41 Percent Of South Florida Millennials Still Live At Home, And That’s Ok

This story was originally published on risemiaminews.com on May 28, 2015.

By Damian Gordon

Every year that passes, there seems to be less people who are saying “hold up, let me clean my place” and instead say “hold up, let me tell my parents first”.

The sign of being well off as a young person is no longer having one’s own place; instead it’s just having a place at all.

It’s no secret that living is South Florida is more expensive than anywhere else in the state.

But here’s the thing. There’s no shame in living at home in a city that doesn’t support people of our generation.

Millennials include people born from roughly 1980 to the early 2000’s, basically meaning the age group from 15-35.

Living at home allows young adults to prepare themselves financially for later in life and lets them avoid living in debt.

However, Census Bureau data shows that millennials have acquired more student loans compared to previous generations, despite being better educated. Education costs much more than it once did.

If a boyfriend or girlfriend complains about their “roommates”, the logical question in South Florida would be to ask if that roommate also gave birth to them.

At least when living at home, you’re surrounded by longtime roommates, instead of some sketchy person met on Craigslist or a dorm assignment. There is also less to be paid for, leaving someone additional time to further their career as well as lessen any financial strain.

According to the Census Bureau, a historic 30% of today’s U.S millennials live at home with the number in South Florida being 41%.

If a boyfriend or girlfriend complains about their “roommates”, the logical question in South Florida would be to ask if that roommate also gave birth to them.

Another reason today’s younger generation is living at home is because the average earnings for the age group is lower than it’s ever been in the last 30 years, coming in at just $34,000. Payscale, reports the cost of housing in Miami is 24% higher than the national average, while the average earnings by Floridians in the age group are lower compared to the rest of nation.

During the “Great Recession” when the economy collapsed on itself, many were forced to move back in with their parents after losing their household or job. For many people coming out of college in that period, there were no jobs open to them as companies looked to cut costs.

Recently, Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University commented on the subject in a poignant interview.

“Recessions are always rough on younger people, but this one has been particularly rough. The recovery has been so slow, and it’s also been kind of slow on the labor market side of things,”Rugy said.

While the country is considered to be out of an official recession, the effects from it are still felt today. It’s ok for the younger generation to live at home because the alternative could be a constant struggle that could limit future growth and opportunities. A friend might joke about it while eating ramen noodles the other is chowing down a nice home cooked meal.

If you’re a millennial, don’t pull this article out in another 20 years to point out why you’re still living at home. Instead, be proud that countless others are going through the same thing and plan for a better tomorrow.

Cover Photo Credit: elvissa/Flickr

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