Despite the fact that many millennials are well into their 30s, the world can’t seem to stop puzzling over them like they’re aliens trapped in a Tralfamadorian zoo. But here we go again: According to a recent report from Madison-based online apartment listings site Abodo, 29.9% of Milwaukee millennials still live at home with their parents. On top of that, Milwaukee millennials who live at home have a median monthly income of $1,149. Fascinating.
“At Abodo, it’s our job to help people of all ages find apartments,” says the Abodo research team. “But with recent research showing that millennials are living at home more than ever before, we set out to uncover why this is happening, and also where this is happening most.”
Where is this happening most? The Miami-Fort Lauderdale-West Palm Beach area tops the Abodo report, with a whopping 44.8% of 18- to 34-year-olds still living with their parents. Other notable areas include New York-Newark-Jersey City (43.8%), Detroit-Warren-Dearborn (40.0%), and Chicago-Naperville-Elgin (39.1%). The national average, as determined by Abodo, is 34.1%, putting Milwaukee at #32 on a list of 40.
As to why this is happening, Abodo explains: “We found that millennials aren’t living at home simply because of high rent prices across the country. Other factors contribute to millennials living at home, including education level, students loans, unemployment and low pay. Many millennials are not only earning less than their parents did as younger adults, but a ton of millennials who pursue college degrees are eventually saddled with an average student loan debt hovering around $30,000.”
Some other tidbits from the Abodo report:
• 8.6% of Milwaukee millennials are unemployed (compared to a national average of 10.1%)
• Milwaukee millennials who live at home have a median monthly income of $1,149 (compared to a national average of $1,211)
• All Milwaukee millennials have a median monthly income of $2,149 (compared to a national average of $2,023)
• The median rent in Milwaukee is $848 (compared to a national average of $959)
Oh, and because it was on when many millennials weren’t even alive, it should be noted that the above picture is from Get A Life, a brilliant TV show about a 30-year-old dude who still lives with his parents. Apologies for the dated reference. It was a really good show. Thank you.