Monday, December 3, 2018

Millennials in Detroit are more likely to live with their parents

Posted By on Mon, Dec 3, 2018 at 4:53 PM

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Among millennial stereotypes, living with their parents is right up there with avocado toast. Across the country, one-third of millennials are cutting costs by living with their parents, and Detroiters are among the most likely to do so.

Living with parents recently surpassed living with a spouse to become the most common housing arrangement in the United States for 18- to 24-year-olds. According to recent data, 38 percent of millennials in Detroit still live with their parents. This puts millennial Detroiters third most likely in the country to move back in with the ‘rents, trailing only Miami and El Paso, according to census data analyzed by the Seattle Times.

That figure could be an indicator of the city’s economic status. Rental apartments continue to diminish in size and increase in cost nationally, but it’s especially pronounced in Detroit. Since 2008, the average apartment in Detroit has decreased 27 percent in size, according to MarketWatch, and average rent rose roughly 26 percent during the same time, according to a 2018 study by the city. Meanwhile, incomes fell 20 percent adjusted for inflation, according to Michigan Radio, and opportunities remain scarce. In 2016, nearly 60 percent of Detroiters reported feeling “rent-burdened,” which means more than 30 percent of their income goes toward housing, according to an inclusionary housing report.

The cities where the fewest millennials live with their parents are commercial and tech hubs that benefit from continued investment and population growth such as Seattle, Minneapolis, Austin, Washington, D.C., and Denver.

Nationally, rent hit a record-high average of $1,405 per month in 2018, which dwarfs Detroit’s renting woes. Average rent remains $410 in Detroit’s cheapest neighborhood, Rosa Parks, and $1025 downtown, according to real estate company Zumper.

Will Feuer is an editorial intern at Metro Times.

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