According to Abodo, an apartment listing site, 41.5 percent of millennials in the Greater Los Angeles area, including Orange County, either still live at home or had recently moved back home. Abodo analyzed the U.S. Census Bureau’s data for America’s largest cities to figure out millennial living trends for their “Not-So-Empty Nests” report. The price of living in the Greater Los Angeles area alone is so expensive for millennials that they would need to spend almost 97 percent of their median monthly income just to live in a median-priced, one-bedroom unit. Sam Radbil, Communications Manager for Abodo, stated:
Many millennials are not only earning less than their parents did as younger adults, but the majority of millennials who pursue college degrees are eventually saddled with an average student loan debt hovering around $30,000.
Surprisingly, the Greater Los Angeles area ranked second for demand on millennial income for one-bedroom renters. Washington D.C. ranked first for demand on millennial income for one-bedroom renters at 110 percent.
This report explains a great mystery that many parents were most likely wondering regarding why their child or children are still living at home.
Read the full article here