NewsBusiness

Actions

Here's how much millennials need in savings to move out of home

A couple moving home, the woman is using an iPad
Posted at 9:01 AM, Aug 07, 2019
and last updated 2019-08-07 12:01:55-04

PHOENIX — Life ain't cheap, but three Arizona cities are pretty affordable compared to most other big U.S. cities, according to a new study.

The study from GoBankingRates analyzes the amount of savings an individual needs to live on their own in the 50 largest American cities.

The analysis came about because of a different study that found 9% of young adults (aged 23-38) live at home with their parents or guardians. The vast majority of those — 60% — do so because of financial difficulties.

GoBankingRates calculated the savings people need based on four months' rent — first and last months' rent, security deposit and a one-month cushion — plus two months’ worth of other necessary expenses — groceries, utilities and transportation — to estimate what is required for millennials to leave the nest.

To see which cities are most affordable, click here for the full story from the Phoenix Business Journal.