TAMPA, Fla. — Sky high rent prices and inflation are both contributing to millions of millennials living with their parents, according to a new survey from PropertyManagement.com.
Matthew Rooks is 27 years old and moved from Ohio to Florida to live with his parents.
“I never would have done it had they not invited me and said hey we’ve got this opportunity. We have room down here for you. Everyone gets along with their family differently. Some better than others," he said.
Rooks is trying to finish college while working. Sometimes two jobs.
He’s found rental prices in the Tampa area at least double those in Ohio.
But living back with your parents isn’t always easy.
“The biggest challenge is them not realizing I’m not a 12-year-old kid anymore. They can’t treat me certain ways. There needs to be mutual respect," Rooks said.
According to the survey, one in four (25%) millennials are currently living with their parents. Further, the survey found one in eight millennials moved back in with their parents this year.
And 1 in 8 moved back just this year.
Millennials are those between the ages of 26-41.
According to the report, many cite high rent, money concerns, and job losses as the reason why they are living with their parents.
Of those who said they can’t afford rent, 91% said they would move out if they made more money.
One Community Now works to help those in need, and these days they are seeing more and more young people returning home.
“It’s a hard pill to swallow for them. A lot of pride has to be swallowed under that. But when you are desperate, when your only alternative is to sleep in your car on the street, you make that choice," said One Community Now executive director Patti Templeton.
Matthew is trying to find a place so he can move out.
And getting guidance from One Community Now.
“A lot of us are going to have to work double jobs to make it. Looking for other sources of affordable housing. Budgeting. We find a lot of millennials don’t know how to budget. So taking the time with them to talk about that. Still, the reality is the expenses are way more than what the income is," said Templeton.
According to the report, 22% of those living at home make more than $40,000 a year.
Even though many millennials have returned home, it's not quite a free ride for many of them. PropertyManagement.com found 38 percent of millennials who lived at home are being charged at least some rent, even though 48% of that group reported being charged rent of $500 or less.
The millennials surveyed said they would like to own a home in the future, but some are pessimistic they will have the ability to do so any time soon. 34% said they are "somewhat" or "very" unlikely to be able to buy a home within their ideal timeframe.
Looking deeper at the numbers, 44% of millennial renters said they would only be able to afford a house at a 3.5% mortgage rate or less. Currently, mortgage rates are hovering around 7.1% and could go higher, depending on how the Federal Reserve moves in the coming months.
