An almost majority (49%) of 13,000 Millennials surveyed globally by CBRE were living at home with their parents, much greater than previous generations. Some metros across the U.S. have greater levels of still-at-home kids who often are now adults. Where, however, are the markets with the most empty nesters?
To answer that question, Zillow analyzed the percentage of heads of households:
- Aged 56 and up
- Own their homes
- Lived in their current house more than 10 years
- Have no children of any age living at home
Their findings may surprise you. Also included in their results are the latest month job-growth rates as of March 2017. Note that six of the top-10 empty-nester metros have a job growth rate of less than 1.52 percent – the U.S. level for the same period.
Some points made by Zillow in their study included:
- Communities in the Great Lakes region have the greatest level of empty nesters, with many cities more than 20 percent
- Sunbelt metros have the lowest level of empty nesters including many retirement destinations
- Strong job-growth markets tend towards lower levels of empty nesters
- As Boomers age, their level of being empty nesters grows, rising from 11.9 percent of all households in 2005 to 15.5 percent in 2015
- 6 percent of all households are Near-Empty Nests (at least one child still living at home) up from 2.4 percent in 2005
- The number of empty nesters that have a mortgage on their home has risen from 36.8 percent in 2005 to 43.7 percent in 2015
To read the news release by Zillow click here.
Once again I invoke the invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market. Nor is there such a thing as a typical empty nester market. If you want to increase the probability of being an empty nester, relocate to a minimal job growth metro that has cold winters.