Feb 16, 2024 - Real Estate

Charted: Richmond millennials who live with their parents

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

Nearly 14% of millennials in metro Richmond were living with one or both parents in 2022.

  • 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 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 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.

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