PROVIDENCE – In the Providence metropolitan area, approximately 26.2% of young adults between the ages of 23 and 37 lived with their parents in 2017, according to a report released by Zillow Tuesday.
The share of millennials at home in that time increased more than 10 percentage points from 2005, according to the report.
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Nationally, the percentage of millennials living at home increased from 13% to 21.9% from 2005 to 2017. The report also noted that in that time, the unemployment rate for who live at home declined to 10.3% from a peak of 19.5% in 2010. Those who did not live at home had an unemployment rate of 4%, according to the report.
The report credited the effects of the Great Recession in conjunction with rising housing costs as the cause of the increase.
“While it might be tempting to stereotype these young adults as lazy millennials bumming off of mom, the data paints a different picture,” said Zillow Senior Economist Sarah Mikhitarian. “When the housing market went bust and the economy unraveled into a recession, young adults increasingly returned to their childhood home. … Living with mom as an adult can certainly bring its share of headaches, but the benefits go beyond the occasional home-cooked meal – living under mom’s roof can allow young adults to save enough money for a down payment, security deposit or some other big expense.”
Zillow’s report also said that the Providence metro’s share of median income spent on a monthly rent payment was 29.4%, according to it most recent data. Zillow’s monthly rent index for the area was $1,695.
Nationally, the share of median salary spend on rent was 27.7% with a Zillow Rent Index of $1,474.
Boston was the only other New England metro area in the report. The data showed that 21.4% of millennials in the Boston metro lived at home in 2017, an increase from 14% in 2005. The ZRI in the area was $2,395 while the share of median income spent on rent each month was 31.8%.
