Feb 6, 2024 - News

Amid housing crisis, Miami millennials live with parents

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

A little more than 23% of Miami's millennials lived with their parents in 2022, the latest census figures show.

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

Why it matters: Younger people are increasingly struggling to swing high housing costs.

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

Zoom in: Miami-Dade County has been battling an ongoing affordability crisis, leading the city and school district to consider affordable and workforce housing plans.

  • In October, the RealtyHop Affordability Index named Miami as the least affordable housing market in the country, ahead of Los Angeles and Newark, New Jersey.
  • Hialeah ranked fourth, ahead of New York City.
  • Even before the pandemic began, Miami natives were being priced out of the city. Since 2020, it's only gotten worse.

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

  • Nearly 55% of millennials (those aged 27–42) owned a home in 2023, up from 52% in 2022, according to a new Redfin report.
  • Meanwhile, for adults in Gen Z (those aged 19–26), the homeownership rate stagnated at just 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 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 1 million households in last decade, here's which states

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