Los Angeles and Millennials: Leaving or Living with Parents
With its Mediterranean climate and countless attractions, the Los Angeles metropolitan area is one of the most cohesive areas in the world, captivating people’s hearts and minds. We love LA and we rave about it everywhere we go! We’ve got beaches, mountains, deserts, valleys, and everything in between. You can hop on any freeway and within an hour, you’re in a whole different place, characterized by its own geographical environment. But all these advantages are not for free.
The cost of living in LA has been on a continuous rise; especially the spiking prices of rent. With the consistent growth of the economy, our blooming employment opportunities, and California having the sixth largest economy, the rent cost of older buildings is increasing regardless of rent control policies. The growth attracts more people to LA, so housing is impacted by supply and demand; more people demanding a limited housing supply. This caused people to compromise their living situations– more and more Angelenos opt for sharing their homes or even living with their parents. It is tough out here.
If you’re a single Millennial (18 – 34), you’re probably living with roommates or with your parents. While some enjoy the perks of family living, others wish to leave the nest as soon as possible. But this social trend is not just prominent in LA – it is actually a returning phenomenon based on a report by think tank Pew Research.
According to the report, 32.1 percent of single Americans between the ages of 18 to 34 live with their parents, compared to 20 percent in the 1960s.
Whoa! That means approximately one in every three Millennials lives with their parents at home. But living with parents doesn’t have to be like the Beastie Boys’ song Fight For Your Right. We went around the office and asked our Millennial staff about their living situations:
“My girlfriend and I live in a 2-bedroom apartment with a roommate. Ideally, we would like to get a place on our own but 1-bedroom/studio prices are disproportionately higher and are usually in larger apartment complexes. We would love a 2-bedroom place on our own but that is just out of the question in the current rental market.” – Chris, Account Manager
“I moved out of my parents’ home a little over a year ago because I wanted to move to LA. I like my independence, but if they lived out here I’d probably still be living with them.” – Rachel, Operations Coordinator
“I have not lived with my parents since high school. After college, I moved into a 3-bedroom apartment with three other people and I have my own room. My parents still live in my hometown Escondido, CA (San Diego County), but if they did live in LA I most likely would not be living with them as I enjoy being financially independent.” – David, Account Coordinator
“I currently live alone in a one-bedroom apartment in Montrose, CA. However, there were many years where I had to move back in with my parents due to raising rents and difficulty finding work.” – Caitlin, Associate
“I am 29 years-old and me and my wife are temporary living with my parents. She is 25.” – Greg, Staff Accountant
“I live in east LA with two housemates; a friend from college, and a former coworker. We all probably wish the house was a bit more centrally located, but having lower rent is nice as well. I would love to save some money and live with my parents, unfortunately for me they live far, far away from Los Angeles.” – John, Community Engagement Intern
“I live with my husband, and have lived with him for about 5 years. We have a one-bedroom apartment in NoHo. It makes sense more people are living with their parents, since it seems like the only way for millennials to save for major life milestones like buying a home or having kids. Also, I plan on having my grandmother live with me when she is older and we, hopefully, own a house. I think it is important to take care of your family and to keep loved ones close to you.” – Jamie, Associate
“I currently live with my parents in order to save money especially for future housing opportunities. Since rent is so expensive these days, I believe that moving back home is one of the best ways to save. My parents are happy having their son around and I’m happy eating their food.” – Kevin, Community Engagement Intern
“I’m a postgrad transplant, so living with my parents was not an option. I’m currently sharing a studio space with my significant other, which helps ease the financial burden of rent. Living with parents in the current housing climate makes perfect sense, though, and I would probably take advantage of that if the situation arose.” – Ada, Marketing Coordinator
“I have the coolest parents ever, so I love living with them. You can say we have a pretty good system going on. Favorite part? I don’t have to worry about cleaning. There are days where they get annoyingly nosey, but most of the time we respect each other’s privacies. I’ve thought about moving out but I’m waiting until I graduate.” – Elie, Community Engagement Intern
The current housing situation has definitely had its impact in LA County. Seven out of 10 Millennials in our office don’t live with their parents, and 3 of them would do so had their parents lived in LA. Whether we live with parents or not, LA will always be our home.