More millennials are living at home than at any other time this century

By Sarah Min

/ MoneyWatch

No place like home for 1 in 5 millennials

Thanks to student loan debt, rising rents and stagnant wages, more millennials are living at home with their parents than at any other point this century.More than one in five adults, or 22 percent of millennial Americans, are either staying home or returning to childhood bedrooms, according to Zillow.

That number has been increasing steadily for the past two decades, and it's nearly doubled to about 22 percent of people ages 23 to 37 now living with their folks from 11.7 percent of people the same ages back in 2001. While it's easy to point fingers at the "boomerang" generation, experts say the reasons behind returning home for adults in this generation are due to more than a failure to "adult."

More millennials hold jobs than they did directly in the aftermath of the financial crisis, indicating that millennials are struggling to afford homes even as the economy recovers. Student loan debt has risen, housing costs have skyrocketed, and wages have stagnated — though the last is recently showing some signs of relief.

Trending News

While the housing market is growing more moderately than it has in the past, homes are still unaffordable in more than 70 percent of America when comparing median home prices to median income across counties nationwide, according to a recent ATTOM Data Solutions report. Nationwide, median rent rose 2.4 percent to reach $1,472 in February, according to Zillow. Median home prices in the nation rose 7.2 percent in February to $226,300.

Best U.S. city for millennial homeowners

All of this is compounding anxiety for millennials who, as they get older, grow wary that they are relying too much on their parents and are falling behind their peers. More than half of younger millennials say they can't keep up their lifestyles without help from their parents, according to a report from Merrill Lynch.

It's also why 75 percent of early adults are defining success as financial independence from their parents, as opposed to building wealth and accruing assets for themselves.

Living at home with mom and dad also comes with its perks: Millennials who want to save enough for a down payment on a home can afford to nearly three years sooner if they stay at home, Zillow's apartment search platform HotPads found.

The Zillow report that a small number of millennials — less than 2 percent — are also housing parents in their own homes, either to take care of them or as live-in child care for their own children.

Among metros with the largest share of millennials living at home: Los Angeles, Miami, New York City and Riverside, California. At least 31 percent of millennials live with their parents in those metros, all of which are among the least affordable rental markets in the country.

For example, more than three out of 10 millennials live at home with their parents in Los Angeles, where median rent prices eat up over 45 percent of median income.

Conversely, millennials are least likely to live with their parents in cities like Seattle, Austin, Portland, Kansas City and Denver. However, because those cities are also expensive rental markets, millennials are likely not living with parents because their families are too far away.

First published on May 10, 2019 / 4:56 PM

© 2019 CBS Interactive Inc.. All Rights Reserved.

Democratic lawmaker subpoenas Mnuchin for Trump tax returns

Mnuchin has refused the committee's request for six years of President Trump's tax returns

0M ago

More millennials are living at home than at any other point this century

Experts blame the unaffordable housing market, rather than a failure by millennials to "adult"

4M ago

Preview: The Central Park Five say $41M settlement can't replace years spent behind bars

Wrongly convicted as teenagers for a crime that shocked New York City, the five exonerated men are subjects of a new Netflix miniseries, "When They See Us"

8M ago

Teachers suspended after photo emerges of them holding a noose

The principal allegedly took the photo, which was not meant to be seen by others, CBS Los Angeles reports

10M ago

Kim Kardashian and Kanye West welcome fourth child

Kardashian didn't announce the baby's name, but she did reveal one detail about the way he looks

23M ago

Democratic lawmaker subpoenas Mnuchin for Trump tax returns

Mnuchin has refused the committee's request for six years of President Trump's tax returns

0M ago

Trump celebrates nation's military mothers at White House — live stream

The White House is also continuing its annual tradition of honoring military spouses

32M ago

Could Pete Buttigieg make history in LGBTQ-friendly Nevada?

The openly gay South Bend mayor is headlining on Saturday a key gathering of LGBTQ leaders in an important early caucus state

44M ago

Former defense secretary says U.S. has no strategy on China

Former Defense Secretary Robert Gates spoke with CBS News "Face the Nation" host Margaret Brennan this week

1H ago

How the China tariffs could affect consumers and businesses

Experts fear that ratcheting up the cost of importing Chinese goods will drive up prices and sap confidence

1H ago

Four kids in one New Zealand family all have royal names, including Archie

"It's a royal flush – what are the chances?" the kids' mother told a local paper

33M ago

Investors shrug off mounting U.S.-China trade tensions

Yet while stocks rebounded, Wall Street analysts say new tariffs could hit U.S. consumers and companies

updated 47M ago

Dozens missing as migrant boat sinks in Mediterranean

While the number of migrants trying to make the perilous journey from war-torn Libya has fallen, people still try, and fail

6H ago

What other countries are saying about the U.S.-China trade war

China warns it will take "necessary countermeasures" as Trump threatens even more tariffs, while the rest of the world worries

6H ago

Kim Jong Un orders military to maintain "full-combat posture"

North Korea fired three missiles Thursday, the first missile launches since 2017, raising tensions with the U.S.

9H ago

Kim Kardashian and Kanye West welcome fourth child

Kardashian didn't announce the baby's name, but she did reveal one detail about the way he looks

23M ago

New on Netflix, Hulu and Amazon

Shows and movies you'll want to stream in May

Apr 26 36 photos

Book excerpt: Howard Stern on how therapy changed him

In "Howard Stern Comes Again" the radio giant explains what it took for him to treat his guests as collaborators in an interview, rather than as foils for his on-air antics

2H ago

Met Gala 2019: Red carpet looks

See what all your favorite celebrities wore to fashion's biggest night

May 6 80 photos

What to stream this weekend

"TV Guide editor Krutika Mallikarjuna joins CBSN to talk about the best things to stream this weekend: ""State of the Union,"" Wine Country"" and ""The Society.""

4H ago 05:59

Most downloaded app on planet? Hint: It's not Facebook or Instagram

TikTok is wildly popular among kids everywhere, but data-privacy concerns in the U.S., U.K. and India are a challenge

updated 57M ago

Uber IPO: The "dumb money" usually loses

If you didn't have access to IPO pricing, experts say it's best to wait when considering investing in a newly public stock

4H ago

How the dating app Bumble is making online dating safer

The dating app has grown to more than 55 million users in 150 countries since it was created in 2014

5H ago

Jeff Bezos says lunar lander can carry crews to the moon by 2024

Lunar lander unveiled as NASA puts finishing touches on plans to return astronauts to the moon by 2024

8H ago

Uber IPO promises riches for a few investors — and risks galore

The ridesharing pioneer has made millions of Americans rethink how they get around — now all it has to do is make money

4H ago

Virgin Galactic announces new steps toward offering thrill rides to space

New Mexico officials have eagerly anticipated the arrival of space tourism by Virgin Galactic for more than a decade

1H ago

Jeff Bezos says lunar lander can carry crews to the moon by 2024

Lunar lander unveiled as NASA puts finishing touches on plans to return astronauts to the moon by 2024

8H ago

California bans pesticide blamed for harming children

Chlorpyrifos has already been banned in Hawaii and New York lawmakers recently sent a bill to the governor outlawing use of the pesticide

May 8

Study finds contaminated drinking water in 43 states

An environmental non-profit and university researchers found PFAS chemical exposure in the water in 43 states

May 7

Tiny T. rex cousin identified 21 years after fossil discovery

Suskityrannus hazelae weighed between 45 and 90 pounds and roamed the earth 20 million years before the nine-ton T. rex

May 6

Can surprise medical bills be stopped?

Trump urging Congress to offer consumers relief from hospital sticker shock. How best to do that? There's much to debate

2H ago

Teacher who uses "mood notes" says she's seen an impact on grades

"They're believing in themselves," Erin Castillo said about her students

5H ago

Questions raised about the safety of generic drugs made overseas

A man's body rejected his new heart. Then his doctor looked into his anti-rejection drugs.

9H ago

Campaign raises awareness of "epidemic" killing moms

"An American mom today is 50 percent more likely to die in childbirth than her own mother was," a Harvard Medical School obstetrician said

16H ago

Alabama could pass near-total abortion ban as soon as Tuesday

It would be the most restrictive ban on abortion since the Supreme Court's Roe v. Wade ruling

21H ago

More millennials are living at home than at any other point this century

Experts blame the unaffordable housing market, rather than a failure by millennials to "adult"

4M ago

Most downloaded app on planet? Hint: It's not Facebook or Instagram

TikTok is wildly popular among kids everywhere, but data-privacy concerns in the U.S., U.K. and India are a challenge

updated 57M ago

Virgin Galactic announces new steps toward offering thrill rides to space

New Mexico officials have eagerly anticipated the arrival of space tourism by Virgin Galactic for more than a decade

1H ago

How the China tariffs could affect consumers and businesses

Experts fear that ratcheting up the cost of importing Chinese goods will drive up prices and sap confidence

1H ago

Can surprise medical bills be stopped?

Trump urging Congress to offer consumers relief from hospital sticker shock. How best to do that? There's much to debate

2H ago

Mom's story about a kidnapping unravels after baby found alive in ravine

A sheriff in North Carolina said the baby girl survived "by the grace of a merciful God"

updated 18M ago

Hollywood murder mystery: Arrest made in TV director's 1985 killing

When asked whether he killed Barry Crane, Edwin Hiatt told WSOC: "Anything's possible back then–I was big into drugs"

3H ago

"48 Hours" investigates search for millionaire

Police are asking the public for help after millionaire businessman Peter Chadwick and his wife Q.C. vanished in 2012. "48 Hours" correspondent Tracy Smith joined CBSN to talk about the international manhunt to find Chadwick, who is accused of murdering his wife.

5H ago 04:32

"48 Hours": The hunt for Peter Chadwick

A murder that shook an upscale California neighborhood is now the focus of an international manhunt. Multimillionaire businessman Peter Chadwick and his wife Q.C. disappeared from their Newport Beach home in 2012. Chadwick was later charged with her murder for allegedly staging her death. After posting his $1M bail, he vanished. Tune in to Tracy Smith's full report for "48 Hours" Saturday at 10/9c.

6H ago 04:31

Fake heiress sentenced to 4-12 years behind bars

Anna Sorokin passed herself off as a wealthy heiress to swindle banks, hotels and even close friends

10H ago

Virgin Galactic announces new steps toward offering thrill rides to space

New Mexico officials have eagerly anticipated the arrival of space tourism by Virgin Galactic for more than a decade

1H ago

SpaceX cargo ship reaches space station

SpaceX delivers 5,500 pounds of equipment and supplies to the space station

May 6

SpaceX launches unpiloted cargo ship to space station

The Dragon is loaded with nearly 5,500 pounds of equipment

May 4

SpaceX confirms crew spacecraft destroyed in test mishap

Crew Dragon spacecraft was being prepared for in-flight test of emergency abort system when something went terribly wrong

May 2

Blue Origin launches rocket with NASA payloads

Company founded by Amazon CEO Jeff Bezos aims to send private citizens and scientists into space

May 2

Britain's royal great-grandchildren

Prince Harry's new baby Archie is the eighth great-grandchild for Queen Elizabeth and Prince Philip

May 8 9 photos

Met Gala 2019: Red carpet looks

See what all your favorite celebrities wore to fashion's biggest night

May 6 80 photos

Dale Pike murder: Evidence photos in the case against Enrico Forti

In 1998, Dale Pike came to Miami to discuss a business deal with Enrico Forti — the next day he was dead, and Forti was the prime suspect

May 3 17 photos

Worst movie sequels since 2000, ranked

These are the lowest-rated sequels this century, according to Metacritic's rankings

Apr 30 51 photos

Private secrets shared via postcard

Since 2004, hundreds of thousands of anonymous contributors with something to get off their chest have sent postcards to the website PostSecret.com

Apr 28 32 photos

Popular

Virgin Galactic moving operations to New Mexico

CBSN spoke to Sir Richard Branson, founder and CEO of Virgin Galactic, and New Mexico Gov. Michelle Lujan Grisham about space tourism and the state's new spaceport.

2H ago 09:01

Robert Gates on the Trump administration's strategy on China

Former Secretary of Defense Robert Gates spoke with "Face the Nation" moderator Margaret Brennan about the Trump administration's strategy on China.

1H ago 04:26

Warriors in trouble after losing Kevin Durant

The Golden State Warriors, the two-time defending NBA champions, are holding their breath after losing superstar Kevin Durant to a calf strain. Bill Reiter of CBS Sports HQ explains what this means for the NBA Playoffs.

2H ago 05:44

Rising concern over generic drugs

A new book is raising questions about the safety of generic prescription drugs coming into the United States. CBS News correspondent Anna Werner joined CBSN to discuss alleged fraud being committed by drug makers overseas.

3H ago 08:55

Anita Hill: Joe Biden could've helped start #MeToo in 1991

Anita Hill wrote an op-ed in The New York Times addressing former Vice President Joe Biden's apology to her for his conduct during Clarence Thomas's Supreme Court confirmation hearings in 1991. Bloomberg News chief Washington correspondent Kevin Cirilli joins CBSN to discuss.

2H ago 01:38