Kaila McLean never planned to become a “boomerang kid.” That term, if you’re not familiar, refers to the growing number of young adults who’ve moved back in with their parents after living on their own, usually for financial reasons. After earning a degree in integrated energy management from Central Washington University in June, McLean, 24, landed a job in her field back home in Seattle. She began looking for her own place — and that’s when she ran smack into the grim reality of one of most expensive rental markets in the nation. One apartment she checked out recently was a 409-square-foot, rent-subsidized studio in Kent, only eligible to people making less than $45,000 a year. “It was $1,500 a month, not including utilities, and parking was another $150,” she said. Plus there was the monthly fee for McLean’s two dogs. “It all added up to about $2,000 a month.” So for the time being, she’s back in her old room at … [Read more...] about Bucking national trend, Seattle millennials least likely to live at home with parents
Millennials living at home
Dave Sheingold North Jersey Record Published 8:06 AM EST Nov 29, 2018 WOODLAND PARK, N.J. – It's the lament of cash-strapped young adults and it's heard more often in New Jersey than anywhere in the country: "I live with my parents." An analysis of 2017 data collected by the U.S. Census Bureau shows that 47 percent of New Jersey residents aged 18 to 34 years live with mom and dad (or one of the two), which is the highest percentage among the 50 states. In a time of rising student debt, housing costs and other expenses, an estimated 884,000 of the state's 1.87 million residents in that age group share living space with parents. The data shows New Jersey is well ahead of the 42 percent of Connecticut's young adults facing the same situation. Rhode Island and New York have the next highest percentages with 41 percent each, and they are followed by Florida where 40 percent of young people live with … [Read more...] about Living with parents: NJ leads nation in young adults living at home
High prices. Tight housing stock. Bidding wars with powerful cash buyers (who are these people, anyway? Did they all win the lottery?). On the surface, it seems the cutthroat real estate market favors the wealthy. This would disqualify many millennials, a generation that grapples with student loan debt. In Massachusetts, 60 percent of students graduate with debt; the state average is $31,563, according to the Institute for College Access & Success. Many young people rent: According to a 2017 study by the Pew Research Center, millennials, defined as those born between 1981 and 1996, dominate the rental ranks. In fact, millennials head 18.4 million of the estimated 45.9 million renting households, and they’re significantly less likely to own a home than prior generations of young adults when they were the same age. But in Boston, renting isn’t necessarily a thrifty solution, either: At a median cost of $2,340 per month, Boston ranks as the No. 4 most expensive city to … [Read more...] about Millennials are biggest home-buying generation. How?
Good bye tradition. Hello, teaming up. By Maggie Gordon Published 10:44 am CDT, Thursday, August 2, 2018 Photo: Getty Images Image 1of/1 CaptionClose Image 1 of 1 Who says you need to be married to buy a house? Millennials are redefining yet another aspect of American life. Who says you need to be married to buy a house? Millennials are redefining yet another aspect of American life. Photo: Getty Images 'Creative' millennials are redefining home-buying 1 / 1 Back to Gallery Millennials, man. They think outside the box. In 1997, unmarried couples accounted for only 7 percent of first-time homebuyers, as the vast majority of Americans looking to buy their first house were already married. But 20 years later, the share of unmarried couples buying their first house together has more than doubled - up to 16 … [Read more...] about ‘Creative’ millennials are redefining home-buying
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Katheleen Conti Globe Staff June 19, 2018 Monica Beato-Howson’s dining room was starting to look more like a dorm room earlier this month, cluttered with books, linens, lamps, and clothing. The interior decorator was her son, Gabriel Howson, who graduated in May from the University of Southern Maine.As he opens the next chapter of adulthood, Howson, 22, has landed a $16-an-hour job at Brigham and Women’s Hospital’s shipping and receiving department, while he looks for a job in real estate investment. He has also moved back to his parents’ home in Dorchester. Advertisement With Boston-area apartment rents so high, Howson doesn’t earn nearly enough to go out on his own. Temporarily staying at home, he said, will allow him to save money and — more urgently — start whittling away at $75,000 in student loan debt. Get … [Read more...] about Why are millennials living at home? Housing costs and student debt, for starters