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Miami, FL - A recent analysis reveals a significant number of working adults in Miami are choosing to live with their parents due to financial pressures.
The study, conducted by LendingTree, examined data from the U.S. Census Bureau's American Community Survey between 2018 and 2023.
The findings indicate that 17.8% of employed adults aged 25 to 40 in Miami reside with at least one parent, ranking the city third among the 50 largest U.S. metropolitan areas. Riverside, California, leads with 21.9%, followed by Los Angeles at 20%.
Financial challenges appear to be a driving factor.
Adults living with their parents earn an average annual income of $39,622, which is 43.5% less than their peers living independently, who average $70,137.
Despite 36% holding at least a bachelor's degree, these individuals face substantial income disparities.
The cost of renting independently further exacerbates the issue.
In Tampa, single renters would need to allocate 54.3% of their income to afford a one-bedroom apartment.
Orlando follows at 52.7%, with Miami at 50.5%, and Jacksonville at 46.5%.
These figures significantly exceed the commonly recommended 30% income-to-rent ratio.
Interestingly, the overall trend of adults living with parents has seen a slight decline.
From 2018 to 2023, there was an 8.3% decrease across the 50 metropolitan areas studied.
Experts suggest that the rise in remote work opportunities may have enabled more individuals to afford independent living arrangements.