More than one in five of the nation’s 24-34-year-olds – almost 10 million working age millennials – live with their mom, according to the latest Zillo.com analysis of data from the American Community Survey.
Sarah Mikhitarian, an economist with Zillow.com, says the rate is even higher here in Southern California.
“In the Los Angeles Metro it’s actually 30 percent of millennials who are living with their mom.”
She says the prices of homes and rentals keep going up, but salaries aren’t keeping up.
“It’s really, really hard to find a starter house. We find that inventory for starter homes is even lower than it is for other homes, so there are fewer homes available and that increases bidding wars and makes it really difficult to get your foot in the market. And once you’re there, you don’t want to move because it’s really expensive to move elsewhere.”
Sarah Mikhitarian was a guest on McIntyre in the Morning.
By Sandy Wells