MIAMI (WSVN) - Still live at home with your parents? Fret not, dear millennial… you’re definitely not alone.
A new study by real estate website ABODO says that, for the first time in 130 years, 18- to 34-year-olds are more likely to be living with their parents than anywhere else.
Nowhere is that more apparent than in South Florida, which ranks at the top of the list. The study said a whopping 44.8 percent of millennials in the Miami-Fort Lauderdale-West Palm Beach area still live at home with their parents. That’s well above the national average of 34.1 percent.
One contributing factor to South Florida’s unenviable first-place ranking: a high cost of rent. Just last month, a separate study found singles in Miami by and large cannot afford to rent housing in the city. For the larger tri-county area, ABODO estimated that millennials would need to spend 90 percent of their monthly income on rent. The federal government, meanwhile, says that anyone who has to spend more than 30 percent of their income on rent is considered a “cost-burdened renter.”
Riverside, California came in second place, followed by New York City, Los Angeles, and Philadelphia rounding out the top five. But South Florida isn’t the only area in the Sunshine State to make the list. The Tampa-St. Petersburg-Clearwater area comes in at number 15, while Orlando-Kissimmee-Sanford ranks at number 18.
To read the full study, visit ABODO’s website.
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