Millennials Most Likely to Live Alone in Richmond and Pittsburgh
More millennials live alone in Richmond, Va. than in any other major U.S. metro, according to a recent Zillow® analysis. In Richmond, 15 percent of millennials live alone, followed by 14 percent in Pittsburgh and Buffalo, N.Y.
Across the U.S., almost 9 percent of millennials live alone, a number that's been declining since 2005, likely due to unaffordable rents and rising home prices. Consequently, millennials choose to live with their parents or find roommates. The percentage of 23-34 year olds living with family increased 46 percent between 2000 and 2013, according to a recent Zillow analysis. Similarly, 21 percent of millennials across the U.S. are still living at home with their moms, proving that living with friends or family may be one of the ways to afford housing in some of the nation's hottest markets. There are, however, still places across the U.S. where millennials are living independently. Richmond's strong labor market - employment is up almost 4 percent over the past year - and relatively high incomes among millennials help. The median yearly income among millennials in Richmond is $49,500, which allows them to afford to live in over 15 percent of all rentals in the area. In Oklahoma City, 13 percent of millennials live on their own, with a median income of $40,000 a year. At this salary, they are able to afford almost 22 percent of homes. "With home prices and rents rising as fast as they are, it's a common assumption that young adults in many cases cannot afford to live alone," says Zillow Chief Economist Dr. Svenja Gudell. "Though that may be true in some markets, there's still a large number of amazing places across the U.S. that are prime for millennials to thrive independently. These are places where young adults can easily find jobs at a competitive salary, and where housing expenses won't eat up the majority of their income, enabling them to save more." Home values across the nation are up 5 percent over the past year and rents are up almost 3 percent. Zillow forecasts rents to increase another 3 percent by this time next year, making it difficult for millennials to live on their own. For more information, visit www.zillow.com. |
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