Higher Cost Of Living, College Debt Contributing To More Millennials Living With Parents
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PITTSBURGH (KDKA) -- More and more adult children are living with their parents.
In fact, a new report from real estate app Zillow finds nearly one in four millennials lives with their mother.
It's happening across the nation, and that includes right here in Pittsburgh.
"What we are seeing is an explosion of millennials who are staying at home from 25 up to 30," said Rick Applegate, an investment adviser from R. Applegate and Associates.
Applegate says it's all about money: "I think the wages haven't kept pace with the higher cost of living which continues to go up on things, rent has skyrocketed."
He says the other problem is that college graduates often have a lot of debt.
A report done by Zillow, based on U.S. Census figures, shows that nationally nearly 23 percent of millennials live with their mom. That's up 14 percent from 2005.
Despite Pittsburgh's low cost of living, we're right in line with 23 percent.
Miami is higher with 33 percent. Portland, Oregon, is lower with 17 percent.
Applegate tells KDKA the trend is costing parents, too, some having to work longer as a result. And they lose something else Applegate says: "Freedom! Freedom!"
And that can lead to tension, take the case of the couple from Syracuse who made headlines for suing to have their adult son thrown out.
The judge sided with the parents after the 30-year-old ignored multiple notices to leave.
And based on how things are headed, Applegate has a prediction.
"I think it's going to get worse, not better, and the reason for that is that I think some of the jobs that are more accessible for people to get are going to disappear because of technology and robotics," he said.
