5 Reasons Almost a Third of Phoenix Millennials Are Still Living at Home
Lots of condos and new apartments, like Edison Midtown on Central Avenue, are going up in metro Phoenix, but most are too expensive for many millennials.
Edison Midtown, Deco Communities
Ah, you poor suffering millennials. Such a mess you’ve inherited. A life of war and economic peril, an environment on the brink of catastrophe, saddled with crippling school debt and rising rents. No wonder you turn to home. And stay.
Ah, you poor suffering Boomers and Gen-Xers. Your pigeons are roosting.
But are they? A new study out by ABODO, an online apartment-hunting site, ranks 40 major U.S. metropolises by how well millennials are doing, by which we mean how many can afford to live on their own and how many are roosting back with mom and dad.
Valley moms and dads may be surprised to learn they are making out better than the national average.
We broke down the data from ADOBO and came up with rankings of our own.
Percentage of millennials living at home:
Phoenix ranks 26th, with 32 percent at home. National average: 34 percent. Worst: Miami, at 45 percent, with Riverside, California, and New York City right behind at around 44 percent. Best place for millennial/parent freedom? Austin, where 22 percent of millennials live at home.
Nationally, one in 10 millennials is officially listed as unemployed. In metro Phoenix, the rate is 9.4 percent, earning a ranking of 23. Riverside, Portland, Oregon, Detroit, and Charlotte, North Carolina lead the worst places to work, with unemployment rates north of 12 percent in those cities. Best? Denver and Kansas City, Missouri, are tied, each having 7.2 percent unemployment rates.
For those lucky enough to work, how are their paychecks? The national average monthly income for millennials is $2,023. In Phoenix, it's $2,045, earning our millennials a rank of 27th. The top two will surprise none of you: San Jose at $2,980, followed by San Francisco at $2,813. Worst? Right again. Riverside, where millennials bring home $1,784 a month.
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Not surprisingly, the stay-at-home millennials don’t make out quite so well. They typically earn just $1,211, a full $800 less a month than the free-birds. Again, Phoenix is middle of the pack with a ranking of 28 and take-home pay of $1,159 a month. You know the way to San Jose; it leads again with $1,614, followed closely by New York and San Francisco. If you tipped Riverside for the basement again, you lose. This time, Indianapolis, where millennials bring home $852, ranks last.
You don’t need an advanced degree to know that if rent is high and incomes are low, you’re more likely to move back in with the ‘rents. Nationally, millennials are paying 47 percent of their monthly pay to the landlord. Phoenix is a tick worse, at 48 percent and a ranking of 19. California millennials are getting clobbered. Four of the five least expensive places are the Golden State For Landlords, with San Diego millennials forking over a staggering 70 percent of their income for a roof. The easiest time of it is had in Pittsburgh, where 34 percent of the money goes to rent.
Just for kicks, we decided to find out how out realistic it is for those that return home. Could they go out on their own if they wanted? The picture is grim.
Nationally, the average rents account for 79 percent of the incomes for millennials at home. In Phoenix, that figure is 85 percent, ranking us 21st. Staggeringly, in six cities the cost of rent exceeds the income of millennials at home. In order, those are: San Diego, 119 percent; San Jose; Washington, D.C.; Sacramento; San Francisco and Seattle.
Pittsburgh again is the most reasonable, where would-be rents only consume a reasonable 61 percent of homebound millennials’ incomes.
Now you know, Boomers and GenXers, why you keep getting those texts in the middle of the night.
See the full spreadsheet below:
Phoenix New Times
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