A new data study finds that 33% of young adults live at home, soaring to almost 50% in some cities.
But in which cities does moving back home hold the most value?
One company pulled from sources including the BLS, Census, Zillow, Rent Cafe, Numbeo, and more to rank 100 U.S. cities on ten different factors — from unemployment rate and housing price-to-income ratio to the percentage of adults living with their parents and the number of one-bedroom rentals available.
These and other factors were weighted according to their impact on the value of moving back home or moving out.
Here’s What They Found:
- Move Back Home in… Boston, MA. Young Bostonians are better off exploring the city from their parent’s house. It’s tough on the wallet in all categories, making it the top city to move back home to, with a score of 37.32/50. The average monthly rent is nearly $3,800, the monthly utility cost is roughly $300, and it has the sixth-highest average grocery cost in the country. 33.9% of young adults in Boston live at home.
- Move Out in… Madison, WI. With its low unemployment rate and cost of living, the smallest percentage of young adults live at home here, only 14.2%.
- Four cities have over 45% of their young adult populations living at home: Bridgeport, CT (48.9%); McAllen, TX (48.3%); Riverside, CA (46.7%); and Poughkeepsie, NY (45.9%).
The Cities With the Highest Populations of Young Adults Living at Home:
1. Bridgeport, CT 48.9%
2. McAllen, TX 48.3%
3. Riverside, CA 46.7%
4. Poughkeepsie, NY 45.9%
5. Stockton, CA 43.4%
6. New York, NY 43.2%
7. El Paso, TX 43.0%
8.. North Port-Sarasota, FL 42.5%
9. Miami, FL 42.1%
10. Los Angeles, CA 41.8%
Moving in With Your Parents
“For many couples looking to move in with their partner, planning their finances is the next big step. Moving in with your parents can help cut down on rent costs, and ultimately help you save for their larger goals faster. Things such as an engagement ring, a dream wedding, or their own home together. Our data shows that Bridgeport, CT has the highest population of young adults living with their parents, 48.9%, while Madison, WI has the smallest percentage, at only 14.2%.” says Deirdre Kronschnabel, who works in partnership with Shane Co.
Is Living at Home the Answer?
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This post originally appeared on A Dime Saved.