Florida has the least empty nests in the country & our area is at the top of the list for adults living with their parents:
Bottom Line: On one hand we'd expect South Florida to have more adult children living at home due to the higher cost of living. On another hand SFL isn't anywhere near the most expensive metro in the country (we look downright affordable compared to metros like San Francisco and New York). Florida's largest metros are all among the top 20 in terms of
Millennial adults living at home. Here are the rankings:
Percentage of adults living at home:
#20 Jacksonville: 33.3%
#18 Orlando: 33.8%
#15 Tampa: 34.3%
#1 Miami-Ft Lauderdale-West Palm Beach: 44.8%!
What appears to be behind our top ranking for adults living at home with parents is the median rent vs. income consideration. The median rent nationally averages $959 per month. In our metro it's averaging $1,208 per month. The median income for these adults is only $1875. So there's the problem. The average Millenial isn't able to afford the average rent rate. That doesn't mean that there aren't options however. As I've been indicating for sometime - it's cheaper to buy and make a mortgage payment (vs. paying rent). So that may well be the path forward to push your adult children out into the real world and set your kids up for success at the same time (given that the average adult has 90%+ of their net worth comprised of home equity).