Jan 30, 2024 - News

How many Philadelphia millennials are living with their parents?

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

How's this for real estate: 17% of millennials in the Philly area still lived with their parents in 2022 compared with 15.8% nationally.

Why it matters: Younger people are increasingly struggling to swing high housing costs and are 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 the latest census data.

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 apartment search website RentCafe.

  • 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 (those aged 27–42) owned a home in 2023, up from 52% in 2022, according to a new Redfin report.
  • Meanwhile, adult Gen Zers' (those aged 19–26) homeownership rate stagnated at just over 26%.

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

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