ST. LOUIS NEWS TODAY -
Share of Millennials Living with Mom on the Rise
ST. LOUIS, MO, (SLFP.com), May 13, 2018 - More millennials age 24-36 live with their moms than at any time in the past decade, according to the latest Zillow® analysis. Nearly a quarter of U.S. millennials are living at home with their mom, which translates to about 12 million young adults nationwide.
Despite a strong economic recovery, the share of millennials living with their moms has been increasing since 2005, when just 13.5 percent lived with their moms. The combination of rapidly rising rents and slow income growth over the past half-decade drove many young adults to either move back in or never move out of their parents' home, but the trend has been persistent even as the U.S. labor market has improved.
Among the millennials living with their moms, almost 12 percent are unemployed[ii] and, according to a new Zillow analysis released earlier this week, 28 percent of recent college grads live with their parents, up from 19 percent in 2005.
"As rents outpaced incomes over the past decade, young people turned to their families in large numbers to ease the housing cost crunch," said Zillow senior economist Aaron Terrazas. "But even as the labor market has improved, the family safety net has yet to unwind. Living with parents may allow young adults to pursue work or a passion that may not be especially lucrative, or save enough money for first and last month's rent or a down payment on a home of their own. In booming Western markets, relatively few young adults live with parents, not because rents are cheap but because family is far away. There is also a small slice of this young adult population that has mom living with them instead. Perhaps mom needs extra care as she ages, or has moved in with an adult child to help raise her grandchildren."
More millennials live with their moms in areas where housing costs consume a larger share of income. For example, in Miami, New York, Riverside, Calif. and Los Angeles, more than 30 percent of millennials live at home with their mom. These are also among the country's pricier rental markets where rents typically consume upwards of 35 percent of the median income.
Austin, Texas has the smallest share of millennials living at home with their mom, at 14 percent. Renters in Austin can expect to put less than 30 percent of their income toward a rental payment. Other markets with a small percentage of millennials living with Mom include Seattle, Denver and Oklahoma City.
The median rent in the U.S. is $1,447 per month, up almost 3 percent over the past year. Zillow forecasts rents to increase about 2 percent over the next 12 months to a Zillow Rent Index[iii] of $1,475.
Board of Aldermen Weighs in on Ward Reduction
ST. LOUIS, MO, (SLFP.com), May 13, 2018 - The 2018-2019 Board of Aldermen session is underway with more than 50 bills already introduced.
One of those board bills is Board Bill 25. It will put a question on the ballot asking voters if they want to reduce the number of aldermen from 28 to 14.
The same question appeared on the ballot in 2012, known as Prop R. Prop R required 60 percent of the vote to pass. St. Louis voters decided on Nov. 6, 2012 by a vote of 79,071 to 49,512 to cut the 28-member Board of Aldermen by half beginning in 2022.
The charter amendment required 60 percent of the vote for passage, and it passed with 61.49 percent. The ordinance set forth a detailed procedure to phase in the change beginning with redistricting based on the 2020 census and ending with staggered four-year terms of aldermen representing even- and odd-numbered wards by 2025. The city has had 28 wards since 1876, and 28 wards were maintained under the 1914 charter.
Board Bill 21 will ask voters keep or remove the residency requirement for City employees. Currently, the Charter of the City of St. Louis requires persons employed on a full time basis by the City to reside in the City. Persons may apply for employment with the City regardless of their residency.
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