Feb 16, 2024 - Real Estate
Charted: Richmond millennials who live with their parents
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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.
- Nearly 55% of millennials (those aged 27–42) owned a home in 2023. And Richmond saw among the highest growth in homeowners rates in the nation, with 58.3% of local millennials becoming homeowners.