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Student loan debt and high housing costs have created an expensive climate that's difficult to save in; living at home gives millennials more time to tuck some money away and focus on long-term goals, Doyle Williams, executive vice president at Country Financial, said in a press release.
MagnifyMoney recently took a look at the places across the US where the most adults still live at home. To determine its rankings, they looked at the 50 largest metros in America and used 2017 American Community Census data to calculate percentages for those aged 25 to 40 who live in a household with at least one parent. This age group falls into the millennial generation, as defined by The Center for Generational Kinetics (CGK). Jason Dorsey, president of CGK, told Business Insider they consider millennials to be those aged 23 to 40.
MagnifyMoney excluded students living at home in its calculations. The unemployment rate refers to the percentage of millennials living at home unable to find work; the percentage of those unemployed and not seeking work refers to millennials living at home who don't participate in the labor force.
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In Miami, Los Angeles, and New York, more than one in four residents aged 25 to 40 live with their parents. In all of the top 25 cities where millennials live at home, men in this age group are more likely to live with their parents.
Keep reading to see a ranked list of the cities in which the most millennials live at home.
Are you a millennial who lives at home and has a story to share? Email the reporter at hhoffower@businessinsider.com.
