Millennials were hit hard by the Great Recession, but they're starting to dust themselves off.
The Urban Land Institute released a new report, “Gen Y and Housing: What They Want and Where They Want It”, on Wednesday which surveyed about 1,270 millennials on how they’re living today.
In terms of housing and employment, many millennials are finally finding their footing. In fact, 62% of respondents indicated they’re working full time, and 27% of those full-timers are raking in between $50,000 and $74,999, with another 24% living on an income between $35,000 and $49,999.
And with more millennials employed, more households are being formed. In fact, 50% of those surveyed indicated they’re living in rental housing while only 21% say they’re living with family, although renting comes with a high pricetag.
Meanwhile, 21% of those surveyed are living with their parents or older relatives. And two out of five of those millennials moved back home after being out on their own, according to the data. The reasons for moving home vary, but 31% indicated they wanted to save money for a down payment and 15% say they went back to school, while 12% lost their jobs and couldn’t afford rent.
When it comes to location, 35% of millennials are living in city neighborhoods outside of downtown and 17% say they’re living in small towns, but there's a discrepancy between what they consider their ideal environment and where they actually reside.