Where to Go When Finances Have You Bunking with Your Parents

In Personal Finance by Kelby1 Comment

This post comes courtesy of the good folks over at Zillow.com.
Moving out on your own is a rite of passage, a maturing experience and often an unattainable step for many young adults in today’s pricey housing market. Few millennials (23 to 34 years old) live alone – just 9 percent nationwide – and the demographic has continued to shrink throughout the last decade. Rising rents and stagnant incomes are partially to blame.

Instead of embarking on their own, millennials are living with mom and dad (21 percent) to save money and make ends meet. In fact, the percentage of millennials living with family rose a whopping 46 percent from 2000 to 2013. Although it’s an excellent budgeting strategy to bunk with family, you miss out on the coming-of-age experience of living alone. How else will you find out the length of time you’re comfortable leaving dirty dishes in the sink, or which amenities are truly important to you, just you?

It’s tough to know where you can pull off solo living because some of the places where incomes are highest also have the least affordable rents and mortgages. If you plan to take the risk to live solo, you may find it appealing to try it out in locations where others are doing it successfully.

Millennials-Google

Here are the top 10 locations where millennials live independently.

  1. Richmond, VA
  2. Pittsburgh, PA
  3. Buffalo, NY
  4. Columbus, OH
  5. Virginia Beach, VA
  6. Cleveland, OH
  7. New Orleans, LA
  8. Austin, TX
  9. Kansas City, MO
  10. Oklahoma City, OK

Richmond could be the landing pad for independent millennials, with 15 percent of the millennial population living alone. You’ll earn a median salary of $49,500 and experience about 3.6 percent employment growth. Plus, as a millennial in Richmond you can afford 15 percent of the homes on your income. If you’re ready to gain some independence, you may want to brush up on your American history and settle down in Richmond.

For more info on the top cities where millennials are thriving, check out the original post from Zillow by clicking here: Ms. Independent: Top 10 Cities Where Millennials Are Living Alone

Comments

  1. Wow! I really didn’t think it would be so low, I’d be interested to know what the figure is here in the UK. I just scraped into the millennial bracket being born in 1981, I moved out two months before my 17th birthday and never looked back. However, the difference in rental costs now compared to then is astronomical. I do feel for the younger generation, wages just aren’t increasing quick enough compared to the cost of living.

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