Feb 21, 2024 - Real Estate

Millennials are still living at home with their parents

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

Nearly 11% of Indianapolis millennials lived with one or both of their parents in 2022.

  • That's compared with the national average of 15.8%.

Why it matters: Younger people are increasingly struggling to swing high housing costs and therefore returning to their childhood bedrooms or basements, Axios' Sami Sparber and Erin Davis report.

  • The number of Americans aged 25–34 living at home has jumped over 87% in the past two decades, according to census data.

What's happening: Younger generations may be staying home to save on expenses or they could be choosing to care for family members, says Adina Dragos, research analyst at RentCafe, an apartment search website.

Zoom in: Among U.S. millennials who don't own a home, 44% say income is the top barrier to buying, per a Bankrate study. And 43% say they can't afford the down payment and closing costs.

  • In order to afford their down payment, 38% of recent U.S. homebuyers under age 30 received family money, according to a Redfin report.

Reality check: Millennials still make up nearly 52% of mortgage requests in Indianapolis, per figures LendingTree shared with Axios.

What we're watching: Those who move out might find rent is a lot more expensive than it was a few years ago.

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