Millennials Living with Family See Income Drop

millennial_income_growth_or_lack_of_builderonineWhile Millennials are of the age group of historical homebuyers, builderonline reports as of 2014, 8.8 million of young adults ages 25-34, over 20 percent in that age group, continue to live with family, according to National Association of Home Builders (NAHB) research.

Analyst Natalia Siniavskaia points to the lack of income growth for this age group, showing virtually no income growth in this sector since 2006, while the median income grew nearly eleven percent for older groups, as MHProNews has learned.

The income gap widened further between those Millennials who do own their own homes, and those still living with relatives. Young adults who do own their homes saw their income increase from $26,200 in 2000, to $31,200 in 2006 and $35,000 in 2014.

Meanwhile, those living with relatives earn considerably less than their peers, partly because they are twice as likely to be unemployed. Of significance, not only has this group experienced no growth in median personal income since 2000, but their median income is lower than it was 14 years ago. It has dropped $1,000. from $16,000 in 2000 to $15,000 in 2014. ##

Graphic credit: builderonline/NAHB)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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