Study: 3 In 10 Southland Millennials Still Live With Their Parents

LOS ANGELES (CBSLA) – A study released this week by real estate database Zillow has found that the rate of Southland millennials that live at home with their parents has gone up by more than 60 percent in just 10 years.

Zillow found that in 2016, 30.2 percent of millennials – defined as those aged 24 to 36 – in the Los Angeles-Long Beach-Anaheim metro areas still resided with their parents. That's up from 18.4 percent in 2005, according to a news release Wednesday.

In the Riverside metro area, meanwhile, 33 percent of millennials lived with their parents in 2016, up from 17.6 percent in 2005.

The metropolitan area with the highest rate of millennials living at home was Miami, with 33.4. In second place was Riverside. New York City came in third (33.2) and Los Angeles/Orange County came in fourth.

In comparison, nationwide, 22.5 percent of millennials lived at home in 2016, up from 13.5 percent in 2005.

It's no surprise that the metro areas with the highest ratio of millennials living at home also has among the highest rents in the country.

Zillow found that the median monthly rent in the L.A. and Orange County metro areas is currently at $2,753. Zillow determined that a typical renter in this region spends an average of 47.3 percent of their gross income on rent.

Zillow will release its full report on Thursday. For more numbers, click here.