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Thursday, May 5, 2016

More millennials can't afford to move out of home than at any time in the last decade

[Firefly Music Festival lazy sleeping millennials girls women hammocks] More millennials can't afford to move out of home than at any time in the last decade. A Zillow analysis published Thursday showed that the share of people aged 24-34 living with their moms has risen every year since 2005, from 13% then to 21.4% in 2014. Zillow's data is based on the latest available Census Bureau numbers and its own estimates of the median rent in major cities.  There's a crisis of housing affordability that is being worsened by tight inventories and strong demand. Zillow noted that rents have risen nearly 3% over the last decade, while incomes have only grown 2%. And Zillow forecasts that rents will continue to climb.  The report pointed out that for some people, the decision to live at home is not just economic. But expensive housing is usually the reason. "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," said Svenja Gudell, Zillow's chief economist.  El Paso, Texas had the highest share of millennials still living at home in 2014, at 34%. In the super-hot San Francisco housing market, it was 21%, and 30% in New York — up from 21% in 2005.  You can check out the full ranking from Zillow here » SEE ALSO: MILLENNIALS ARE LEAVING THESE 10 BIG AMERICAN CITIES IN DROVES BECAUSE OF HIGH HOME PRICES Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy