DENVER — The percentage of Denver-area millennials living at home is on the rise, according to a new report from real estate website Zillow.
In the metro area, 15 percent of millennials aged 24 to 36 live at home with their mom or both parents, compared to about 9 percent in 2005, the report said.
Nationwide, 22.5 percent of millennials live at home, up from 13.5 percent in 2005.
“Despite a strong economic recovery, the share of millennials living with their moms has been increasing since 2005,” Zillow said in a release. “The combination of rapidly rising rents and slow income growth over the past half-decade drove many young adults to either move back in or never move out of their parents’ home, but the trend has been persistent event as the U.S. labor market has improved.”
12 percent of American millennials living with their moms are unemployed, Zillow said. Moreover, 28 percent of recent college graduates live with their parents — a jump of 9 perfect compared to 2005.
In Denver, 8.4 percent of millennials living with their moms are unemployed. The median rent is $2,054 and the typical renter spends about one-third of their monthly income on rent.
The portion of millennials living at home varies widely depending on location. Denver’s estimated 15 percent of millennials living at home is low compared to some other cities. In places like Los Angeles, Miami and New York, more than 30 percent of millennials live at home.
Other cities where a relatively small portion of millennials live at home include Seattle, Oklahoma City and Austin, Texas.