According to a new study from MagnifyMoney, Riverside, California, topped the of cities with young adults who are facing this problem, with 28% of people ages 25 to 40 living with their parents due to high unemployment rates in that population.
High rent and lack of affordable housing are also factors.
In Miami, Los Angeles, and New York, more than 1 in 4 residents ages 25 to 40 live in their parents’ homes.
On the other side of the spectrum, fewer than 12% of young adults live with their parents in Minneapolis. Seattle; Denver; Indianapolis; Kansas City, Missouri; and Raleigh, North Carolina.
Men between the ages of 25 and 40 are more likely to live with their parents in every metro reviewed, except for Austin, Texas.
There’s a good reason for that: The average unemployment rate for this age group across the 50 metros is 8.6%, which is more than twice the national unemployment rate of 4% as of January 2019.
While some of the adults living with their parents are unemployed and actively looking for work, nearly 1 in 5 adults who live at home don’t participate in the labor market at all on average across the 50 metro areas.
Adding together the unemployed and people who don’t participate in the labor force, only 72% of these adults are currently working while living with parents.