In Los Angeles, the kids are staying home.
An analysis by real estate listings website Zillow has found that 31 percent of millennials aged 24 to 34 are still living at home with their parents, a number that has been steadily increasing since 2005. Ten years ago, only 19.2 percent of L.A. millennials still lived at home.
That’s 10 percent more than the average for the U.S., which was 21 percent, up from 13 percent in 2005, according to Zillow’s numbers.
“With today’s high rents and lagging income growth, many young people are having trouble setting aside enough money to buy their own home, delaying home ownership,” said Zillow Chief Economist Dr. Svenja Gudell. “Living with their parents may allow young people to continue to do things like continue their education, save enough money for first and last month’s rent, or save for a down payment.”
The median rent in L.A. is $2,525 a month, according to Zillow. That number is slated to go up by 3.5 percent over the next year.
Over the past year, rents across the U.S. have increased almost 3 percent, while incomes have increased just 1.8 percent.