20% of Providence Area 25 to 35-Year-Olds Are Living With Parents - Highest Since the Depression

20% of Providence Area 25 to 35-Year-Olds Are Living With Parents - Highest Since the Depression

More 25-35 year olds are living at home with their parents at any time in U.S. history since the Depression.

And Providence has one of the highest levels in America.

In the Providence metro, 20% of 25-35-year-olds lived with their parents, which is the #8 highest rate among the nation's 50 largest metros.

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The share of young adults living at home in Providence has been on the rise, which is in line with the national trend. In 2000, just 13% of 25-35 year olds lived with their parents.

This data was released by Apartmentlist.com on Thursday.

"As housing affordability worsens, more young adults are living with their parents. The share of 25-35 year-olds living at home rose to 17% in 2022, the most recent Census data available. This figure has been trending up for decades and has now reached its highest level since the 1940s," said Apartmentlist.

Living with parents is more common among those without college degrees, but has been on the rise even for those with degrees.

In 2022, 15% of young adults in Providence metro with a BA degree or higher lived with their parents, up from 11% in 2000. For those without degrees, the share living at home jumped from 14% in 2000 to 23% in 2022.

This news comes just a week after GoLocal reported that the median price of a single-family home in Rhode Island leapt to a record $490,000.

 

PHOTO: Hannah Tu, Unsplash