Almost 14% of millennials in the metropolitan Richmond area were living with one or both parents in 2022, slightly below the national average of 15.8%. This trend underscores the challenges younger individuals face in affording high housing costs, leading them to return to their childhood homes, as reported by Axios' Sami Sparber and Erin Davis.
The number of Americans aged 25–34 living at home has jumped over 87% in the past two decades, according to census data and Axios
2/18/2024
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Census data reveals that the number of Americans aged 25–34 living at home has surged by over 87% in the past two decades. Adina Dragos, a research analyst at RentCafe, suggests that younger generations may be staying home to save on expenses such as rent or to accumulate funds for a future down payment. Additionally, more young adults might be opting to provide care for family members.
Despite the affordability crunch, some millennials are still able to purchase homes, often with assistance from their families. In 2023, nearly 55% of millennials aged 27–42 owned a home, with Richmond experiencing one of the highest growth rates in homeownership nationwide, reaching 58.3% of local millennials becoming homeowners.
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