When it comes to buying houses, millennials in Phoenix are opting to stay with mom and dad.
That’s according to a report from Zillow, which found that roughly 21.4% of millennials in Phoenix were living with their parents as of 2014, the latest numbers available, according to KTAR.com.
That number is markedly higher than the 9.2% of people between the ages of 25-37 who were living with their parents in the Valley as of 2005, Sarah Mikhitarian of Zillow told KTAR.
While unemployment has dropped for the age bracket, wages have not kept pace with the rising costs of housing in the Valley, pushing more millennials back with their parents, per KTAR.
Phoenix was close to the U.S. average for millennials living with their parents, as well as for average rents paid.
Local builders increasingly have been changing their products, alternating their strategy from targeting move-up buyers to first-time buyers.
This comes as the median prices of homes in the Valley are pushing all-time highs first reached in the run-up to the Great Recession during 2006.
Source: Phoenix Business Journal: Millennials Opting
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