An alarming number of Dallas millennials are still living at home
It's easy to joke about adults living at home in their mom's basement, but it turns out that's shockingly the case for a lot of millennials, especially in Dallas.
Zillow looked at the numbers and found that 19 percent of Dallas-Fort Worth adults aged 24-34 are homebound, due mainly to out-of-control rents, a sluggish job market, and salaries that haven't kept pace.
A decade ago, only 9.6 percent of millennials here lived at home. By 2009, during the recession, that number jumped to 16 percent.
Zillow says the median rent in DFW is $1,510 — Apartment List's most recent rent report put the number at $1,580, but close enough — which is significantly higher than the U.S. median of $1,389. Year over year, rent is expected to increase 2.6 percent in Dallas and 3 percent nationwide.
"With today’s high rents and lagging income growth, many young people are having trouble setting aside enough money to buy their own home, delaying home ownership," says Zillow chief economist Dr. Svenja Gudell in a release. "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."
The city with the most live-at-home millennials is El Paso, which the study also acknowledges has a high Hispanic population. Hispanic families tend to live in multi-generational households, so culture might also influence these high numbers.
Other cities that have a high percentage of kids crashing with their parents include Miami; Los Angeles; Philadelphia; and Ventura, California. The lowest numbers are in Omaha, Nebraska.
Just barely escaping the top of the list are San Antonio (24.6 percent) and Houston (21 percent). Austin is the most self-sufficient city in Texas with only 14.3 percent of millennials living at home, even though the median rent there is a whopping $1,693.