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BOSTON (WBZNewsRadio) - A new study from PropertyManagament.com found about one-in-eight millennials, those between the ages of 26 and 41, moved in their parents over the last year. The property management company surveyed 1,200 millennials and found high inflation and soaring rents nation-wide had quite the impact on the age group.
The study found that roughly one-in-four millennials currently live with their parents. What's more, one in eight millennials living independently moved back in with their parents over the last year, many of them citing high rental costs, financial concerns and job losses. However it isn't just millennials living with their parents, 4-percent of millennials say their parents living with them, in their home.
Other than Mom and Dad, four-in-ten millennials reported living in a multi-generational household, with members of their extended family.
The majority of millennials said if they made more money, they'd move out of their parents home. Of the group surveyed, 22-percent reported making more than $40,000 per year, which is about the median personal income across the nation.
Of those within the age group not living with their parents, 39-percent are homeowners and 56-percent are renting. The survey also found that only four-in-ten renters could afford a 3.5-percent mortgage rate or less. Unfortunately currently mortgage rates are somewhere between 6-and-7-percent, making the dream of owning a home, unattainable for many young people living in the U.S.
WBZ's James Rojas (@JamesRojasNews) reports
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