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South Florida leads in millennials living at home

A new report by Abodo outlines the challenges for millennials living in South Florida. Crunching Census data, Abodo found that 44.8 percent of millennials in South Florida are still living with their parents.

South Florida edged out No. 2 Riverside, Calif., area, which had 44.5 percent of millennials living at home with their parents.

The report found millennials in South Florida who are still living at home would need to spend a staggering 90 percent of their incomes on rent based on median monthly incomes ($1,347) and median rents ($1,208). The stay-at-home millennials are lagging their overall peer group, which has a median income of $1,875.

The unemployment rate for millennials in South Florida doesn’t seem to be the major issue since it’s 10.1 percent vs. the national average of 10.0 percent. Rents, however, are an issue. The median rent nationally in the study was $959, which is $249 less than South Florida. The median monthly income for millennials in the region also lags the national average by $148.

Charts on the Trulia website indicate the situation may be getting worse. Since January, the median rent in the Miami area has climbed from $2,100 to $2,250. The median rent in Fort Lauderdale has climbed from $1,850 last fall to $2,100.  The average rent in West Palm Beach has climbed from just below $1,500 a year ago to $1,629. While this is great for landlords, it’s not so great for businesses trying to recruit millennials.

In some millennial hot spots, like Fort Lauderdale’s Flagler Village, it appears some millennials may be taking smaller apartments to hit that affordability factor. For example, one listing for $1,600 a month was a 607-square-foot studio, but it’s $500 below the median.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.