A new study suggests that millennials in South Florida live with their parents at a higher rate than anywhere else in the country.
The study conducted by Abodo found that 44.8 percent of millennials in the Miami-Fort Lauderdale-West Palm Beach area still live with their parents. That's the highest percentage among the 40 metropolitan areas looked at by the study, and above the national average of 34.1 percent.
According to Abodo, the finding represents the first time in 130 years that people in the 18-to-34-year-old range are more likely to live with their parents than any other situation, including cohabiting with a spouse, living alone and living with roommates.
Despite the stigma, millennials may have a good reason for living under their parents’ roof. If millennials living at home in South Florida were to move out, U.S. Census Bureau data indicates that they would spend more than 90 percent on their monthly income on rent. Millennials from six other metropolitan area would also spend more than 90 percent of their income on rent. In the Washington-Arlington-Alexandria area, millennials who would pay 110 percent of their income on rent.
The study found that millennials living at home have a median monthly income of $1,121, which falls well below the $2,023 median monthly income of all millennials.
Read more at Abodo.
