 2024 - Real Estate

Why some Denver millennials are still living with their parents

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

Ten percent of Denver's millennials lived with their parents in 2022, Axios' Erin Davis reports from the latest census figures.

  • That's compared 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 aged 25–34 living at home has jumped over 87% in the past two decades, according to census data.

Commerce City parent Greg Francis's sons are among the Denver-area Gen Zers who lived with their parents as adults.

  • The older son, a recent graduate, pays a small rent but uses the bulk of his paychecks to pay down student debt and invest. "He's way ahead of where I was at his age," Francis says of his older son.
  • The younger brother, a college student, chose to stay home in order to avoid racking up student debt, and he'll continue living at home after graduation.

What's happening: Younger generations may be staying home to save on expenses like rent or a future 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.

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

  • Nearly 55% of millennials owned a home in 2023, up from 52% in 2022, according to a new Redfin report.
  • Meanwhile, adult Gen Z's homeownership rate stagnated at slightly over 26%.

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

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

Go deeper: Multigenerational living is up 1M households in last decade, here's which states

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